As outlined above, credit management is the lifeblood of all businesses. The function continues to increase in importance within a company?s management hierarchy. More and more companies are making a value judgment by comparing the risk of non-payment (client insolvency) versus additional sales volume ? an elusive balance that can be struck only through an efficient credit management system.

Not long ago, credit risk management was an excel spreadsheet in the CFO?s office. Technology has come a long way since then, but these legacy solutions tend to have outdated approaches to data management with manual processes for updating data, manual collaboration with internal and external business teams, and high IT support costs for deployment and installing periodic patches and updates.

Innovative new technology solutions extend the use of credit risk management across the enterprise through a cloud-based technology platform. Cloud-based solutions offer the benefits of reliability, mobility, and scalability while eliminating IT, data infrastructure, and upgrade costs. These solutions enable dynamic credit management workflows and process improvements that result in not only lower risk but improved response times, reduced costs, and better customer service.

Workflows bring transparency and proactivity to credit risk management. They can be deployed to streamline all business processes linked to credit management and help organizations deal with routine challenges in following ways:

• Faster customer on-boarding and reduced overhead
• Real-time access to critical credit data for accurate credit decision making
• Better transparency and accountability across all process hierarchies
• Limited financial impact from vagaries in customers? financial situations
• Centralization of data across all business units and process levels
• Enterprise-wide implementation of standard credit policies
• Increased team productivity and efficiency by reduction of errors and re-work
• Improved customer experience along with strong support to top-line business growth

Modern technology gives B2B organizations a proven ability to reach their goals. Its effect is real, immediate, and increasingly indispensable for any business looking to not just survive but thrive in today?s competitive world.

For a real-world implementation of these workflows, check out this video by C.B. Ananthan, Manager, Global Credit and A/R Reporting at Air Products and Chemicals where he explains how his team automated credit operations for 125,000 customers.