How next level data integration radically improves credit management

Credit management requires speed and accuracy, but the truth is that most businesses aren’t equipped to provide the right data fast and easy. We see this every day and it is hurting businesses. It slows credit management down to error prone manual tasks that have to make up for the lack of integration between information systems. Of course these systems were originally built to serve other purposes, like CRM, production or logistics, but isn’t it about time for credit management to move into the fast paced, connected digital era?

Become more independent

The customers we work for are active in different industries, but they all share the same need to become more independent from their internal IT organization as well as from specialized third parties. As Chief Credit Officer Adrian Johansen Henanger at Optin Bank put it: “We were frustrated by the time it took to make even smaller adjustments in our risk rules. We were also frustrated about the dependency on 3rd party resources to make these adjustments.” Now they work with automated flows for credit check related to factoring, new and all existing accounts without having to wait for IT or third party resources to get it done!

Integration with your CRM

Most of the time credit managers only have access to a limited set of customer data, provided by their credit management software or accounting application. So, what if you could get information about the customer profile, buying behavior or prior commitments from both sides? By integrating CRM data in the credit process you can enrich your data and safe tons of time needed for manual investigation.

Integration with Big Data

Risk management requires access to huge databases of external sources such as Credit Safe, Graydon, Euler Hermes and more. Our automated workflows make sure you have the required data to make better decisions when accepting new customers or assessing existing ones. You can also use these data to differentiate your approach when invoicing customers with lower credit scores. The possibility to connect to big data sources is limitless, you can even include the weather forecast.

Integrate with service providers

Because debtors tend to shy away from payment issues, convenience is a major element to help them overcome their lethargy. In fact convenience and attention are the drivers for success on a much wider scope in today’s markets. This is where integration with payment providers such as Ayden, DigiAccept or Paypal comes in. Integrate easy payment with communication platforms like WhatsApp, Facebook Messenger, email or text messages and increase the payment ratio drastically.

Reduce DSO and improve customer experience by automating your credit management process

Reducing days sales outstanding in a customer friendly way is essential for business continuity, but requires utmost accuracy in customer communication. In this whitepaper we show you how automation can turn your credit management into a process that makes both ends meet.

What’s with ‘next level’?

Automating workflows and connecting information systems isn’t new. But moving the business forward with real-time data processing, that is pretty much next level. It offers a new scope for effective credit and risk management, especially with large customer bases and in strictly regulated sectors. Just think of what real-time data, no-code programming and cloud can do for you. I’m sure we can really make it work, like we do for a growing number of customers. Don’t hesitate to have a talk, I’m happy to give you more details anytime soon!

Chris van der Veen

CEO at Flowize