Robotics and process automation are the latest buzz words around the credit space. But how do credit and A/R teams take advantage of this latest technology and improve metrics across their departments? To understand how this technology improves efficiency and effectiveness, credit and A/R teams need to identify the bottlenecks and over-taxed workloads. Manual processes overdue for automation should be targeted, and a convincing process automation project proposal with an outcomes-based approach should be built. Teams need a clear understanding of the different project investments and cost scenarios based on the various deployment technology. Appropriate stakeholders should be involved to achieve the maximum benefits and assured success. Lastly, teams need to know what technologies are available for the various processes along the credit-to-cash lifecycle and how to apply them.
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.