Credit Management Automation with ERP for Electrical Product Traders
Customer Profile:
The customer, a well-established electrical product trader, manages a wide range of products for industrial and residential use, including wiring, switchgear, and electrical components.
Problem Statement:
For a long time, the customer relied on a generic software for managing their operations, including credit management. This software lacked the ability to scale along with the customer’s business leading to failure in meeting the demands of the growing business.
Some everyday problems the customer was experiencing included:
- Frequent manual oversight required for credit approvals, payment tracking, and outstanding balances.
- The need for human intervention led to delays in payment processing, increased chances of miscommunication, and occasional errors in credit allocation.
- Negative impact on cash flow and decreasing customer satisfaction.
Solution:
The customer recognized the need for a more advanced, industry-specific system to streamline credit management, minimize manual efforts, and reduce errors. They decided to implement TradeSync BPM ERP, an industry-focused software designed to automate key business processes for electrical product traders.
Key solution highlights include:
- Automated Credit Approval and Tracking: TradeSync BPM ERP enabled the customer to automate credit approvals, track payment terms, and monitor outstanding balances, reducing the need for manual intervention.
- Real-Time Credit and Payment Visibility: Provided a clear, real-time view of each client’s credit standing, ensuring timely actions on overdue accounts.
- Automatic Reminders and Alerts: Set up automatic reminders for overdue payments and alerts for credit limits, helping the customer stay proactive in collections.
- Integrated Reporting and Analysis: Generated detailed credit reports, facilitating better financial forecasting and cash flow management.
- Enhanced Business Process Automation: Beyond credit management, TradeSync BPM ERP improved inventory, order processing, and customer management processes, leading to a more cohesive operational flow.
Results:
Switching to TradeSync BPM ERP delivered impressive results for the electrical product trader, including:
- 45% reduction in manual credit management tasks, minimizing the risk of human error.
- 35% improvement in payment collection time, thanks to automated alerts and reminders.
- 20% increase in cash flow predictability, facilitated by real-time credit visibility and automated tracking.
- 25% reduction in operational costs, achieved by cutting down on manual intervention and increasing process efficiency.
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So, what are you waiting for? Don’t let your competition get ahead of you. Contact us today to discuss your BPM ERP needs and let us help you achieve your business goals!
