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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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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:

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

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Keep DSO in Its Place

Measuring days sales outstanding remains a long-standing benchmark for senior management because it measures the number of days it takes to turn sales into cash—despite many credit professionals not being a fan of it. However, there are several ways to measure DSO—some better than others.

Download the NACM Expert Credit Brief, Managing DSO, to learn more about the different ways to measure DSO and the pros and cons of each.

The white paper powered by NACM Thought Leaders covers:
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  • Standard or Average DSO
  • Best Possible DSO
  • True DSO
  • Average Days Delinquent
  • Sales Weighted DSO

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Build Your Case for Automation

Business-to-business (B2B) credit professionals are expected to do more with less in today’s world, but automation can bridge the gap. Yet, most credit departments use automation in only 25% or less of their processes, according to an eNews poll. One difference between those departments in the infancy stage of automation and those in the advanced stage is the credit department’s ability to build a solid argument that appeals to upper management.

Download the NACM Expert Credit Brief, Build Your Case for Automation, to learn more about the different types of automation and how to persuade upper management of the benefits.

The white paper powered by NACM Thought Leaders covers:
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  • Types of automation
  • Automation and customer service
  • How to maximize productivity
  • Strategies for seamlessly integrating technology
  • Argument points in favor of automation

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Guidelines for Assigning Collector Workload

Every company’s success starts with its people. But as the economy tightens, collection activity naturally increases and staffing in the credit department rarely matches the demands of maintaining collection efforts. Give your existing collectors every opportunity for success by assigning workload in a way that allows your team to divide and conquer collection activity.

Download the NACM Expert Credit Brief, Guidelines for Assigning Collector Workload, to learn more about the different types of automation and how to persuade upper management of the benefits.

The white paper powered by NACM Thought Leaders covers:
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  • How to measure collection efficiency
  • Different strategies for assigning collector workload
  • Choosing a portfolio assigning strategy that works best for your department
  • Why collector workload should be reevaluated often

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Beyond the Numbers: The Art of Measuring Modern Credit Department Performance

In the credit industry, there is rarely a clear right or wrong approach to any given situation. Credit professionals are tasked with using their best judgment to find solutions to complex problems. This makes measuring credit department performance both challenging and necessary.

Download the NACM Expert Credit Brief, Beyond the Numbers: The Art of Measuring Modern Credit Department Performance, to explore the wide range of formulas that exist to measure the ever-expanding list of tasks that fall under the responsibility of credit managers.

Key findings in this white paper powered by NACM Thought Leaders include:

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  • 65% of credit departments surveyed by NACM use DSO to measure performance despite its limitations.
  • Metrics help define the grey areas within which credit professionals often work.
  • Measuring the wrong results can have a negative impact on accounts receivable performance.
  • The formulas used to measure efficiency have not changed, but the strategy to drive improvement using metric findings is different today and will continue to evolve.
  • Every metric should drive an action in the credit department, otherwise it is meaningless.

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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.

Download the white paper here!