Ashby Lumber Streamlines Its Credit Application Process with NetNow

Facing Operational Challenges Ashby Lumber, a trusted name in the lumber and building materials (LBM) industry with over 100 years of experience, recognized the need to streamline its Credit & Accounts Receivable (AR) processes as the company continued to grow. Specifically, the team found that setting up credit accounts was taking longer than anticipated, and limited access to customer data made evaluations more difficult. As a result, they faced extended collection times and, in some cases, encountered fraudulent applications.

• Lengthy Processes: The manual credit application process was laden with extensive manual labor and paperwork.
• Slow Approval Times: Lengthy approval processes delayed customer onboarding, which in turn affects revenue generation.
• Complex Workflows: Inefficient internal operations created bottlenecks, hindering responsiveness and overall customer service.

Recognizing the need for modernization, Ashby Lumber sought a solution to enhance its credit operations and better serve its customers.

NetNow: The Solution To tackle these challenges, Ashby Lumber partnered with NetNow, an innovative credit management platform designed to optimize workflows and expedite credit approvals. The implementation of NetNow brought several key benefits to the organization:

• Digital Credit Application Form: Customers can now apply for credit directly through the Ashby Lumber website, eliminating lengthy paperwork (no more PDFs or paper forms), and streamlining the submission process.
• Automated Trade and Instant Bank References: Administrative tasks, such as gathering trade and bank references, are now fully automated, eliminating the need for time-consuming calls and manual emails. This automation significantly reduces processing times, allowing for quicker credit decisions. Additionally, NetNow offers instant bank references with 99.9% coverage across the U.S., providing reliable and comprehensive financial insights to support informed decision-making.
• Risk Monitoring: NetNow’s risk monitoring system delivers real-time alerts for critical events such as bankruptcies, non-sufficient funds (NSFs), liens, changes in ownership, and declining bank balances. This proactive approach empowers Ashby Lumber to stay ahead of potential risks, enabling informed decision-making and safeguarding financial interests.
• Rapid Deployment: Most customers experience implementation in less than one hour, allowing Ashby Lumber to quickly start reaping the benefits.

The transition to NetNow was not just a technological upgrade; it represented a cultural shift towards efficiency and customer-centricity. “The centralized credit management system really makes things easier to control and manage, reducing unnecessary communication. For example, trade references used to be a pain to collect, but with NetNow’s all-in-one platform, we can easily see the status of each request,” said Tom Hogan, VP of Finance at Ashby Lumber.

Transformative Results The results of integrating NetNow have been nothing short of transformative for Ashby Lumber. The impact on the company’s credit operations has been profound:

• 80% Reduction in Processing Time: The time required to process applications has been dramatically reduced, with many applications now completed in minutes rather than hours.
• Faster Customer Onboarding: Quicker approvals have led to increased customer satisfaction, enabling Ashby Lumber to onboard more customers and positively impact revenue.
• 10x ROI: Many customers report a remarkable return on investment, validating the effectiveness of the platform.

Support That Drives Success Beyond the platform’s functionality, Ashby Lumber has greatly benefited from the high level of support provided by the NetNow team.

• Exceptional Support: The NetNow team is known for its responsiveness, addressing any questions or issues almost instantly, which has been crucial for maintaining smooth operations.
• Tailored Solutions: The platform’s customizable features allow Ashby Lumber to adapt it to their specific needs, providing flexibility that enhances operational effectiveness.

Conclusion: A Path Forward Through its collaboration with NetNow, Ashby Lumber has successfully transformed its credit management operations, achieving a more efficient and scalable process. The key achievements of this partnership include:

• Streamlined Processes
• Enhanced Customer Experience
• Sustained Growth

As Ashby Lumber continues to thrive in the ever-evolving LBM industry, NetNow will play a pivotal role in maintaining the company’s commitment to efficiency and customer satisfaction.

Discover the Future of Credit Management Interested in how NetNow can transform your credit operations and drive growth for your business? Explore their solutions and find out!