Aston AI supports the credit manager revolution
New technologies are revolutionizing the finance function and offering new solutions for credit managers, helping them to optimize trade receivables as well as their relations with sales departments, which are on the increase.
Today’s credit manager finds himself at the crossroads of different professions: optimizing receivables, managing credit risk and maximizing financeable outstandings. They are also responsible for protecting their company’s financial interests, even when the economic situation remains tense, while contributing to its commercial development. “. In this respect, collaboration between credit managers, sales staff and external customer risk management partners is essential. ”
Securing sales with AI and a SaaS platform
And yet, the most commonly used means of securing sales is still all too often based on reminder-collection. “.
Towards preventive credit management
These platforms make it possible to industrialize and personalize preventive dunning, and to share it within teams, with real collaboration and trust between the credit manager and the sales person, who work with the same tools. In this way, they help to integrate order management and sales into the ” order to cash ” process. The advent of Big Data also gives them the power to analyze data in real time, with no capacity limits. These platforms can also be used to compare actual outstanding amounts, internal credit limits and credit insurer limits. “. ”
Finally, at a time when companies are increasingly looking to differentiate their services and choose an expert in each field, these platforms must also be capable of communicating with the services of the company’s choice: whether or not to outsource dunning or collection, rating databases, credit insurers, factors… Companies are free to choose their services, but can connect to all of them.
Enhanced customer value
Thanks to these technologies, the credit manager will be able to concentrate on priority tasks or those with the highest added value for the company, by automating all standard processes such as dunning, for example. They will also be able to consolidate the information of their choice in real time, rather than via manual, time-delayed reports. Finally, they can access the dashboards of their choice, which they can build themselves in real time with the help of figures (this is business intelligence).
More cash and more financing
The paradox is that the overriding aim of companies is to have more cash and more short-term financing. To meet this need, there is an asset: trade receivables and invoices awaiting payment. Optimizing trade receivables can significantly increase cash flow, provided that you have a digital platform that can make the most of this living asset.
Aston iTF, a partner for credit managers
To support credit managers in their revolution, Aston AI has created the first customer dunning platform open to credit insurers, factors and investment funds. In just three clicks, you can dunning, insuring and financing your invoices with the partner of your choice!
How do you see the challenges of managing customer receivables?
Customer invoices account for 40% of a company’s assets, and represent a huge potential source of value, amounting to 650 billion euros. What’s more, 25% of bankruptcies today are due to unpaid invoices. Companies therefore need to reduce their payment times, hedge their credit risk and finance their invoices. These are major challenges that the new fintech service platforms can meet.
In concrete terms, what are the main keys to optimizing accounts receivable?
First and foremost, you need a 360° view of your receivables, analyzing both internal and partner information. The strongest evolution in the demands of today’s companies is the need for a global, real-time vision of their customer and supplier base. This is achieved through BI (business intelligence), enabling reporting, dashboards and the cross-referencing of information in real time. The ultimate goal is to build an internal scoring, a credit risk rating of companies’ customers. With the key element́ consolidation at national or international level of all data.
What other leads are there?
Firstly, to reduce payment times. Companies need a dunning module that automates the most common processes, including mass dunning. They also need customizable agendas and procedures for strategic customers.
Secondly, to reduce the risk of non-payment, which involves using a credit insurer (in which case the platform must offer a link to all the players involved), and managing internal credit limits. Finally, invoice financing, to obtain immediate cash. The latest-generation platforms simplify procedures with an automatic link, and give you the freedom to choose the financer of your choice.
So what role do fintechs play?
The advent of fintechs, as opposed to software publishers, has made it possible to switch from a “software purchase” mode, with local installations that are difficult to upgrade and maintain, to a customizable, high-performance online service offering. The advantage rests on three pillars: SaaS, which means you always have the latest version of the system, the cloud, which means you don’t have to worry about IT hosting, and finally, big data, which offers fine, real-time data analysis, leading in fine to real-time credit scoring. Aston AI offers the first Marketplace customer relaunch platform open to credit insurers, factors and investment funds.
