Duke Energy + CIAL: Credit reviews on 100% of the portfolio
With over 115 years of history, Duke Energy is one of the largest energy utilities in the United States. Years of expansions, diversification, and innovation lead Duke to the position it holds of a leader in electricity generation, distribution, and transmission.
Duke Energy required an adaptable solution for credit risk management in a growing portfolio. They sought an efficient credit review process for large clients, demanding objective access to current, precise data and technological support.
Outcomes
Quarterly customer review 80% faster
Meaningful savings on securitization deposit interest
Credit review process scaled to 100% of the portfolio
Company History
With over 115 years of history, Duke Energy is one of the largest energy utilities in the United States. Years of expansions, diversification, and innovation lead Duke to the position it holds of a leader in electricity generation, distribution, and transmission.
Duke Energy is increasingly seeking ways to optimize its operation and investing in digital transformation to free the team from repetitive, time-consuming tasks, allowing them to focus on more meaningful, critical operations.
Pain Point
Duke Energy needed an extensible to manage the credit risk in their growing portfolio. The team needed an efficient credit review process for its large customers, allowing them to carry out quarterly credit reviews of their clients.
To do so, they needed objective access to accurate, up-to-date data, and technological support. Having the solution and information to maintain their credit decision-making process was a critical need to keep Duke’s operation in place and to allow them to keep providing energy to business around the globe.
We used to only have the bandwidth to evaluate our top 250 customers regularly, and more than half were public companies, so it wasn’t very efficient and put us at risk. Over 90% of our portfolio wasn’t being reviewed.
Eddy Via
Credit Risk Manager at Duke’s Energy
Dun & Bradstreet helped identify limited liability corporations. We can see the chain. We can see how customers are linked to each other. We used to only look at how a company was paying its bill. Before Dun & Bradstreet, we had a number of companies that paid us perfectly up until just before they filed for bankruptcy. That wasn’t acceptable. We know that the cost of our product is far outweighed by the write-offs we’ve been able to avoid.
Eddy Via
Credit Risk Manager at Duke’s Energy
Solution
D&B Finance Analytics supports finance teams, helping them to manage risk, reduce operational costs, increase efficiency, and provide a better customer experience.
Powered by the Dun & Bradstreet Data Cloud, this solution, along with its application, Credit Intelligence, enables companies to reduce bad debt, increase cash flow, as well as automating their manual decision-making, monitoring, and customer communication processes. In addition to that, the platform offers an online credit application and a payment portal, streamlining the customer's journey.
Results
Duke Energy gained more control of their credit operation: with D&B Finance Analytics, the team can handle all the process to carry out constant quarterly credit reviews.
They rely on the Dun & Bradstreet Rating to understand thoroughly the situation of their customers, identify risks and thus act in advance.
Duke Energy’s credit team now has a comprehensive vision of their portfolio of 4,000 businesses, using data and scores predictively to discover future liabilities from companies who were, up to that moment, good payers.
By investing in first-class technology and precise, up-to-date data, Duke Energy has saved hundreds of millions of dollars that would otherwise be directed to remediation. Now, all their clients are timely reviewed, their analyses are accurate and supported by the largest commercial database in the world, and their credit operations are protected from present and future risks.
Quarterly customer review 80% faster
Meaningful savings on securitization deposit interest
Credit review process scaled to 100% of the portfolio
Would you like to know how CIAL can help you transform your operation with more informed, secure, and strategic decisions?
Click the button below, and we will contact you! We would love to talk with you and better understand how we can help you optimize your decision-making with high-quality data and technology.
