Welcome to our 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 our second episode as Platform Services Kaine Gerics dives deeper into Bectran’s Instant Decision Management (IDM) and its waterfall feature. Learn how you can take your approval automation to the next level with more robust approval models.
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: Move us from the previous IDM talk to this one: What does IDM’s waterfall do differently?
It adds priority to the mix. That configuration is always there in any IDM model that you do create. But utilizing [a waterfall setup] allows you to stack multiple models on top of each other that are using the same preconditions and makes your results more consistent.
Q: What users are likely to get the most out of a waterfall setup?
I think it's really anyone that's looking to approve more applications with the same preconditions. Obviously, one way to grow your IDM approvals is to expand on your preconditions. But that does extend your risk profile. So, to expand within the existing preconditions, priority gives you that additional layer of control and customization to just get more fish in the net.
Q: How does the IDM waterfall work?
I mentioned that it already starts to utilize that priority configuration. But within that, it allows you to use different scorecards, and within that, pull different reports, utilize different datasets, [and] utilize different disqualifiers. The most common first rollout of waterfall we've seen has been if your personal credit is exceptional, maybe we're not as concerned about your commercial credit report. So, we don't even need to pull that commercial credit report, and that then saves us money.
Q: What benefits does this process offer users?
I think the biggest thing is just clarity and understanding for the broader team. When you start to add multiple models on top of each other, the previous logic we had, there was logic, but it didn't make it necessarily clear and consistent for the team that was using it. So now this allows you to just tell your team exactly “Hey, if you see this model approve, you know XYZ happened in this order.” Especially with larger teams, and again, we're talking about higher volume, usually larger teams, you can communicate that and get the broader buy-in you really need to get for a solution like this.
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.