How AI and automation is solving Credit Management headaches
Part 1 of 3-part series. Next article >
The pace of technology development has a profound impact on most industries and our everyday lives. The world of trade credit management is no exception. From fraud assessment checks to business process automation, building scale through the cloud, to leading the charge on data-led decision making, the power of digital technologies should not be underestimated as your best-practice enabler.
Let’s helicopter up to the macro view first ...
You may be aware of discussion points around Web 3.0. Personally, I find the simplest way of describing what Web 3.0 (Web3) is, is through the evolution of the world wide web (www):
- Web 1: Read only (~1980’s-2004)
- Web 2: Read and Write (~2004-2020), think: content creation, social networking, blogs, etc.
- Web 3: Read/Write/Ownership (~2020-now).
Ownership.
With Ownership we are talking about a fairer internet where everyone owns and can control who profits from their information. Here we will see blockchain becoming more prolific because it is the key enabler for individuals to own and be compensated for their data, through “Non-Fungible Tokens” (NFTs).
We will hear a lot more about NFTs, which are cryptographic assets on blockchain with unique identification codes and metadata that distinguish them from one another. NFTs are used to represent not only real-world items like event tickets, artwork, or real-estate but also people’s identities. This is where the authenticity or proof of ownership comes in.
For now, we all have access to world class technology such as AI and identity technology. These are very easily accessible and cost-effective ways of helping us reduce risk. While your business may not be an early adopter, being a fast follower will ensure that you derive benefits quickly and early.
Technology is here today, right now, increasing revenues, decreasing costs and mitigating risk. Also, it is solving manual repetitive tasks, and helping businesses compete more efficiently and effectively.
Author
To learn more about how technology can help your credit department mitigate risk and unlock revenue more quickly for the sales team, talk to Miriana Lowrie, CEO at 1Centre. Miriana and her team have produced an eBook titled “How to spot identity fraud across all your sales channels”. You can download today here. Before becoming the CEO of 1Centre, Miriana had 20 years of experience in big banking. She understands how poor process and use of technology can frustrate employees, customers and doing great business.
Part 1 of 3-part series. Part 2 is here >
Read more articles related to this topic below:
- Enhancing Trade Credit Security with Biometric Verification
- Why Australia’s Construction Industry Needs Trade Credit Automation
- Beyond Insurance: The Case for Trade Credit Assurance
- Data Zoo Announces Partnership With Trade-Credit Platform 1Centre
- Managing Risks in Hiring Equipment While Giving Trade Credit to Small Business Owners
- 5 factors to look for in your trade-credit software
- SaaS automation applied to identity fraud in trade credit
- How electronic signatures meet global standards
- Trade credit & COVID-19: The early bird catches the worm
- The Top 5 Benefits of Storing Data in the Cloud
- Trade Credit: How to get paid what you are owed
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