An Easy Way to Identify New Automation Tools

Automation can help streamline repetitive tasks, reduce errors and ensure timely responses, improving overall credit management. A recent eNews poll brought light to the fact that 65% of credit professionals do not leverage automation for their credit and collections processes. Surprisingly, of the 35% who do, only 21% are satisfied with their automation or technology vendors, leaving room for opportunity for improvement.

NACM’s Expo is the vital nexus for credit professionals to learn about the latest industry tools and trends while also discovering new tools. Whether it’s your first or 50th time attending Credit Congress, it’s crucial to understand the value of being able to easily learn about and compare the offerings of a plethora of service providers supporting the credit profession with technology.   

In one convenient location, credit professionals can find an abundance of automation and artificial intelligence (AI) tools. “I found vendors and tools that improved automation for the credit decision-making process and the customer onboarding process with functions such as reaching out to references and setting up customers,” said Christopher Finley, CICP, global credit analyst at Club Car LLC (Evans, GA). Exploring tools that can improve credit processes or department procedures is also a benefit. “I think it’s very important as a credit professional to see what new tools that are out there can help your department and company become more efficient and improve collections and cash flow,” said Michelle Achondo, CBA, CICP, director of credit at American Fast Freight, Inc. (Fife, WA). 

The automation tool that works best for your department will depend on the size of the company and number of customers. NACM’s Expo is the perfect venue to learn about what each vendor has to offer while also listening to the conversations of each service provider with its current users—whether you are not satisfied with your current automation company or are starting from scratch.

“We’ve vetted several different vendors but the one we found at the Expo Hall is probably the most respected,” said Carl Davidson, director of credit and collections at Blue Water Industries LLC (Jacksonville, FL). “We use the automation vendor for our cash applications, collections and online customer portal, which is very easy to deal with and responsive to any requests we have. 

Credit managers can see live demonstrations at the Solutions Hub, a learning forum in the hall, for a more intimate learning experience. “At the Expo Hall, we saw a demo on an automation platform for credit reviews and writing dunning letters, which is increasingly helpful as our team members need time to work with customers on issues with their accounts,” an NACM member said. “I believe that more credit professionals will need to be more creative and flexible with customers and decision-making by leveraging software that takes the more menial processes out of our day-to-day so we can work on more complex tasks.”

Vendor or supplier vetting processes vary for each company, so it’s important to take the necessary steps to avoid any issues in your department or others. Harry McLaughlin, CICP, process improvement manager at Continental Tire the Americas, LLC (Fort Mill, SC) works for a large company in terms of structure, which requires an extensive onboarding process for vendors and suppliers. “We do a comparative analysis when looking at multiple vendors for what’s being offered versus pricing,” he said. “We also work with global procurement, collections, AR, sales, customer service and IT whenever anything new is being integrated or replacing an existing system.”

While exploring the Expo, you are guaranteed to run into tools that you may use or never even heard of that can improve many aspects of your job. Even though you may use a vendor’s tools or services, it doesn’t mean you can’t discover a new process with them. “My company made a decision on a collection software several years ago and we used the vendor contacts I obtained to schedule demos and ultimately make a final decision,” Achondo said.

NACM’s Expo is more than an exhibition—it’s a social event. Credit professionals can reconnect with colleagues or long-time friends. But it’s also a time to network with others and make connections to advance in your career. “It’s nice to meet in person with people that you may have spoken with on the phone or emailed like representatives from NACM’s National Trade Credit Report and other reporting agencies that I’ve worked with,” Achondo said. “I was also able to speak with various vendors, see short demos, collect information and contact information and after the conference schedule more in-depth phone calls with the vendors.”

Whether you’re casually browsing or have a specific agenda in mind, you have the rare opportunity to see how systems work in real-time and in-person. “The tools and cutting-edge technology presented at the Expo Hall helps credit professionals sharpen their credit skills and be a greater professional with the added value they provide,” said John Zummo, CCE, CICP, senior manager of industrial credit at PCS Admin USA Inc. (Nutrien) (Deerfield, IL). “It is also very interactive as the suppliers try to engage everybody with games and activities.”

With a surplus of new tools and processes, credit professionals can see which will work in their credit department. “If you are already using one of the vendors, this is a great time to meet them face-to-face or to test drive a new version of the product that has not yet been released,” said Philip McCraw, CCE, senior credit risk specialist at Southwest Power Pool, Inc. (Little Rock, AR). “If nothing else it’s great to stop by the vendors to chat and find out about their products, and a lot of them have great little giveaways that have their contact information so you can follow up with them afterwards.”

The bottom line: NACM’s Expo is a critical platform for credit professionals to discover innovative tools, enhance their processes, network with peers and vendors and gain hands-on experience with emerging technologies in the industry.

For more information about Credit Congress and the companies on the Expo Floor, visit our website. If you would like to discuss technology and automation with other credit managers, consider joining NACM’s Technology Thought Leader Discussion Group.