Your Credit Risk ROI Report
Percentage Of Time Savings
Hours saved per week: 0 hours
|Potential savings annually: $00
Sub-Processes
Gathering credit information
Reviews of new onboarded customer
Periodic reviews for existing customers
Credit limit approval and interdepartmental collaboration
Preparing reports/credit files
Update the information in the ERP
| Challenges | How Can HighRadius' Credit Software Help? |
|---|---|
| Manually gathering accurate and comprehensive credit information such as financial statements, tax returns, credit reports, and other supporting documents to understand a borrower's financial position can be a time-consuming and labor-intensive process. | The software will automatically pull all the credit reports via integrations with credit agencies giving back time to the credit team to focus on other high-value tasks. |
| Newly onboarded customers may provide incomplete or inaccurate information in their credit applications. Manually reviewing and verifying the accuracy of information can be a tiring task and could delay the opportunity days for business. | The software's online credit application will provide automation to getting the information from new customers, Moreover the software will provide automation on review of new customers via systematic rules. |
| A customer's credit risk can change over time due to a variety of factors, such as changes in market conditions, industry trends, or regulatory developments. This can make it challenging for credit teams to stay abreast of changes in credit risk and adjust the credit limit accordingly. | The software will automate the periodic review process of existing customers via systematic rules making it easier for orgaizations with large portfolios of customers to stay on top of the changes in a customer's credit risk. |
| Interdepartmental collaboration is essential in credit limit approval, as multiple departments may be involved in the process, such as finance, sales, and customer service. However, communication breakdowns can occur, leading to delays, errors, or misunderstandings | The software will allow in-system process for any approvals needed, minimizing conflicts and delays in credit approval. |
| Preparing reports and credit files requires significant time and effort, mostly because of scattered data across various systems and departments. This makes it challenging for the credit team to manage and consolidate data, especially during peak periods when the workload is high. | The software will automatically generate a file with all credit information in one place, making it easier for the credit team to make informed decisions. |
| Data entry errors can occur when the credit team manually inputs information into the ERP system. These errors can cause discrepancies and inconsistencies in the data, leading to incorrect information. | The software will seamlessly integrate with the ERP and automatically update the credit data back to the ERP, and ensure that the organization has access to accurate and up-to-date data. |
How can HighRadius help?
Mitigating risk with real-time credit risk visibily is now easy with HighRadius Autonomous solutions. Digitally transform your credit process with HighRadius' Credit Risk Management Software and get:
- 100% real-time credit risk analysis to ensure lower bad debt
- Lower blocked order volume with AI-based predictions
- 67% reduction in customer onboarding time
