10 Jun 2024
by My DSO Manager, Tom Sharman

Unravelling analytics in credit management

Read the summary on the last Webinar with My DSO Manager.

In case you missed out on joining us and our corporate partner, My DSO Manager, Bertrand Mazuir and Luke Sculthorp FCICM recently discussed the challenges and opportunities of current and future technologies in getting into the analytics of Credit Management

Real-Time Advantage:

Traditional, monthly reports were found to be limiting. Real-time data analysis provides credit managers with up-to-date insights for faster and more accurate decision-making. This is crucial for efficient cash flow management and risk mitigation.

Data Quality is Key

Clean data is essential for effective credit management. The webinar highlighted the importance of data consolidation tools that can identify and address inconsistencies. These tools can help pinpoint areas for improvement and ensure data accuracy.

AI: A Collaborative Partner

While AI is used for tasks like payment forecasting, it's not envisioned to replace human credit managers. Instead, AI is expected to become a valuable tool for automating tasks and enhancing human capabilities, allowing credit managers to focus on strategic aspects.

The Evolving Credit Manager

The credit manager of the future will be a data-driven professional, comfortable with new technologies and adept at translating data insights into actionable strategies. Collaboration will also be key, with credit managers leveraging digital tools to share information with internal teams and even customers.

Success Through Data

The webinar presented a case study of a large US healthcare company that implemented a data-driven credit management approach. This resulted in improved user satisfaction, access to real-time reports for better decision-making, and actionable insights for targeted interventions. Additionally, improved collaboration was fostered through a centralised platform for information sharing and credit management activities.

Modernising Onboarding

Financial data providers can be integrated with credit management systems to verify new customer data and creditworthiness during onboarding. This streamlines the process and ensures data accuracy from the start.

Ultimately, the credit management landscape is evolving rapidly. By embracing data and new technologies, credit managers can gain a significant advantage. Modern tools can empower credit managers to improve efficiency, make data-driven decisions, and collaborate more effectively. As AI continues to develop, the future of credit management promises to be even more dynamic and data-centric.

Related topics