Jun 11 2010
Cortera®, a community-driven business credit bureau, today announced that Allied Building Products Corp. has selected Cortera as their primary business credit information and workflow automation software provider. The building products distributor will run its entire North America credit risk management operation, covering 45,000 active customers, on Cortera’s eCredit platform, replacing a legacy system that was no longer suited to their evolving needs.
Allied Building Products is a subsidiary of Oldcastle, Inc. -- the North American holding company of CRH plc., and is a leading distributor of a wide range of building products in both the residential and commercial markets.
“Following years of acquisition growth, we felt it was time to modernize our credit risk management systems,” said Barbara Ogle, Director of Credit for Allied Building Products. “Cortera proved to be a unique in that it was the only provider with a combination of full-range of software features and the business information coverage required for our wide-ranging national network of branches and products. The decision to make the switch to Cortera was an easy one.”
The project, scheduled to roll out to over 200 Allied Building Products branches in mid-2010, is designed to improve request workflow and communication to ensure a consistent 24-hour, or better, turnaround on all credit applications. Allied will utilize the eCredit work queue capabilities to improve the credit operations process, better organizing and streamlining analyst and supervisor tasks and approvals. The software-as-a-service (SaaS) solution will be available to all decision-makers regardless of their location—making a complete electronic credit profile of each customer only an Internet connection away. Allied will also leverage the correspondence automation feature to automate several previously manual customer and internal communication activities.
“Cortera enables us to dramatically reduce the cost of credit scoring while at the same time improving our decision hit rate through better information coverage,” said Norma Fetherman, Chief Credit Officer for Allied Building Products. “Their no-nonsense approach combined with their reputation among our peers made our decision to move to Cortera an easy choice.”
Key Cortera features to be used by Allied:
- Automation of several scoring models leveraging both business and consumer business information from a variety of providers, including Cortera
- Custom rules to direct each credit request through the appropriate scorecard and information
- Exceptions to the Allied credit policy will automatically be routed to the appropriate credit analyst’s work queue for further analysis
- Credit scoring will drive collections treatment to focus collectors on the highest risk customers
“Cortera gives us a leading edge system to automate many routine credit decisions and manage risk by exception, focusing our efforts on the high risk/high credit limit customers that present the greatest challenges,” continued Ogle. “At the end of the day, business comes down to partnerships and Cortera has clearly demonstrated vendor relationships are more than getting a signature on the dotted line.”
“We are honored to be selected by Allied Building Products as their company-wide standard for business credit information and software,” said Jim Swift, CEO of Cortera. “Innovative credit professionals, such as the team at Allied, are a perfect fit for our ever growing customer community. We look forward to our partnership with Allied.”
Source: http://www.alliedbuilding.com/