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# Credit Management Software
Credit Risk Management Software to mitigate risk with real-time credit visibility and manage global portfolios through comprehensive workflows.
!
Reduce bad debt by upto **20%**
Improve credit approval time by **90%**
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Download Solution Brief
## Credit Management Software Modules
### Online Credit Application
**Faster Customer Onboarding.** Configurable credit application to new customers. More
### Credit Workflow Management
**Manage Credit Risk Proactively.** Prioritized list of accounts for analysts to review. More
### Credit Agency Integration
**Library of Agency Integrations.** Out-of-the-box integration to 35+ credit agencies. More
### Financial Statement Data Extraction
**Automate Financial Data Aggregation.** Data capture from public or private financials. More
### Credit Review & Decisioning
**Automated Reviews for Low-Risk Customers.** Improve customer coverage to 100%. More
### Blocked Order Management
**Proactive Order Management.** Predict blocked orders and get AI recommendations. More
### Additional Modules |  |  | 
Product
### Key Modules
* Online Credit Application
* Credit Workflow Management
* Credit Agency Integration
* Financial Statement Data Extraction
* Credit Review & Decisioning
Value
### Improve Operational KPIs
* **70%** Faster Customer Onboarding
* **3X** Credit Reviews per day
* **30%** Reduction in Blocked Orders
### Deliver Business Outcomes
* Reduce Bad Debt by **20%**
* Increase FTE Productivity by **30%**
## HighRadius Vs. The Competition
|  | HighRadius | ERP Vendors(e.g. SAP, Oracle) | Niche Players(e.g. Blackline, FloQast, Trintech) | Niche Players(e.g. Esker, Billtrust) |
| --- | --- | --- | --- | --- |
| Online Credit Application  * Customizable credit application templates * Multi language credit application support |  |  |  |  |
| Credit Agency Integration  * 40+ existing credit agency integrations * Real-time credit risk monitoring |  |  |  |  |
| Blocked Order Management  * AI-based blocked order prediction * Recommendations for release decisions |  |  |  |  |
| Advanced Dunning  * Bulk correspondences with customizable templates * Smart payment links within emails |  |  |  |  |
Disclaimer: Feature comparison is based on each vendor’s most recent and modern version available as of February 1st, 2024.
Download full Table
## Value Creation at 1100+ Enterprises
### 70% Faster Customer Onboarding
Transforming A/R into a Catalyst for Sales Growth
Roxanne Gray
VP, Digital & Finance Operations
### 1 Million+ Sales Orders Processed
3x Credit Reviews/Day
### Improved Customer Experience
70% Faster Customer Onboarding
### Zero Bad Debt
Four Years in a Row
### 3x More Reviews, No Extra Staff
50% Improvement in Productivity
## Market Leader in Office of the CFO Software
×
## FAQs: AI-Powered Credit Management Software Solutions
* ### Why do you need Credit Management Software?
* ### Why HighRadius for Credit Management?
#### What is a credit management tool?
A credit management tool helps businesses onboard customers, and manage credit policies & processes. It monitors customer credit limits, assesses credit risk, and tracks outstanding balances. Automating credit evaluations reduces manual errors and speeds up decision-making.
These tools also generate reports and alerts for overdue accounts, helping businesses maintain healthy cash flow. Additionally, they integrate with accounting systems to provide real-time insights into credit status and customer payment behavior. Overall, a credit management tool enhances financial control, reduces the risk of bad debts, and supports efficient credit operations.
#### What is a good credit management system?
A good  effectively handles a company’s credit-related activities, ensuring smooth operations and financial health. Key features include automating credit risk evaluations and assigning credit limits based on customer financial data. It seamlessly integrates with accounting and ERP systems for real-time data access.
The software provides detailed reports and insights into credit status, customer behavior, and trends, allowing businesses to make informed decisions. Additionally, it allows for customizable credit policies based on unique business needs and features a user-friendly interface with intuitive navigation and customer support.
#### How do you analyze credit risk?
Analyzing credit risk can be challenging due to the complexity of factors that influence a borrower’s ability to repay. Many businesses struggle with accurately assessing a customer’s creditworthiness, often relying on incomplete or outdated information. This can lead to poor credit decisions, resulting in defaults, and strained cash flow.
The challenge lies in identifying reliable data, assessing market conditions, and understanding the financial health of potential borrowers, all while ensuring the process is efficient and accurate.To address these challenges, businesses should implement a comprehensive credit risk assessment process that leverages both historical and real-time data. This involves using advanced , financial analysis tools, and automation to evaluate a borrower’s payment history, financial stability, and market trends.
#### What is CRM in credit management?
Credit Risk Management in credit management involves assessing and mitigating the risk of financial loss due to a borrower’s inability to repay a loan or meet credit terms. It is a critical process for businesses that extend credit, ensuring that the likelihood of default is minimized.
Effective Credit Risk Management uses various tools and strategies, such as credit scoring, financial analysis, and real-time , to make informed decisions. By analyzing factors like payment history, financial stability, and market conditions, businesses can identify potential risks and take steps to mitigate them, such as adjusting credit terms or requiring collateral.
#### What are the three common problems in credit management?
The three most common problems in credit management are error-prone credit scoring, inaccurate credit risk assessment, and inefficient processes.
* Error-prone scoring arises from outdated or inconsistent data, leading to risky credit decisions and potential defaults.
* Inadequate risk assessment can result in extending credit to high-risk customers, threatening cash flow.
* Inefficient processes, like fragmented systems or lack of automation, cause delays in approvals and collections, increasing costs and straining customer relationships.
#### How do I integrate HighRadius Credit Management Software with my ERP?
Yes, the HighRadius Credit Management Software seamlessly integrates with your ERP. It offers out-of-the-box connectivity with major ERPs like SAP, Oracle NetSuite, Microsoft Dynamics, and Sage Intacct. Additionally, it supports API integration for Quickbooks, Sage Intacct, and Microsoft Business Central.
#### How much time does it take to implement HighRadius Credit Management Software?
The implementation time for HighRadius Credit Management Software varies based on the complexity of your organization’s requirements. However, our Speed to Value methodology guarantees swift implementation and ROI realization within 3 to 6 months, setting an industry benchmark.
#### How much IT involvement is needed to maintain HighRadius Credit Management Software?
The Credit Management Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy it remotely with ease, reducing heavy IT dependencies.
#### Why consider AI-powered automation software for Credit Management?
AI-powered automation software for Credit Management enhances efficiency and decision-making by leveraging advanced algorithms. HighRadius Credit Management uses AI to predict potential blocked orders and recommends actions based on customer behavior, reducing disruptions and improving cash flow. AI is also used to intelligently capture data from financial statements. This streamlines the credit management processes, reduces bad debt & enhances overall productivity.
#### Does HighRadius provide real-time risk alerts related to bankruptcies & mergers?
Yes, HighRadius integrates with the Credit agency of your choice to bring Real-time Risk Alerts into the Credit Analyst’s worklist. When an alert is detected, it triggers credit review workflows, ensuring timely responses to potential risks.
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We have seen financial services costs decline by $2.5M while the volume, quality, and
productivity increase.
Colleen Zdrojewski
Vice President – Financial Services
---
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