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Credit Manager is becoming Data Manager: the changing credit world

Reading Time 6 minutes | Written by Sharomy Autar | August 21, 2020

Credit management is constantly changing. Finance departments have already switched from binders full of paper to spreadsheets, but now we are seeing fully automated credit systems taking over a large part of the tasks. One thing remains unchanged: the credit manager will always have to deal with customer and prospect data. How is this data changing the role of today’s credit manager? And how do you draw up a credit strategy that is future-proof?

de veranderende credit wereld

Why reliable data is indispensable for a good credit management strategy

Automated solutions can be used to improve and speed up credit processes. Automation can be used in various areas. You can automate all the customer acceptance processesbut automation also helps to provide the ultimate customer experience. For example, this could include automatic ‘thank you’ emails upon payment or automatically generated payment reminder emails to customers (i.e. lower DSO, higher customer satisfaction).

Due to the high degree of automation and digitization, data is playing an increasingly large role in today’s finance departments. The traditional credit manager is suddenly being given responsibility for aspects such as data governance and data quality. After all, automated credit solutions base their decisions on data. The data on which these decisions are taken must therefore always be accurate, complete and reliable.

Credit data for the entire organization

The life of the credit manager is made a lot easier when other departments can also make credit decisions without your intervention. Take the sales department, for example. We’ve written about this before: it’s better to be too early than too late when it comes to decisions about the creditworthiness of a new customer. How ideal is it if sales teams themselves have access to data that allows them to see which payment terms are preferable? Real-time data on customers and prospects offers a solution for this. schreven er al eerder over: je bent er liever te vroeg, dan te laat bij als het gaat om beslissingen over de kredietwaardigheid van een nieuwe klant. Hoe ideaal is het als sales teams zelf toegang hebben tot gegevens waarmee zij kunnen zien welke betaalvoorwaarden aan te bevelen zijn?

With a data supplier such as Altares Dun & Bradstreet, you can realize customized scoring solutions. Such a solution not only puts historic credit data at your fingertips, but also predictive models and indicators. maatwerkoplossingen voor customized scoring. Binnen zo’n oplossing beschik je niet alleen over kredietdata uit het verleden, maar ook over voorspellende modellen en indicatoren.

The advantages

  • A single reliable source of credit information;
  • The entire organization always has the most up-to-date customer data at its disposal;
  • Employees without a finance or compliance background are enabled to make credit decisions;
  • And on top of that: huge time savings.

Each day we help our customers automate customer acceptance checks. Altares Dun & Bradstreet has been known for decades as the supplier of credit data for businesses. This of course makes us a reliable partner for this, but in the meantime we can provide much more than just credit reports.

At Altares Dun & Bradstreet we continue to innovate, because the credit world does not stand still. The innovations in the world of Credit Management demand a different mindset of credit managers. Download our paper “ Overcoming Innovation Obstacles as a Credit Manager ” and discover how to deal with the changing playing field.

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Sharomy Autar

Marketing Content Officer

White paper

Credit Monitoring

Opportunities for your organization in focus

A credit check at customer acceptance is valuable, but also immediately outdated. The real credit risk actually begins after you have accepted a customer. accepted. The solution: monitor the financial health of your customers in real time.

Pdf of 16 pages, 0.4 MB
Credit Monitoring

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