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In today’s competitive business environment, the credit department’s primary value lies in its ability to facilitate sales in alignment with company forecasts and objectives, not just to minimize risk, but to actively support growth. Look for ways to adapt procedures to support sales without compromising risk standards.
Business intelligence company CubeLogic has announced its support for Trade Credit Insurance as part of an overall riskmitigation strategy. ” The company noted while it supported the use of Trade Credit Insurance, the tool should not be used as a replacement for broad riskmitigation strategies.
Analytics, similarly, support cost savings and minimize risks for corporate clients, the report added. The continuing reliance on manual processes also plagues the remittance notices and paymentissue resolution processes, the report added.
The risks for buyers and suppliers when doing business with each other are vast. Both sides must consider Anti-Money Laundering (AML) compliance and other regulatory risks in their business relationships, too. “Long-term, you risk entering into a relationship that may not be the best fit for both parties.”
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