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Credit Management Technology Plays Catch-Up

As credit teams are pushed to make decisions more quickly, they’re leaning more on software solutions.

As companies go about their business, one of the big risks they face is among the most mundane: customers paying them late, or not paying them at all. And credit teams, which are charged with handling this risk, are finding that as the world speeds up, 

“In the old days, when everything was manual, the speed was just a function of whatever your department policies were,” said Scott Tillesen, a speaker and trainer on the topic of credit management. “But now we’re talking about stuff that’s measured in minutes, not days.

 

Access to Resources

Credit managers’ access to the technology they need can be hampered by the fact that the credit department is far from the head of the line when it comes to getting the resources it needs.

 

Single System

The efficiencies of working within a single system suggest technology should evolve toward gathering all the information a credit team needs within one system, Tillesen said.

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