1. What led to the evolution of technology for credit management: Operational and functional challenges from back in the day
2. AI for A/R and credit: Busting the myths around the technology and highlighting real-life use cases
3.Way forward from here: What next should credit leaders expect from technology and automation
In recent times, technology has evolved as an enabler for the credit department to evolve into a strategic role within the finance function- delivering on CFOs objective of securing the financial health and working capital despite a turbulent economy. Artificial Intelligence is not a new concept anymore. By 2021, 87% of organizations would be using AI in some form or the other for their finance operations, as per a report by KPMG.
Join this fireside chat, where the panel of experts from Credit Institute of Canada would take a pause to reflect on the evolution of technology for credit management. From fourteen columnar pads to spreadsheets, on-premise ERP modules to cloud solutions and Robotic Process Automation to Artificial Intelligence, it has been a long journey that has enabled credit teams today to operate with high efficiency despite remote working and other operational challenges posed by the COVID pandemic. This would be a walk down the memory lane for some of you, and a lesson on then vs. now of credit management for others.
HighRadius Credit Software automates the credit management process, enabling credit managers to make highly-accurate credit decisions 2X faster and enable faster customer onboarding with 4 primary components: configurable online credit application, customizable credit scoring engines, credit agency data aggregation engine, and collaborative credit management workflow. Along with that, there are a lot of key features that should definitely be explored some of which are online credit application, credit information aggregation, automated credit scoring & risk assessment, credit management workflows, approval workflows, and automated bank & trade reference checks. The result is faster customer onboarding, better internal collaboration, higher customer satisfaction, more targeted periodic reviews, and lower credit risk across the company’s customer portfolio.