Optimising Order-to-Cash: A Guide for Trade Creditors – Part 3
Part 3: How automated decisioning systems can improve efficiency across the O2C process
In today’s world, automation is becoming increasingly important to meet consumer expectations for instant responses and improve efficiency in trade credit processes.
Many firms are embracing automated insight and decisioning tools to save time, reduce manual overhead, and enhance customer experience. Experian has interviewed credit professionals from across the trade credit space to identify the most pressing challenges in the customer lifecycle and how automation can address them.
The feedback indicates that automation can provide value across various stages of the trade credit lifecycle, including:
- Collections: Automated payment notices make it easier to reach rogue customers early and often, saving time in chasing late payments.
- Risk and eligibility checks: Automation improves the speed, accuracy, and volume of decisions on acceptance, amount, and terms.
- Customer onboarding: Automation to verify a customer’s identity, address, and bank account ownership at the point of sign-up streamlines onboarding, reduces fraud, and minimises missed payments.
- Direct-debit verification: Automated direct-debit verification takes the onus off customers and helps businesses avoid future payment delays and limit their exposure to late payments.
What are the steps of a successful automation development?
To successfully develop automation, it is crucial to engage with key stakeholders, such as IT, procurement, vendors, and senior leadership, to