Welcome to our new Product Talks series, where Bectran's Platform Services experts discuss challenges in order-to-cash and how to use the platform to boost your operations.
Join us in this first episode as Platform Services Kaine Gerics talks about Bectran’s Instant Decision Management (IDM). We dive into what IDM is and how you can get the most out of it for your order-to-cash operations.
Do you have a topic you want to hear our take on? Let us know by emailing us at producttalk@bectran.com.
Below are some highlights from the conversation.
Q: What is IDM and who is likely to find value in it?
IDM is an auto decision maker. I always like to emphasize that we do not decline applications. We only set up models to automatically approve them. Overall, it’s a relatively seamless process.
Q: At a high level, how does IDM work and what makes it special?
At a high level, you get to set up models to approve applications. So, the baseline for that are preconditions—data attributes that are going to be present on the application at the time of submission—and those allow you to qualify applications for those automatic approvals. After those preconditions have been met, any additional scoring considerations, or maybe later received attributes, can then be factored into whether or not you do actually approve that application.
Q: Give us some tips for using IDM. What are some common challenges you’ve seen and IDM setups to overcome them?
On the front end, I think getting started with IDM seems like a daunting task for a lot of customers. I think a lot of customers don’t think it’s really for them. I think they think it’s for very large customers only, or only massive volume. We do see it utilized in a lot of different use cases. I think the biggest hump is just where to start, what applications should be approved, to that end. Then even once customers do make that decision to get started, the next problem that comes up is scoring. If they don’t have a scorecard today, they might think they have to have some elaborate spreadsheet available to know why they are or are not approving an application, when it doesn’t have to be that complex. They really can start with certain attributes that they base their decisions around. We set up disqualifiers around them, so that they can set parameters around those decisions and hard guardrails.
Q: Some users, seeing IDM’s potential, will want to do more with it. Where and how should they get started, and what are your tips for making an efficient IDM setup?
I think one is just starting with broadening that risk profile and potentially scaling whatever disqualifiers or factors you have with that risk. It’s a simple way to start to expand. A lot of the customers that did start this, they did a level of analysis on past decisions to see what has been being approved in mass for comparison. But then I’ve also seen customers, once they’ve set that baseline, get very specific. They’ll start looking into specific sections of their customer base, maybe regionally. You can have IDM models that are branch-specific or unit-specific. So, some customers start to expand by being very focused, and they have a large variety of models configured at that point.
If you want to see how Bectran’s Instant Decision Management can benefit your business, schedule a demo today or contact us at info@bectran.com.
