Technology Archive

Most credit tasks, from reviewing accounts to managing collections to handling disputes, are inherently time-consuming due to their complexity. These tasks require a keen eye for detail, often involving manual processes, multiple data points and regular follow-ups, all of which can drain resources and slow down overall efficiency. 

There are very few professions that have not been touched and reshaped by the introduction of artificial intelligence. AI technology holds the potential to revolutionize professions through its ability to streamline day-to-day workflows, with increased efficiencies giving way for more impactful work. 

As the B2B automation market expands, credit managers have access to a broad range of solutions and service providers to meet their challenges and diverse needs. While the abundance of options may seem daunting, it opens the door to finding a solution that can either complement an existing system or stand on its own.

New technology has transformed the credit management profession. From automated collections to data processing, the day-to-day work of a credit manager today stands in stark contrast to the workflow only a decade ago, as credit managers increasingly rely on new software to make more efficient credit decisions.

Over the past 25 years, businesses have increasingly moved from paper-based invoicing to digital and automated invoicing systems. The shift suggests that the invoicing process will eventually be completely paperless.

In the realm of credit management, each department operates under its own set of mysterious guidelines and formats for credit applications. While some cling to the familiarity of paper documents, others embrace the digital age with online portals, creating a patchwork of practices that can leave customers confused and frustrated.

Financial statement analysis has traditionally been a labor-intensive task for credit managers, involving extensive manual review of documents to assess creditworthiness. However, artificial intelligence (AI) can transform this process by automating data analysis, improving accuracy and delivering real-time insights. Why it matters: AI streamlines financial statement analysis, freeing time for credit investigations and enhancing relationships with staff and customers. It reduces risk and empowers credit managers to make faster, more informed decisions. Yes, but: Even with AI…

Microsoft’s Excel has long dominated business data organization with its efficiency and simplicity. However, with the advent of Microsoft Power BI and Salesforce’s Tableau, data organization has transformed significantly.