The Address is the Beginning of Everything.
Results in credit risk management can only be as good as the master data on which they are based. The quality of the results of creditworthiness evaluations, compliance checks and KYC (know your customer) processes are directly dependent on the quality of the master data.
Our master data management solution provides support in optimizing the data.
Master data is information of a relatively permanent nature on factors that are necessary for the performance of business processes in companies. This includes, for example, product master data or address master data for customers and suppliers.
Master data management has the task of ensuring the existence and correctness of the master data – and thus to enable regular business operations to take place.
The master data of business partners plays a very important role for companies and institutions of all kinds. If it is incorrect, companies are in danger of having unpaid receivables because, for example, invoices cannot be delivered and may even have no legal validity. This has an immediate effect on the cash flow.
The answer is easy: because the enormous volume of data that existing companies spread across multiple systems cannot be manually administrated and kept up-to-date.
If you want to be sure that the available master data is current, correct and not redundant, you cannot do without master data management software.
At the start of a business relationship things need to go as quickly as possible: a new customer has been gained, there is potential for turnover. You want to secure a sale before the customer changes his mind. But before you can move on to the creditworthiness check there are three important questions that need to be answered:
You need to make sure that the company really exists and that its address and official company name are correct.
Master data management software supports you with reliable identification and provides correct and validated master data. This forms the basis for all further processes in the company.
You need to be certain that the data set is not duplicated – possibly causing multiple credit limits to be allocated by accident.
A master data management software identifies duplicates and cleans up the data.
You need to take care not to do business with companies that are on official blocklists.
Software for the management of customer master data checks addresses against blocklists and uncovers such companies. If a match is discovered, you can save the costs that would normally be associated with creditworthiness evaluation.
Master data is generally fairly stable but is nevertheless subject to occasional changes. Finding out about these changes is critical for the success of any company providing credit. Has the billing address changed? If you don't find out, your invoices can no longer be delivered.
It is also important to check existing customers against official blocklists regularly for the purpose of compliance with legislation as well as detection of fraud.
The unique identification of your business partner is followed by a comparison of the data with your existing data stock. In this way, duplicates are recognised and avoided.
Regular, automatic updates mean that you are immediately informed of changes and can take action if necessary. Your data is therefore always up-to-date!
Use CAM as Your Main Master Data Management Solution (As a so-Called "Single Point of Truth" or SPOT)
Integrate CAM into Your IT Landscape
In either case, automated processes enable master data enrichment and checking as well as the integration of the results into decision-making processes.
No other system for the management of customer master data offers such a comprehensive data basis for the validation of address data as ours. The extensive integration of around 30 information providers worldwide enables you to access reliable sources.
Manual work is largely unnecessary; other processes can utilize the validated address data reliably and automatically, enabling secure business.
With 3000 new customers per month and five minutes of work researching each address
→ around 1.5 full-time employees are required
Start the digital transformation of your credit risk management today!
