An insightful summary of the impact of the great retail apocalypse on growing B2B credit risk and measures to take to avoid surprises and maintain efficient credit management workflows.
A shift in Americans’ shopping habits has gradually triggered a shift in the U.S. retail landscape. Shoppers have not written off in-store purchases entirely, but the trend toward internet-based retail has manifested in rounds of store closings and company-announced cost-cutting initiatives. Modern-day retail is at an inflection point as retailers face struggling physical storefronts, massive debt, and inefficient operations, among other issues. No one likes to see their legendary customers fail, but the retail industry has seen more than it?s share of financial distress.
HighRadius Credit Software automates the credit management process, enabling credit managers to make highly-accurate credit decisions 2X faster and enable faster customer onboarding with 4 primary components: configurable online credit application, customizable credit scoring engines, credit agency data aggregation engine, and collaborative credit management workflow. Along with that, there are a lot of key features that should definitely be explored some of which are online credit application, credit information aggregation, automated credit scoring & risk assessment, credit management workflows, approval workflows, and automated bank & trade reference checks. The result is faster customer onboarding, better internal collaboration, higher customer satisfaction, more targeted periodic reviews, and lower credit risk across the company’s customer portfolio.