Tag: Technology

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.

Collecting important project information for payment documents, like preliminary notices or lien waivers, can pose a widespread challenge across the construction industry—and it can become frustrating when you realize essential project details are left behind when completing documentation.

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.

Artificial intelligence (AI) has revolutionized the job market in recent years, spawning roles like data analysts, machine learning engineers and AI ethicists. To thrive in their positions, employees must exhibit a blend of both technical and soft skills.

Artificial intelligence (AI) has arrived in the construction industry, promising to revolutionize it. From preconstruction to site safety, the construction industry is using more AI technology to facilitate the various stages of the construction process.

The adoption of new technology is no longer a choice but a necessity for staying competitive in business. Despite the undeniable benefits these advancements bring, getting customers comfortable with change remains a significant challenge.

The role of credit professionals in modern organizations is multifaceted and challenging, with numerous responsibilities and pressures. The evolution of technology, from computers to artificial intelligence, has transformed the credit management field, improved productivity and eliminated repetitive tasks. However, for some credit departments, technology has become a burden.

New Year’s resolutions often symbolize a fresh start and a commitment to improvement—a chance to become the best version of yourself in both your personal and professional lives. As we approach the New Year, credit managers are presented with limitless opportunities for growth and success.

In an era defined by the rapid evolution of artificial intelligence (AI), the profound impact of AI has become increasingly evident. Transformative AI technologies such as OpenAI’s ChatGPT have reshaped the business landscape by boosting productivity at the workplace. The use of generative AI in finance is expected to increase global GDP by 7%—nearly $7 trillion—and boost productivity growth by 1.5%, according to Goldman Sachs Research. AI has the potential to increase financial services revenues by 34% and economic growth by 26%, according to a report from Gitnux. Chatbots are also gaining…