Tag: Technology

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.

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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.

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.

Every credit manager knows the all-too-familiar sinking feeling that comes when your office tech is not working. Whether it’s as complicated as your automated collections system malfunctioning or as simple as your laptop not responding, it can be hard to know when and how to ask your IT department for help. 

Artificial intelligence (AI) has transformed how the world operates, integrating itself into nearly every facet of business. For credit departments, AI is being used to enhance email communication, draft demand letters, review contracts and even predict collection trends. As AI continues to evolve and expand across industries, many organizations are developing formal policies and procedures to guide its use. 

In a profession as data-reliant as credit management, it can be easy to get lost in a mess of spreadsheets. With so much data to consider with every credit decision, it is vital that credit managers have a dashboard that clearly presents pertinent data not just for them, but for their companies.  

New technology reshapes the business credit profession, as each innovation reframes the work of a credit manager by automating everyday tasks. Unfortunately, just as technology can transform a credit manager’s work, it can give rise to creative ways for fraudsters to take advantage of businesses.