Distributors and Manufacturers who sell to thousands of businesses are challenged with managing risk and reviewing terms across a large number of accounts. In the absence of automation, this process can be slowed down by a variety of manual tasks, including pulling down of relevant information (credit reports, public financial information, insurance, etc.) and integrating it into a risk scoring model. This is a manual, inefficient effort that requires team members to spend time on low-value, frustrating tasks. The manual and slow nature of the work makes it difficult to quickly research accounts to release orders or update terms, leading to increased risk and bad debt.
Join NACM and HighRadius to learn how Tech Data leveraged innovative technology to automate the retrieval of credit information from credit and trade groups and used it to drive credit reviews in order to maximize team member efficiency and focus on high-value activities.
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.