Onguard CreditManager shortlisted for the 2020 Credit Connect Technology Awards
We are delighted to announce that we have been shortlisted for the 2020 Credit Connect Technology Awards, with our intelligent cloud-based CreditManager solution joining the shortlist for the Innovation in Credit category.
Credit Connect’s Credit & Collections Technology Awards were launched in 2017 with the aim to reward technological innovation within the industry. The awards highlight the success of companies and individuals who lead the way in enhancing credit and collections technology. Now in its fourth year, the 2020 ceremony will celebrate the best in lending and collections innovations.
At Onguard, we pride ourselves in providing customers with real benefits through taking a new and innovative approach to credit management, and being nominated for this award with our CreditManager solution reflects our position as one of the top players in the industry.
The dunning process has always been a key part of the order-to-cash process, but now more than ever, due to the uncertainty caused by the Covid-19 pandemic, finance teams are being challenged to balance long-term growth with the need for resumption of payments from current customers. CreditManager can play a key role in helping these businesses to optimise their working capital without impacting customer relations, ensuring that finance professionals’ time is freed up to be spent on value-adding tasks.
What is CreditManager?
Onguard CreditManager is an intelligent cloud-based order-to-cash platform that automates and manages the entire order-to-cash chain. The solution eliminates the onerous and time-consuming manual tasks involved in this process. Launched in 2003, CreditManager has 750 active customers globally across all sectors.
Traditionally, a lack of software solutions has stymied credit management teams and required them to resort to manual processing for all aspects of credit management. This results in employees’ time being tied up in the drudgery of cash allocation, for example, preventing the credit team from focusing on the more important aspects, such as measuring DSO, resolving disputes, improving customer segmentation and improving cash flow.
CreditManager uses artificial intelligence (AI) and machine learning (ML) to solve these challenges by automating onerous manual procedures, giving the credit manager greater insight into the whole ledger portfolio. What’s more, it has been shown to result in a 45% increase in process efficiency and a 15% reduction in DSO. By replacing many manual processes and freeing up valuable time for the credit team, organisations can benefit from improved customer segmentation and instant access to a multitude of reports. Beyond this, and key when considering how best to retain and engage talented finance professionals, it helps to provide greater job satisfaction for these individuals.
The ability to achieve all of this is especially crucial now as finance teams need to focus on future-proofing their credit management, with so many potential unknowns continuing to affect customers. If an organisation has the right credit management solution, it can understand more about the customer and have a firmer basis for effective person-to-person interaction, building deeper and long-lasting customer relations. Finance and specifically, credit management, concerns the entire organisation and in tough times, will be crucial to survival.
For more information about the Credit Connect Technology Awards-shortlisted CreditManager, visit our solutions page.