Technology Archive

Lien waivers have become increasingly vital in the construction credit world, as they mark payment throughout a project and track lien rights. With each agreement signed, creditors need to be careful that they are not leaving their company vulnerable to outsized risk by carefully reading the terms of each agreement.

Business-to-business credit is an industry rooted in tradition, with established practices and principles passed down and shaped by generations of professionals. But today’s credit professionals are confronting challenges vastly different from those their predecessors faced, changing not only how they work but how they think about the future of credit. 

Whatever your role, having a personal assistant can make a big difference in your workday. Entrusting someone to book appointments, run errands or simply give you advice, gives you extra time to focus on the more demanding aspects of your job.  With the advent of artificial intelligence (AI), many credit professionals have gained access to a more convenient personal aide right at their fingertips. What some of them don’t know, however, is just how helpful AI can be in credit management.  The many sides of AI  AI itself isn’t new to business. Machine learning has quietl…

There is no telling what each day in credit management will bring you. One safe assumption is that you will receive plenty of phone calls, emails and messages. When you’re accustomed to an onslaught of communication from your coworkers and customers alike, it can be hard to single out fraudulent messages when you see them. Whether it’s a spoofed phone call that sounds a lot like a customer or a phishing email appearing to be from your boss, credit managers are running into cybercrime more often than ever.

As more credit department functions transition to online platforms, credit professionals may find themselves working with customers to find the best way to transition away from traditional payment methods towards more streamlined online platforms. Why it matters: While the advantages of electronic payments may be clear from a credit manager’s perspective, with more efficient payment methods cutting down on delayed payments, customers accustomed to paying a certain way may require a bit of convincing before making the switch. By the numbers: Only 11% of credit managers have all of their…

Business-to-business (B2B) credit has come a long way from 30 years ago. Back then, you either had to make a phone call, mail a letter or knock on someone’s door to conduct business. Nowadays, credit professionals can work virtually from anywhere, holding virtual meetings, emailing documents and sending messages instantaneously. Why it matters: As more companies embrace digital methods, more credit professionals are adapting their practices accordingly. However, a recent shift from handwritten signatures to electronic signatures has brought enforceability to the forefront for many credit t…

In credit management, your day-to-day work varies. One day you might spend hours determining the best terms for a customer with a rocky credit history while on others you might be settling a mounting pile of disputes. No matter what the day brings you, data is likely playing an important role in how you make those tough credit decisions.   Why it matters: Data is important when working in credit, so it is critical that credit managers are well-versed in how to work efficiently and effectively in Excel. While it…

Artificial intelligence has quickly evolved from a buzzword to a daily operational tool. Credit departments across construction, distribution and manufacturing are feeling the shift. Whether teams are interpreting payment behavior, communicating with contractors or supporting sales and operations, AI is helping credit professionals work faster and smarter. But here’s the key insight: AI is only as good as the prompts it’s given. Just like a calculator needs the right formula, AI needs clear, structured input to produce reliable results. That’s why mastering “AI prompting” has become a prac…