The conventional credit review process is complicated and slow, often requiring multiple exchanges with external systems, excel formulas/macros, and interactions with multiple stakeholders for approvals. This process can result in unnecessary and costly delays.
A good credit management system optimizes your credit process and removes friction with digital credit application forms, digital signatures, digital reference checks, capturing credit bureau information etc.
To overcome the process delays and enable businesses to make timely and accurate credit decisions, businesses are increasingly moving towards intelligent credit management tools that quickly ingest data from external sources such as credit agencies and information bureaus to help credit managers build a complete picture of the customer before determining the credit terms and processing credit.