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Starting in 2020, AEI’s business skyrocketed with the increased demand for outdoor dining products. The credit application process took more than 2-3 weeks and was often delayed an additional 4-5 days due to illegible or incomplete information. Manual outreach to bank references also lacked adequate insight into customers’ financial history.
In consequence, POs took longer to fulfill and it was a process in which Sales and customers had no visibility. It was a costly effort managed end-to-end by the Accounting Manager, Robyn Ortiz, who was also responsible for decreasing credit limits at the point of past due payments.
AEI implemented Nuvo as a cost-effective, longterm solution to automate and digitize what was previously a laborious human task. Nuvo transformed the credit application process, including autonomous trade reference collection and instant bank references, and eliminated the frustrations and setbacks that came with handling paper applications.
Robyn can proactively adjust and manage credit limits in a centralized platform with Nuvo, which has resulted in maximized revenue opportunity and avoided revenue loss through continuous credit risk monitoring. Robyn is now able to allocate her time toward higher value responsibilities.
“In the past, we approved trade accounts based on just credit scores, and the odd bank reference we collected manually.
Now, we've got instant access to financial history, credit scores, and automated trade references which gives us confidence to grant more trade credit.”
Speak with a product specialist to learn how Nuvo can fit your business.
Before Nuvo
After Nuvo
Saved Cost
2-3 weeks or more to process paper applications
Delays with illegibility and incomplete or inaccurate information
1-2 Employees managed credit application process
Online credit application with instant credit insights, payment history and automated references
Digitized process for complete and accurate applications
1 Employee manages the credit application process
Increased Revenue
No process to increase credit for customers in good financial standing withmaxed-out credit limits
Reactive credit reviews to decrease credit at point of late payments
Longer PO wait periods for new customers
Maximized profit potential with increased credit limits for 30% of customers
Minimized credit risk with proactive credit management and automated alerts
Faster PO fulfillment drives revenue and eliminated bottleneck with Finance
Improved
Communication
Sales had no visibility into credit application status or changes in credit history
Customer Support had no visibility into credit application status for customer inquiries
Instant alerts for changes in application statuses or credit profiles
Centralized online location to search application status and customer information
Saved Cost
2-3 weeks or more to process paper applications
Online credit application with instant credit insights, payment history and automated references
Delays with illegibility and incomplete or inaccurate information
Digitized process for complete and accurate applications
1-2 Employees managed credit application process
1 Employee manages the credit application process
Increased Revenue
No process to increase credit for customers in good financial standing withmaxed-out credit limits
Maximized profit potential with increased credit limits for 30% of customers
Reactive credit reviews to decrease credit at point of late payments
Minimized credit risk with proactive credit management and automated alerts
Longer PO wait periods for new customers
Faster PO fulfillment drivers revenue and eliminated bottleneck with Finance
Improved
Communication
Sales had no visibility into credit application status or changes in credit history
Instant alerts for changes in application statuses or credit profiles
Customer Support had no visibility into credit application status for customer inquiries
Centralized online location to search application status and customer information
