The Future of Credit Management AI, Technology and Automation
Enhancing Efficiency Through Automation & AI Integration
The credit management landscape looks vastly different compared to ten years ago. High performing teams and individuals are increasingly recognised as trusted business partners and have achieved this by continually leveraging new technologies. This transforms how efficiently the role can be performed and delivers more value to the business.
As technology continues to evolve, the integration of automation and Artificial Intelligence (AI) is an area of interest for many credit professionals as they look to see how they can be applied to drive further improvements.
In this blog, we will look at just a few examples of how the latest technology is improving efficiency in today’s credit and collections management environment.
Revolutionising Credit Operations with O2C Automation
While AI has huge potential, the concept of "Order-to-Cash" (O2C) automation is already proving to be a game changer. O2C automation streamlines a range of critical processes throughout the revenue lifecycle, from order processing to invoice reconciliation, and can reduce manual errors, free up collector time and accelerate cash flow. Improvements to results and efficiency are already being seen by those who have implemented this technology and further benefits can be expected as this area matures. (Link to How to drive Efficiency and Value with Artificial Intelligence)
Transitioning from Excel Sheets to Modern Credit Management
It had to happen sometime; a noticeable change within credit management is the shift away from relying on Excel sheets. Manual spreadsheets were often associated with inefficiencies and a lack of real-time insights. The emerging trend is transitioning to streamlined, automated dashboard reporting systems offering concise and real-time information to the credit team and key internal stakeholders. Augmenting these systems by including automated workflows and powerful data analytics helps credit and sales to work in synergy and move far beyond what was possible through the use of a spreadsheet.
Strategic Technology Innovations for Credit Evolution
Choosing and implementing the right technology innovations is a strategic imperative as credit and collections management continues to evolve. Businesses must identify solutions that not only align with their specific needs and strategies but which also deliver improved results. Some further examples include the use of innovative technologies such as blockchain for transparent transactions and shifting to cloud based platforms to enable collaborative working.
The pace of change makes it impossible to predict with any certainty what available technologies will still be relevant in the next five years, but what is clear is that making informed choices about your technological roadmap is becoming more important than ever.