Credit Today's Credit & Collection Technology Buyer's Guide Version 3.0 - Credit Application Automation Tools

There's not much more important these days than the intelligent application of technology to improve efficiency. But that's no easy task, with the rapidly changing landscape in credit, collections, and A/R management.

With that in mind, we set out to put together the first PLAIN English guide for anyone purchasing or upgrading technology in any phase of the order-to-cash process.

In Version 3.0, we go narrower and deeper in each phase of the order-to-cash process. Starting in this - Section 1 - of the guide, we take an in-depth look at automating the Credit Application and New Customer Evaluation Processes. In short, this is best way to help you streamline the way you interact with your customers.

Here's a rundown of this guide:

Credit Application Automation Tools

1. Solution Evolution
2. Credit Application and New Customer Acquisition Processing Stages
3. Implementation Insights

Vendor Comparisons: Automated Credit Application and New Customer Evaluation Process

• Bectran, Inc.
  
• Cortera, Inc.
  
• CredenTrust Software
  
• Credit & Management Systems, Inc.
  
• CreditPoint Software
  
• Dun and Bradstreet
  
• Experian
• Forseva
• Smyyth
• SunGard

Before You Go Shopping: Ten Tips to Help You Get Off on the Right Foot

1. First Clean Up Your A/R Data
   • Prepare for the Move
2. Don't Assume A Single Vendor Is the Best Solution
   
   • Complexity Creates Differentiation
3. Recognize that Your Processes Will Change
   
   • The Flowcharting Imperative
     
   • Unlocking New and Improved Ways to Get the Job Done
4. Be Prepared To Address Organizational Issues
   • Staffing Issues
   • Employing Specialization
5. Identify Your Weakest Links
   
6. Rank Your Automation Opportunities
   
7. Put Together a Business Case
   
8. Get Top Management Support
   
9. Designate a Project Manager
   
10. Build a Team

The Vendor Selection Process

• Step 1: Create a Budget and Timeline
  
• Step 2: Build or Buy
  => Table 2: Buy vs. Build
  
• Step 3: Installed or ASP
  => Table 3: Installed vs. ASP/SaaS Software -- Pros & Cons
  
• Step 4: All-in-One or Best-of-Breed
  => Table 4: All-in-One vs. Best-of-Breed
  
• Step 5: Narrow Your Options
  
• Step 6: Create an RFP
  => Company Fundamentals
  => Product Fundamentals
  => Support Fundamentals
  => ASP Fundamentals (if appropriate)
  
• Step 7: Making the Final Decision
  => Table 5: Software Evaluation - Final Checklist

Glossary of Tech Terms & Acronyms

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