Why choose Co-pilot?
We are the only people who can design and deliver a multi-source solution tailored exactly for your business
Which is most important, Technology, Tools or Techniques?
It is your people that are the most important. They give their most valuable performance when they are collaborating with customers and Sales.
The right combination of technology, tools and techniques enables them to focus their work with customers and stakeholders exactly where it adds greatest value
How do we find out how this could work for our business?
We have structured processes, including workshops, which can help you to find the answers quickly
What is “best-in-class” technology?
Our definition is “Best for purpose”. A range of factors comes in to play. Often, these are things that wouldn’t be uncovered in a standard procurement process but we can make you aware of them.
How do we set credit limits if we are using different sources and types of information?
We can provide you with a variety of insolvency prediction models and scorecards. These include various financial, non-financial and “Big data” models and we can show you how you can join them up in the way that works best for your business. Just as importantly, you should keep them under review and be able to make changes or additions quickly. We can also help you configure workflows that maximise your team’s efficiency and effectiveness – effectively maximising their opportunity to operate where they add the greatest value – collaborating with customers and Sales
Is the use of historic financial information now “Dead”?
We have heard pundits say “financials are dead” but we do not agree with this view. Financials tell an important story and customer verification is also important. For many companies the use of financials needs to be complemented by new sources of information, not replaced. The credit reference agencies are aware of this and in our experience (through membership of the trade body) there is a genuine desire to support customers and a drive to deliver value.
Clients sometimes look for more robust information and analysis especially in regions where it is difficult to get hold of. Co-pilot has access to the information sources the Trade Credit Insurers use.
What about fraud risk?
One area where Big Data and Machine Learning have changed the game is KYC, ID Verification, Fraud, AML and PEPs checks. We can incorporate best-in-class tools into your programme
Could we develop O2C functionality within our ERP system?
Yes, you could.
But you would probably end up with a project lasting one-to-two years (we have seen five years or more). All the ERP developments we have seen have tended to re-invent what was there before. Once the ERP project has gone live, it is difficult to change or add things without going through the whole process of getting approval for another project (which, in reality, means it usually doesn’t happen). Ultimately, the ERP route inhibits agility.
We have already developed credit risk functionality within our ERP system. Can Co-pilot add value?
Yes we can.
If you want to pull data from Credit Reference Agencies (CRAs) and Trade Credit Insurers (TCIs), each feed is costly to set up. This creates an inhibitor to changing CRAs or TCIs or adding new ones. We can provide you with a fully managed gateway to multiple CRAs and TCIs. One of our clients for this is actually a CRA which uses it itself for its own links to other CRAs. The cost and time savings were significant.
We use Trade Credit Insurance (TCI) – will technology support this?
Yes. Normally TCI sits outside your daily work (you operate in the underwriter’s system) and compliance requirements are easy to miss. You can embed TCI requirements into your platform and thus better ensure compliance. There are three key advantages:
– Systematic & visible compliance gives better outcomes & a better negotiating position (you become a more attractive risk).
– You can work with multiple TCIs & multiple CRAs all in one system and you can change these suppliers without losing history. This also strengthens your negotiating position.
– Workflows can be configured to ensure that all types of credit limit are in place for new and existing customers before they are needed – benefiting sales and the customer experience (reducing held orders).
How much internal IT resource is required?
The requirement is usually modest, providing the uploads into your platform. If internal IT resource is not immediately available we can usually organize workarounds to get you up-and-running.
How long does this all take?
From pressing the go button, we would normally expect you to be up and running in 12-16 weeks.