How Powerful Credit Assessment Helps Softcat Win 200 Customers a Month
Dun & Bradstreet recently worked with the Chartered Institute of Credit Management (CICM) on ‘Credit Champions’ - a deep-dive into the modern world of credit management, created in partnership with ITN Productions.
Dun & Bradstreet’s 2017 Facing Forward Study found that 70% of finance leaders are under immense pressure to both manage risk and drive growth, and despite this, nearly two-thirds of those leaders reported that their teams had been cut over the past few years.
Regardless of business size, profitable growth requires effective credit management to navigate risk and help win new business, and harnessing data plays a crucial part in transforming this risk into business opportunity. Softcat, a rapidly growing firm based in the United Kingdom, needed a way to assess new and existing customers quickly.
Scaling Credit Decisions with D&B Credit Advantage
Sales is a fast-paced, pressurized part of Softcat’s business. The company has grown by a third in three years, and the credit team works hand-in-hand with the sales team to ensure that 150-200 new customers per month are onboarded quickly. The credit team is responsible for assessing the risk of new and existing customers, from fraud and tax evasion to slow or late payments.
Sometimes within the hour, a credit decision can be made to help the sales team onboard new customers. Softcat uses D&B Credit Advantage to identify risks and opportunities within its customer portfolio. With the ability to see the risk of exposed businesses failing, as well as the risk of late payments, Softcat is able to use D&B Credit Advantage to manage its portfolio holistically. Reports and alerts are available to notify Softcat immediately if any changes occur in a customer’s risk profile.
Watch the below to hear from our own credit experts, as well as Softcat, as its leaders discuss how efficient credit assessment processes enable them to win new customers and continue to drive profitable growth.
In this short video taken from the Chartered Institute of Credit Management “Credit Champions” film, our finance, credit & risk experts take a deeper look at the modern world of credit management.