Many companies see risk as something entirely negative. With that attitude business opportunities are often missed. The same attitude often means that companies centralize their credit decisions to one or a few people. By instead focusing on optimizing the risk, additional and developed business opportunities are created. With well-informed decisions based on clearly defined parameters, credit decisions are streamlined and can be made by more people. When processing time is reduced by up to 90 percent, there is room to say yes to a larger number of customers. So the answer is no, risk should not always be avoided. Risk should instead be evaluated and optimized. Bisnode's decision support system gives you knowledge and an eye on corporate and consumer credit rating in Sweden and the rest of the Nordic region.
The time effect
Let us do a simple calculation; if a company conducts 15,000 manual credit checks per year, it takes about 2,500 hours (10 minutes each). If the same company instead makes automated decisions with an automatic approval rate of 80 percent, savings amount to at least 2,000 hours or 115,000 USD.