Reviewing the 5 Data & Technology Trends Impacting Finance & Credit
You may not need a weathervane to know which way the wind blows, but your local meteorologists might beg to differ. They depend on data-driven models of atmospheric conditions to predict the weather, and recent technological advancements have enabled their profession to come a long way.
Just as meteorologists analyze weather models, credit managers depend on accurate datasets to manage credit risk. A credit professional who manually reviews credit reports to determine creditworthiness may only be making “partial predictions.” Most companies operate in complex financial landscapes, and robust analytics are needed to help make sense of all the different credit and risk scenarios. After all, credit managers can’t afford not to know when their accounts might pay late.
What impact do data and technology have on the ability of modern finance and credit teams to drive innovation and growth?
Automation has redefined and replaced many manual workflows, and it seems the tradeoff is that now employees are expected to spend less time on transactional tasks and more time on strategic ones, according to our new eBook, Weathering the Storm: Forecasting How Data & Analytics Impact Modern Credit Teams. Analytics and data modeling allow for more predictive forecasting, but are companies heeding the outlook about the future of their business?
Last year we identified five best practices that CFOs need to implement in order to leverage data for business insight. Now, we take another look to see if the average financial professional has benefited from these investments in data and new technology. Have they been able to balance risk and opportunity by prioritizing collections, reducing remittance errors, and making smarter credit decisions? Find out if these trends gave an accurate forecast for credit and finance teams in the eBook, which covers:
1 – Cloud capability that enables efficient access to and the sharing of data
2 – Robust cleansing and enrichment for data that is accurate, complete and always up-to-date
3 – Powerful analytics that rapidly generate insights and answers from your data
4 – Automated processes that facilitate collaboration among departments
5 – Dashboards and tools that are easy to use and present decision makers with insights in a digestible way
Download the eBook to get valuable insight on how your credit team can begin making data-inspired decisions.