Tag: Technology

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.  

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. 

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.  

In business-to-business (B2B) credit management, the sheer volume of data—from financials and payment histories to market trends—can overwhelm teams. Data automation and Robotic Process Automation (RPA) can transform these tasks, rapidly processing and analyzing critical information. By cutting down manual work, these tools enable faster, more accurate credit decisions while minimizing risk, making credit management smarter and more efficient. 

Over the past decade, technology has transformed how credit professionals conduct business. Automation and artificial intelligence (AI) have streamlined tedious, manual processes, allowing credit professionals to focus more on strategic, value-added tasks. However, technological advances have also led to an increase in fraudulent activity within business-to-business (B2B) credit.

Artificial intelligence is gradually becoming a mainstay for many credit managers, with automated credit processes powered by AI supercharging the work of many credit departments. However, with this new technology comes new anxieties around fraud. It is important to note that just as easily as AI can assist your work as a credit manager, it can also be manipulated by fraudsters who can use the new tech to target your business.

On today’s episode of Extra Credit…Credit scoring models offer credit managers a structured framework to assess customer creditworthiness, allowing for more confident credit decisions.

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.