Less Systems, More Efficiencies

It's been about a week since the IFA conference and if you're anything like us, your mind's still buzzing with all sorts of new ideas.

If you've been thinking about systems, you're in good company.

What if we had less systems to log into and more efficiencies?

At NN6, the foundation of our cutting-edge solution is a list of what we call the Non-Negotiable Six.

It includes everything a factoring organization needs to manage risk and run optimally.

Number one is notification.

We should be able to know, in real time, who, when, and how we've notified our account debtors. A lag in the notification process could be a slippery slope towards an unnecessary monetary loss.

Second, a focus should be placed on verification.

Knowing the verification nuances of your portfolio at the touch of a button, including what has been confirmed via portal, pre or post verified or under estoppel would have its advantages, right?  End the confusion over what has been verified or not in your portfolio and make changes to your protocols easily and with confidence.

Third up, we have identification.

The ability to build out your own reports at no cost would be a game-changer. Imagine if you had a heatmap that spelled out exactly what you needed to know about your collateral on a weekly basis. A risk score would be used to sort clients and account debtors by risk so you can focus team efforts in the right place.

Number four is audit.

Our ideal command center would have in-system approvals for account debtor, client, and concentration limits. An exception management function would eliminate the need for spreadsheets and emails. In-system invoice delivery schedules would get you the analytics you need before you fund a client.

Team communication is the fifth non-negotiable.

When scaling into growth, clear communication is what often mitigates operational risks. A built-in task management system would allow you to know who's responsible for executing client funding instructions, so no balls are ever dropped.

Last but not least, we have relationships.

It's imperative that we deliver critical information ahead of time to our clients and teams, not drive them into a ditch. Uncovering issues as soon as we're aware and proactive communication is the key to avoiding problems and running at peak performance.

Our six non-negotiable principles are baked into everything we do, which we believe will help you run your business as efficiently as possible.

To find out how our cutting-edge approach to factoring systems is changing the game, get in touch with us today.