We live in a digital era that enables processes to be automated and streamlined. In addition, it provides an increase in working efficiently and cost-effectively. Innovative technology has made it easier to manage customer databases, account receivables, marketing, communication, and the list goes on and on. It makes sense then, that managing and mitigating credit risk would also fall into this era of digital transformation.
Technology is making it possible to increase customer and supplier lists and with that, comes more to manage. As your database increases, so does your need to perform due diligence. The pace at which we move in business has increased thanks to technology. Not moving forward would only result in falling behind. Gone are the days when you need to schedule reminders into your diary to review customers’ credit. Most likely, that reminder would be moved to another day and so on until it is forgotten about. Good intentions are there but how easy is it to manually follow up? Gone are the days when you receive notice of a customer’s insolvency weeks after it happened. By then, it could be too late to take action which could have improved your chances of getting paid and avoid having the customer take you down with them.
Those old ways of doing things no longer have to exist with innovative credit management software like CreditorWatch. CreditorWatch is a unique credit reporting bureau which enables businesses of all sizes to access credit risk information on any entity in Australia and help determine the risk they present to your business.
The software provides easy to read dashboard reporting on any entity in Australia. It easily highlights risk such as insolvency notices, court actions, poor credit scores, cross directorships, payment defaults, external administration, mercantile enquires, critical ASIC documents and more. Perhaps one of the best features is the ability to monitor entities and receive alerts for real time adverse changes in data. With 24/7 monitoring, you’ll be able to stay on top of debtors and bad debt without deducting time from other tasks. It’s all done for you, without that forgotten reminder in your diary.
Another valuable tool within the software provides the ability to see how the entity pays in comparison to the industry, as well as how they are paying other customers. There are many other features built in to the software which empower creditors, such as access to other reports and services which will assist with complying with legal requirements.
What makes this possible? Data and innovative technology. The more customers that the platform acquires, the more reports that are accessed, the more data is collected. With every increase in data, the more services, alerts and information can be provided.
This is an example of how agile and easily customised technology allows for the automation of the credit management process. It only makes sense to incorporate credit management with the rest of your digital transformation. The benefits far outweigh the cons. It is an efficient, cost-effective solution that allows you to improve due diligence and move forward with growth and innovation in this ever-changing digital landscape.