Graybar Electric Company, Inc.

"As a result of the Cortera's eCredit system, our turnaround time for credit applications has dropped from 2-3 days down to 2 minutes. And because we're saving time on application processing, our credit analysts can spend their time more effectively-on complex, high-dollar credit evaluations, lease financing opportunities, customer service and collections." Martin Beagen, Treasurer

Challenge

• Rapidly growing customer base
• Decrease credit application processing costs
• Speed the turnaround time of credit requests from current 2-3 days down to minutes
• Improve the consistency of credit decisions across a decentralized, national credit organization

Solution

• Implement a web-based, real-time credit automation system from Cortera to automate most decisions
• Automate routine decisions based on Grayber’s credit policy through scoring and workflow
• The Cortera system has real-time access to credit bureau information and scores and returns a credit-limit recommendation using the company’s own proprietary scorecard as well as the raw credit bureau data retrieved

Results

• On average, the entire process took about 40 minutes of direct labor per application, spread out over 2-3 days. With Cortera’s eCredit’s software they are now processed automatically in about 30 seconds
• The system now processes about 1,300 applications per month, and the improvements in efficiency allowed the company to re-deploy 4.5 full-time equivalents (FTEs) to higher value-add activities
• Graybar estimates it achieved full payback on the eCredit system in eight months