A beginners guide to credit management software
Credit management software is swiftly becoming the norm in some organisations as they seek to automate basic processes, lighten the administrative burden on employees and continue offering the best possible service.
However, for organisations currently using manual processes, the world of credit management solutions is likely to be unfamiliar. This whitepaper will discuss the basics of credit management software. Furthermore, it will discuss how your organisation can use it, and what benefits these technologies bring.
What is credit management software and what does it do?
Credit management software is a category of software solution that prioritises and streamlines credit management workflows. It also prepares and/or performs many of the day-to-day tasks carried out by the credit management team. Credit management software can be integrated into the whole organisation, and (part of) its other software systems.
The software is used to improve the efficiency of the credit management function, thus freeing up employees’ time to focus on high priority and complex tasks. These days, organisations adopt credit management software so they can offer customers a better experience, improving relationships, thus ensuring customer retention.
Credit management software can cover a huge variety of credit management functions, including:
- Dunning
- Reporting
- Customer segmentation
- Scoring
- Cash allocation
- Complaints management
The point of the software is to put the maximum amount of information at the fingertips of the credit management team, no matter what task it’s performing at any stage of the payment cycle. By automating many of these everyday functions, credit management software frees up the time of staff within the department so they can devote their time to priority issues.
