The UK business environment is currently challenging for small businesses
With rising operational costs, rapid inflation and supply chain shortages – inflation hit a 30 year high in the first quarter of 2022.
Trade creditors working with small businesses should be proactive in reducing their exposure to risk and removing inefficiencies within their order-to-cash (O2C) process.
Better access to data adds value at every stage of the customer lifecycle and empowers credit risk teams to support the onboarding of new customers and make an intervention earlier in the customer cycle where needed.
Read our whitepaper ‘A guide for trade creditors’ for more insights now.
Today’s business environment is hitting SMEs hard.
By using high-quality data to drive accurate credit assessments, ongoing reporting and dunning, trade creditors can make the right choices for their organisation and customers.
Download the whitepaper nowBetter data
Creating a more efficient order-to-cash process
Connected data
Puts credit risk experts and sales teams on the same page
Automation
Builds consistency across processes and locations
In this report, we will cover:
Data Cleansing
The foundation for effective credit management
Using data
To balance portfolio growth and risk exposure
Automated decisioning systems
How they can improve efficiency across the order-to-cash (O2C) process
Getting the most out of your existing portfolio
Spotting and acting on opportunities and risk
Effective dunning
Proactive, purposeful and personalised
A sneak peek into:
A guide for Trade Creditors
Earlier this year, Experian interviewed a group of credit professionals from across the trade credit space to identify the most pressing challenges across the customer lifecycle. We spoke to a mix of professionals, ranging from senior decision-makers through to underwriters and analysts managing the day-to-day to hear first-hand their core challengers, and discuss solutions and strategies to move forward.
From assessing quicker and more effective onboarding processes; to increased optimisation of eligibility and decisioning to reduce cost can all be achieved using a single, common resource – better data.
What are the steps of a successful automation development?
1. Start by engaging with key stakeholders – IT, procurement, vendors, senior leadership – to identify a clearly defined problem where automation can demonstrate its value quickly. For example, cost control, ability to scale or redeployment of staff to value-add tasks.
By involving end users early, projects can provide real impact, avoid friction during adoption and provide the evidence for future developments.
2. Implement, test, trial – first in a sandbox, then on select data sets, then in live deployment.
The whole time, compare new models against old processes to validate the benefits and prove impact to senior leadership.
Did you enjoy the read?
Download the full paper on a guide for trade creditors
Find out how better data helps trade creditors operate in a smarter, fairer, more sustainable way.
Further reading
Customer experience depends on data
In the modern economy where customer interactions increasingly take place online, the quality of the customer experience is more important than ever to create strong relationships and build loyalty. Digital interactions are more fleeting and easily abandoned than traditional face-to-face…
Data Cleansing – 3 Easy Steps to Maximise Your ROI
What is Data Cleansing? Data Cleansing is an essential part of your data management strategy. Achieving and maintaining accurate and reliable customer data in your database and having the tools, processes and procedures in place to maintain the data is fundamental for business success. Clean data can…
Reduce your bad debt losses with Experian’s latest Commercial Risk Score
Use our value output calculator to see how much bad debt savings your business could generate with Commercial Delphi.
Right to Work Checks in the UK
Guidance on what Right to Work checks are, why they and 'statutory excuses' matter for your business, and how to navigate the compliance process.
Opportunities for insurance companies during the cost-of-living crisis
Our latest affordability report shows how the cost-of-living crisis is changing how people think about their increasingly expensive insurance payments.
Getting a business loan: Your complete guide
Unlock business funding with our comprehensive guide. Learn about loan types, application processes, and funding options for growth.
Real-time customer management: A bureau view
Real-time customer management. What is it and why is it important? In this blog, we discuss the benefits of up-to-date customer data.
Non-domestic energy suppliers and debt management
During our webinar on non-domestic energy and water, we explored how the power of data can help tackle the challenges of debt management. Watch now.
What is Digital Identity? Verification, challenges and opportunities
In our fast paced, security conscious world, the need to identify ourselves is bigger than ever, and the way we do it is continuously evolving.
What is embedded finance? Four key challenges
The term 'embedded finance' is the integration of financial service products within a non-financial service customer journey.