Leveraging Proprietary Project Data Through AI: A Future-Forward Guide for Credit Professionals

This white paper, in partnership with Handle, aims to demystify the role of AI and data analytics in credit management for professionals in the field. It seeks to provide a clear understanding of AI's fundamentals, its applications in credit and finance, and the critical importance of data in powering these technologies. 

Our objective is to equip credit professionals with the knowledge to navigate the complexities of AI, leverage its capabilities for their operations, and harness the potential of their data to drive innovation and competitive advantage.

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The State of Accounts Receivable Automation 2023

The B2B credit landscape is set to evolve, ushering in an era of smarter, more agile and data-informed credit operations. By integrating automated tools, credit departments can better serve their organizations, customers and stakeholders.

Download NACM’s latest white paper in partnership with BlackLine, The State of Accounts Receivable Automation 2023, to discover current technology trends and what the future may hold for the credit department.

Other key findings include:

• Most credit departments (82%) have only one to four team members involved in cash application
• Nearly half of all businesses use collectors to apply payments at the end of each month, sucking even more resources away from collections.
• The top three projects accounts receivable departments plan to undertake in the future include digital credit applications (40%), digital payments (47%) and electronic invoicing (49%).
• Over the next 18 months, 41% of credit professionals say their biggest focus is on developing stronger customer relationships to improve payment timeliness and reduce outstanding balances.
• Roughly two out of every five credit professionals say their business is somewhat resistant to accounts receivable automation but is open to discussion.

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Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness

Credit managers are the professional investigators of the financial world. Just like detectives, they meticulously gather data from various sources, such as credit reports, financial statements, and bank references, piecing together the financial puzzle.

Download NACM’s latest white paper in partnership with Thomson Reuters Confirmation, Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness, to learn how bank references are imperative in the credit investigation.

Other key findings include:

• 27% of companies lose more than $1M in revenue each year due to the inability to obtain sufficient customer information, according to an NACM eNews poll.
• 16% of credit departments say insufficient credit investigations have been the biggest cause of credit losses over the last three years.
• Financial institutions provide additional information that cannot be found elsewhere to support the credit investigation.

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Don’t Let Change Orders Stand
Between You and Getting Paid

On average, 35% of projects experience at least one major change, according to an Independent Project Analysis Group study. Despite being commonplace, they create some of the biggest headaches for subcontractors and material suppliers.

Download the NACM Expert Credit Brief, Maximizing Your Leverage When Discussing Change Orders, to learn more about how to put yourself in the best position to avoid conflicts and get paid on time.

The white paper powered by NACM Thought Leaders covers:

• Types of change orders
• What a change order should contain
• Common problems regarding change orders
• How to address change orders before they happen

Download the white paper here!