Case Studies

GE Healthcare Case Study

Issue link: http://equifax.uberflip.com/i/737802

Contents of this Issue

Navigation

Page 0 of 1

case study U.S. INFORMATION SOLUTIONS BusinessConnect ™ for GE Healthcare GE Healthcare is a leader in transformational medical technologies and services, providing an array of products and services like medical imaging, diagnostics, patient monitoring systems and more to healthcare providers in more than 100 countries – all with the goal of delivering better care to more people at a lower cost. Prior to 2014, GE's global credit function comprised multiple regions using manual processes that incorporated various data sources to assess new opportunities. At the enterprise level, this created inefficiencies and a lack of visibility into overall portfolio risk. The business needed an automated, data-driven underwriting process to accommodate accelerated decision-making on a global scale. The Challenge: Enforce Credit Policies and Drive Efficiencies While Improving Customer Experience Before BusinessConnect, 100% of all opportunities were manually assessed by credit managers, with no filters or alerts to differentiate between high and low-risk opportunities. This meant unnecessary reviews of creditworthy customers and an average 27 hours to underwrite a new order. The credit team couldn't focus on proactively managing portfolio risk with the demands of a manual underwriting process. To complicate the process, credit assessment was done after an order was placed to minimize the sales cycle. However, this meant that customer satisfaction could suffer if further evaluation was needed or a credit limit issue arose after the customer's order was accepted. Bottom line — the inflexible, resource-intensive underwriting process wasn't good for productivity, customer satisfaction or overall risk management. GE needed the ability to perform fast, accurate credit assessments anywhere in the customer lifecycle. Since each of GE's seven regions leveraged credit policies and algorithms customized to local markets, the company needed one credit decisioning system flexible enough to aggregate multiple data sources and apply decision criteria that differed by market. Though data was already used to assess new customers, the majority of incoming opportunities came from existing accounts. These credit decisions were based on relationships or institutional knowledge of the account; not on a complete, data-driven picture of the total risk represented by the business. Also, without a global credit data infrastructure and systemic controls to prevent different functions and regions from sourcing redundant data, leadership was concerned that they were overpaying for data. In addition to a fast and data-driven underwriting process, GE needed better visibility into the risk represented by entire families of related businesses. Through the existing underwriting process, GE could assess the risk of stand-alone customers, but having insight into the exposure represented by a hierarchy of related businesses could be used both for assessing incoming orders and in overall portfolio risk management. But even with access to hierarchical data, pulling together the various data sources and analytics from multiple systems to achieve the needed insights was a time- consuming, labor-intensive task. Without a comprehensive picture of risk, GE didn't know its true level of exposure or what opportunities were being missed by setting credit limits too low for qualified customers.

Articles in this issue

Links on this page

view archives of Case Studies - GE Healthcare Case Study