The Need For Credit Departments To Address Necessary Change
Making Smarter Business Credit Decisions
For years and years B2B credit decisions were based primarily on historical performance and oft unreliable speculation and rumors. When we think of history, the present and future seem far removed. As technology continues to push limits, we adjust our thinking to allow for things that were once looked at as impossible. We experience with regularity the creation of devices that once resided in the minds of great science fiction writers. Incredible advancements in medicine appear to be rolled out weekly. Our daily existence depends on the reliability of insanely powerful hand-held computers called iPhones and droids. So why is it that successful, intelligent professionals continue to depend on archaic credit reporting practices to run their departments? Shockingly, many huge corporations depend on some of the long established commercial credit reporting companies for crucial financial data. These companies, dinosaurs that churn out reports based on past payment data, have no access to relevant real-time data. Making smarter business credit decisions starts with knowing where to get the reports and monitoring solutions that address your demands. No longer does payment behavior alone tell the story your customers are authoring.
Faster, Lighter, Stronger, Smarter
To make a sports analogy, today’s player must be faster, lighter, stronger and smarter than the players they are replacing. In baseball, the aging player hangs on as long as they can, but father time is undefeated. It is inevitable that the more agile 24 year old replaces the 39 year old with diminishing skills. In football, today’s quarterbacks are passing 25% more than the quarterbacks of 1986. That’s because the game has changed. Today’s game is predicated on making faster decisions, making better reads of the defense, and being better prepared. It’s no different in the business world. Consumer electronics is a perfect example of an industry that is constantly evolving to meet the end user’s demands. Televisions have morphed into highly sophisticated computers with interactive features and a better viewing experience. Desktop computers, once a fixture in the home office, have been replaced by laptops, tablets and in many cases, smart phones. The credit reporting industry has embarrassingly lagged behind other industries in embracing necessary change, that is, up until now. Now it is possible for credit managers to see their customers’ behavior in a much better light than ever before. Looking at your customers’ purchase behavior gives you insights into their financial health that aren’t found in traditional credit reports. What are they buying, who are they buying from and how much are they buying? These are leading indicators into a business’s financial path.
Highest Quality Data, Transparent, Low Cost Pricing, Commitment to Technology
Think of it. What are the things that give you confidence in a company? It’s fair to say that typically what we want are things like quality, competence, good service, reasonable pricing and trust. At this point in time these are all reasonable expectations. We have many choices, and choosing to keep doing business with companies that fall short of this target is ludicrous. So while you’re getting gouged for out-dated information, maybe now is the time to look at a better option. To find the highest quality data, transparent, low cost pricing, commitment to technology and flexibility, there is just one company. Cortera, the leader in innovative, flexible, lower cost solutions for credit departments is North America’s most reliable business intelligence provider. Unlike the rest of the field of credit reporting and monitoring companies, Cortera provides credit departments with relevant, useful insights. Your customers’ purchase behavior is oftentimes a more telling indicator of their financial health than their payment behavior. Having this data at your fingertips, and paying significantly less for your most important business information is a no-brainer. And this, is how you can make smarter business credit decisions.