Increasing numbers of medium-sized South African businesses are following large companies in turning to credit reference agencies to assess and monitor their debtors’ books, according to Experian, the global information services company.
“More often than not, interactions with existing and prospective trade debtors are manual. Automation is becoming increasingly critical when a business is dealing with thousands of loans,” says Glen Bals, senior executive, business information at Experian South Africa. “Thanks to our extensive databases and analytical capabilities, we are able to automate a lot of the decision making processes to drive significant productivity enhancements for companies using it.
Bals says a typical medium-sized organisation is required to approve between 100 and 150 applications a month.
“In the past, these were processed manually. A drive to greater efficiency, and the fact that many of those skilled in these decision making processes are close to retirement, is causing companies to look at automating the process.”
“Experian’s technology facilitates the making of many credit decisions quickly. These are consistent decisions that are accurate and based on non-subjective criteria. Unless you have someone looking at all the relevant documentation, and interrogating it, the decisions become subjective. Medium-sized organisations are now starting to appreciate process above subjectivity.”