Re-jiggering Credit and Collections Management

At the beginning of a year filled with many financial management challenges, here are two good questions to ask: “Is my company using credit risk policies and scoring models that were formulated last year or the year before? And what is my collections department using to determine who to collect from?”

Lyle Wallis, vice president of research for the Credit Research Foundation (CRF), was interviewed in the Jan 2009 issue of Oracle’s Financials Management newsletter in an article entitled “Reduce Credit Risk with Accurate Scoring Models”. Wallis mentions automation as the only way to deal with the thousands of customers whose credit risk and worthiness is changing drastically. So along with everything else the global financial and economic crisis is causing us to re-think, companies need to re-jigger their credit and collections scoring models to “segregate customers that may be good credit risks from those in jeopardy of going out of business in the months ahead.” In other words, we need to evaluate what currently constitutes ‘good’ and ‘bad’ credit risk and criteria for collectability, and adjust operational policies, strategies, and metrics accordingly.

The abovementioned article touches on how companies can use technology to create scoring models to better identify and efficiently manage customers at most risk now and in the future. Oracle’s Credit to Cash products not only streamline the credit and collections scoring process, they also automate work assignment so collections agents focus on those customers who need that personal touch while automating collections activities for those customers who don’t. And once you’ve re-jiggered your scoring models, you may be surprised to learn who those customers are!

If you read the article in the Oracle newsletter and want to know more about what other companies are doing, Wallis has recently written one white paper, “Managing Receivables in the Midst of Today’s Economic Environment”, and one occasional paper, “Lessons for Businesses to Learn from Today’s Credit Crisis” available from the Credit Research Foundation.

Happy Reading! And Happy Re-jiggering!


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