Which is most important, Technology, Tools or Techniques?
It is your people that are the most important.
They give their most valuable performance when they are collaborating with customers and Sales. It cannot be done without the technology, the tools enable you to do special, high-value, things. The techniques enable you to pull it all together and extract maximum value and outputs
How do we find out how this could work for our business?
We have an appraisal process which is designed to bottom this out and to get you to some answers quickly. The output will be a recommendation as to the technology, tools and techniques that can best deliver Agile Credit Management for your business, together with an initial cost-benefit analysis. Our advice is always mindful of the fact that you have stakeholders within your business and a the process to follow.
We can do it quickly (usually within a month) and professionally because we have so much experience. Whatever you decide to do next, these recommendations will have substantial value for you. We charge a modest fee to cover our time in doing this for you.
What is “best-in-class” technology?
Our definition is “Best for purpose”. A range of factors comes in to play. Often, these are things that wouldn't be uncovered in a standard procurement process but we can make you aware of them.
How do we set credit limits if we are using different sources and types of information?
We can provide you with a variety of insolvency prediction models and scorecards. These include various financial, non-financial and “Big data” models and we can show you how you can join them up in the way that works best for your business. Just as importantly, you should keep them under review and be able to make changes or additions quickly. We can also help you configure workflows that maximise your team’s efficiency and effectiveness – effectively maximising their opportunity to operate where they add the greatest value – collaborating with customers and Sales
Is the use of historic financial information now “Dead”?
We have heard pundits say "financials are dead" but we do not agree with this view. Financials tell an important story, and customer verification is also important. For most companies, the use of financials needs to be complemented by new sources of information, not replaced. The credit reference agencies are aware of this and in our experience (through membership of the trade body) there is a genuine desire to support customers and a drive to add value to their reports.
Clients sometimes look for more robust information and analysis, especially in regions where it is difficult to get hold of. We have access to the information sources the credit insurers use.
What about fraud risk?
One area where Big Data and Machine Learning have changed the game is ID Verification, Fraud, AML and PEPs checks. We can incorporate best-in-class tools into your programme
Could we develop O2C functionality within our ERP system?
Yes, you could.
But you would probably end up with a project lasting one-to-two years (we have seen five years or more). All the ERP developments we have seen have tended to re-invent what was there before. Once the ERP project has gone live, it is difficult to change or add things without going through the whole process of getting approval for another project (which, in reality, means it usually doesn’t happen). Ultimately, the ERP route is the exact opposite of Agile
We have already developed credit risk functionality within our ERP system. Can Co-pilot add value?
Yes. If want to pull data from Credit Reference Agencies (CRAs) and Trade Credit Insurers (TCIs), each feed is very expensive to set up. This creates an inhibitor to changing CRAs or TCIs or adding new ones. We can provide you with a fully managed gateway to multiple CRAs and TCIs One of our clients for this is a CRA which uses it for its own links to other CRAs
We use Trade Credit Insurance (TCI) – will Agile Credit Risk Management support this?
Yes. Normally TCI sits outside your daily work (you operate in their system) and compliance requirements are easy to miss. You can embed TCI requirements into your platform and thus better ensure compliance. There are three key advantages:
- Systematic & visible compliance gives better outcomes & a better negotiating position (you become a more attractive risk)
- You can work with multiple TCIs & multiple CRAs all in one system and you can change these suppliers without losing history. This too strengthens your negotiating position
- Workflows can be configured to ensure that all types of credit limit are in place for new and existing customers before they are needed – benefiting sales and customer experience
Will this require internal IT Resources?
The requirement is modest, providing the uploads. If IT resource is not immediately available we can usually organise workarounds to get you up and running.
How long does this all take?
From pressing the go button, we would normally expect you to be up and running in 12-16 weeks.
Agile Credit Management - call the Co-pilot Team to build agility into your systems - +44 20 7813 2182
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