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.

Authors

My DSO Manager

My DSO Manager is an all-in-one intelligent SaaS accounts receivable and credit management system that provides real-time insight and scalability from SMEs to international multi-entity companies.

It helps AR analysts, accounting or finance managers, and any client-facing employee, manage risk and maximize cash collection.

It can swiftly integrate any kind of data from any ERP and implement any customization due to its creative, competent IT teams that are headquartered inside the firm and collaborate closely with support employees, many of whom were formerly credit managers at big corporations.

The feature-rich functions, automated reminders, alerts, and numerous services connected to the solution, such as EDM/CRMs/insurance/e-payment/BI platforms etc., along with a reasonable pricing system, have simplified the credit-to-cash cycle by monitoring daily KPIs like DSO, aging balance, overdues/past-dues, customer behavior, and cash forecast.

My DSO Manager’s worldwide clientele are its real ambassadors, who assist the company in expanding on an ongoing basis.

Website:: www.mydsomanager.com

Tom Sharman

Senior Marketing Executive, Chartered Institute of Credit Management

I'm passionate about strategy, have an eye for analytics and care about memorable customer journeys through innovative content, campaigns and communications.

I have been recognised as the Advanced Apprentice of the Year by the Peterborough Telegraph, awarded to me as a result of the quality of the work I produced during my apprenticeship - an award that I see as a true testament of my knowledge, diligence, passion and dedication to the marketing profession.