Technology Archive

Automation is at its all-time high across industries. B2B credit departments are considering implementing new technology and tools to better service their customers. Whether through ACH payments, online payment portals or the help of AI, credit professionals must know the most effective ways to use automation to their advantage. For example, using automation software to complete the more repetitive or mundane tasks can help save time and allow staff to focus on other areas that need attention. According to a recent eNews poll, 17% of credit professionals are looking for an automation …

Private equity (PE) refers to investments made into private companies by partnerships, which buy, manage and sell these companies. These partnerships, known as private equity firms, run these investment funds for institutional and accredited investors. Why it matters: Understanding the role of private equity groups can help predict potential credit risks and inform investment decisions for both institutional and accredited investors. Pros of private equity Access to capital: Private equity groups grant companies access to capital that it may not be able to raise on its own. Sca…

In an era where digital transactions reign supreme, customer payment portals have emerged as a convenient and efficient way for businesses to manage receivables and streamline payment processes. However, while the benefits of customer payment portals are undeniable, their implementation and maintenance come with their own set of costs and considerations for credit departments. Why it matters: Customer payment portals are here to stay, so credit departments must create a strategy to best approach each portal. Some credit managers approach payment portals by assigning one credit mana…

As the volume of accessible data grows, it may be time to rethink approaches to customer research. Gone are the days of relying solely on traditional data sources to paint a financial picture of customers. Why it matters: Social media can enrich research efforts and add depth to your understanding of customers, helping you make more informed decisions. Each social media platform has its own personality. From the casual banter of X (formerly Twitter) to the polished professionalism of LinkedIn, understanding the nuances of each platform is essential for effectively navigating the sea o…

In recent years, credit cards have surged in popularity among customers within the B2B credit industry. Why it matters: Knowing why this trend is happening is critical for B2B trade creditors as it holds the potential to alter financial strategies and influence business operations.

Staying ahead often means embracing innovative tools and technologies. One such tool gaining traction is ChatGPT, an advanced language model that can assist credit managers in various aspects of their work.

Gone are the days of cash and checks, as payment methods have taken a leap into the future. Last year, we surveyed credit professionals on customer payment methods from most to least common. Checks topped the list, closely followed by Automated Clearing House (ACH) payments.

AI and automation tools, like generative AI chatbots, have transformed business operations. ChatGPT, the AI-driven chatbot developed by OpenAI, is revolutionizing the industry with its user-friendly interface and unprecedented human-like responses.