Automation has rapidly become an integral part of our daily lives. In fact, it’s so ingrained you may not even notice it anymore. Pause for a moment and think about all the automation you have used today, from backup cameras and collision sensors on your car to the robot vacuum cleaner you rely on to keep your house clean while you work. And then of course there are:
- Netflix recommendations
- Predictive typing and texting
- Smart home light and temperature adjustment apps
- Customer service chatbots
Automation has altered many aspects of our personal lives, but also our jobs. Automation has even revolutionized the credit management industry, bringing increased efficiency and accuracy to credit departments of all sizes through B2B products and processes.
Improved Efficiency and Accuracy for Your Credit Department
Integrating automation into your credit management workflow creates a significant advantage: Increased efficiency.
By streamlining processes, you can automate low-value, high-volume repetitive responsibilities like data entry and document management. Automation empowers credit managers to dedicate their time and energy to tasks that are of higher value, carry substantial risk and involve strategic decision-making.
For example, automating the reference process allows sales teams to take the lead and request references automatically with the credit application, minimizing the back-and-forth between salespeople, customers and credit managers.
Similarly, by automating the credit decision processes, businesses can quickly analyze credit applications, evaluate risk factors and make well-informed decisions with both speed and accuracy. Meanwhile, the ability to instantly pull credit bureau data with scoring has expedited the credit decision-making process and ensures decisions are made based on accurate data — without having to wait for information to be sent to you or digging around in multiple platforms.
What Credit Management Tasks Can I Automate with Bectran’s B2B Products?
There are many options for automating credit, collections and accounts receivable tasks. Bectran offers a complete suite of solutions for digitizing the entire order-to-cash cycle, including:
Automatic Credit Bureau Data Collection
Automate your credit application system by integrating data from multiple sources, including credit bureaus like Dun and Bradstreet and other financial institutions, to provide a comprehensive view of a customer's creditworthiness in record speed. This tool ensures credit decisions are made based on accurate and up to date information, thus minimizing risk.
Automated Electronic Credit Reference Check
Automate 100 percent of bank and trade references and receive more than 80 percent of credit references within one hour of application submission to rapidly increase the efficiency of your credit workflow.
Create customized scoring models tailored to your specific business needs and address the individual segments of your customer base. The custom scoring solution collects information from credit bureau data, financial statements, personal guarantees and credit application information to automatically evaluate creditworthiness.
Achieve rapidly scaling business goals by eliminating more than 90 percent of manual processes with these automated frameworks.
Maximize efficiency by delegating more than 80 percent of your daily credit management tasks. This solution frees up valuable resources, enabling you to concentrate on high-value, high-risk credit transactions by emulating your workflow digitally in the background.
Striking a Balance with Automation
Automation is a powerful tool — but it will not just go rogue and take over the process. It won’t take over your entire workflow or decision-making process (unless you want it to). With Bectran’s automated credit management system, the power really lies in the users’ hands — they choose how little or how much control they want to keep or give up.
Bectran’s Instant Decision Management (IDM) offers a complex workflow that can be set up to dynamically set credit limits and terms. While automation can be configured 100 percent for approval, the workflow can alert credit managers to take action and manually review applications if necessary. No applications will be automatically denied by Bectran’s IDM, only submitted for user review.
Automation technology will not override the manual controls. For example, with IDM, one Bectran user has set up such an intricate logic, 94 percent of applications were auto approved within four months.
How Bectran Can Help
Bectran’s revolutionary approach to managing credit, collections and accounts receivable has helped companies cut down the time it takes to process and approve credit by more than 90 percent while significantly lowering the risk of credit defaults. Learn how Bectran’s solutions can transform your credit department with digital task management and process automation by requesting a demo.
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