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30 Oct 2024

Future proofing Credit Management with Corcentric

In a recent webinar hosted by the Chartered Institute of Credit Management (CICM), Lee Allen, Senior Vice President of Corcentric, delved into the concept of managed AR solutions and how they can help businesses navigate the ever-changing landscape of credit management.

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The Evolving Credit Management Landscape

Lee emphasised the increasing complexity of credit management, driven by factors such as rapid technological advancements, economic volatility, and evolving workforce dynamics. He highlighted the challenges businesses face in keeping up with these changes, including:

  • Complex invoice distribution: The shift from traditional methods to a multifaceted approach involving various channels and platforms.
  • Talent acquisition and retention: The difficulty of finding and retaining skilled credit management professionals.
  • Cybersecurity threats: The growing risk of cyberattacks and data breaches.
  • Economic uncertainty: The impact of global economic events on cash flow and credit risk.

The Role of Managed AR Solutions

To address these challenges, Lee introduced managed AR solutions as a strategic approach to future-proofing credit management. Key benefits of managed AR include:

  • Guaranteed outcomes: By taking on the responsibility for invoice delivery, payment collection, and dispute resolution, managed AR providers can offer predictable cash flow and reduced risk.
  • Technology-enabled efficiency: Leveraging advanced technologies, including AI and automation, to streamline processes and improve efficiency.
  • Scalability and flexibility: The ability to scale operations up or down to meet changing business needs.
  • Expert support: Access to specialized expertise and resources to optimize credit management strategies.

The Human Element in AI

While acknowledging the potential of AI, Lee cautioned against viewing it as a magic solution. He emphasised the importance of human judgment and expertise in complementing AI-driven tools. As he stated, "AI is not a panacea. It's a tool that we can use to get some... It's not going to replace human endeavor. It's going to augment it. It's going to enhance it."

By embracing managed AR solutions, businesses can position themselves to weather economic storms, mitigate risks, and drive growth.