When you are running a multinational company, an efficient credit risk management process can help focus activity in the right place, potentially saving millions of dollars every year.

About BlueScope:

BlueScope is a provider of innovative steel materials, products, systems and technologies, headquartered in Australia and with operations spread across North America, Australia, New Zealand, Pacific Islands and throughout Asia. illion has been working with BlueScope since 2003.

The challenge
BlueScope has recently identified a need for greater visibility of what was happening in their ledger to ensure this was included in their decisioning process. BlueScope partnered with illion to develop a solution that would:

Reduce onboarding risks and make faster decisions.

Help manage risk during the entire customer lifecycle.

Define collection strategies.

Solution
Using Portfolio Insights, illion put 12 months of BlueScope credit limit applications under the microscope. The analysis confirmed that while the vast amount of credit limit applications represented low to average risk, several applications were sitting in the high to severe risk category, requiring immediate attention from BlueScope.
illion provided:

Improved auto-decisioning
utilising illion Decisioning Solutions and illion market leading commercial bureau scores for both incorporated and unincorporated entities

Portfolio Insight and monitoring
to manage current customer risk and improve cashflow by focusing on the right areas and improving data quality

Workshop and reviews
to consider current processes and propose changes that would be broken down into manageable chunks to drive results quickly

“Working with illion has identified areas where we can improve our customer offering, starting with our new customer on-boarding process through to building bespoke collection solutions.
We have a partnership with illion that challenges the status quo and continually reaches for the next level.”
Janice Thomason, BlueScope

BlueScope is using its enhanced view of risk as an opportunity to update a number of processes. They have completed a data wash, built a policy and now actively manage collection activities.

While it is still early days, BlueScope is well on the way to achieving:

  • A better understanding of the types of customer risks they have.
  • A 24-hour turnaround of 75% of new credit requests.
  • Reduced costs.
  • A refreshed vision of collections, including allocating credit controllers to the appropriate customers.
  • An understanding of the root cause of why collections issues are occurring and a means of identifying them early and dealing with them.