Success Story:
Creditreform

Initial situation

Creditreform's products and services are oriented along the order-to-cash process of companies. Starting with risk assessment prior to order acceptance, through payment processing to receivables management and financing, and handling the collection process to long-term monitoring of receivables. Creditreform is the comprehensive and industry-independent specialist. The IT landscape is thoroughly modern and combines current standards under the highest security requirements.

 

Motivation & Requirement

In order to improve its own service offering, Creditreform was looking for a simple platform on which members could map their order-to-cash processes and on which Creditreform services could be integrated. The primary goal was to accelerate the processes of the members and to save resources at the same time. By increasing efficiency, the work pressure in the finance area, which has risen sharply in recent years, was to be reduced and thus a scalable and less error-prone process implemented at the member companies. The new process must not only be cheaper and faster, but at the same time be easy to use for employees in the specialist departments and affected employees in sales and support their daily work with customers.

The company was looking for a partner with a modern application in the areas of credit management, accounts receivable management and receivables management. Creditreform had the requirement that the business case calculated for the members for the introduction of the solution would pay for itself within 12-24 months and that further positive effects would be triggered.

For the member:

• The shortening of the DSO
• Less capital tied up in the accounts receivable process
• Lower working capital
• Lower bad debt expense
• Protecting the customer relationship

For Creditreform:

• Higher product benefit for members
• Stronger customer loyalty
• Higher customer satisfaction
• Digital and scalable solution for member companies

 

Motivation & Requirement

In order to limit the risk of a lengthy and ultimately unsuccessful implementation, Creditreform commissioned Bilendo with a proof of concept (POC) phase. At the beginning of the POC, all requirements were coordinated with the organization and the responsible departments and possible solutions were proposed. In this context, Bilendo took over the complete project planning and transferred written requirements analysis into an agile software project and subsequently coordinated it with all affected project participants. During the POC, extremely few resources from the business departments and almost no IT resources from Creditreform were required. Interim statuses, questions and work results were presented at regular intervals. Throughout the project, there was a fixed contact person who was always available for queries and feedback. At the end of the project and on an ongoing basis, the participating member organisation Creditreform were trained in the application and from a sales perspective.

 

"Even as a long-time industry expert, I have to say that the Bilendo team has created absolutely novel solutions. The solutions are not only well thought out but already in use by our members. First class!"

Thomas Groher

CEO Creditreform Munich

 

Short-term & Long-term Successes

Just a few weeks after introducing Bilendo, Creditreform was able to place the platform with the first large companies. After the introduction, it can be observed that the important key figures in accounts receivable and receivables management are constantly improving. The employees in the specialist departments of the member companies are also proud to be able to support a lighthouse project of digitalization in the company and to have found two innovative partners for the future in Creditreform and Bilendo. Overall, Creditreform's aim is to identify credit risks and to consciously incorporate this information into the management of the member companies and to provide the appropriate cloud solution for this purpose.