NOVA Entertainment is Australia’s fastest growing entertainment company, striving to create content that’s loved and shared by audiences across Australia.
The business, headquartered in Sydney, owns and operates commercial radio networks across the country. In 2000, they acquired their first FM license, Sydney’s NOVA 96.9. Since then, the NOVA radio network has expanded rapidly across the major Australian cities.
In addition to NOVA’s radio stations, the company operates a range of complementary businesses, including NOVA’s Red Room, the mobile platform Play2Win, Foxtel’s smooth channel and Coles Radio, which is heard on digital radio and within 800 Coles stores in Australia.
Before CreditorWatch, the accounts receivable team at NOVA Entertainment had an ad hoc approach to conducting their due diligence.
They searched for customer information online or relied on word of mouth recommendations to make financial decisions.
This amplified the risk of dealing with unknown entities. The team extended credit to clients that had adverse information and would have otherwise only been offered cash up front payment terms.
“CreditorWatch’s monitoring tool is a game changer. It’s helped us pick up on adverse information a lot earlier and this has reduced our risk of bad debt” – Elias, NOVA Entertainment
With CreditorWatch, NOVA Entertainment receives up-to-date data and information on their customers instantly. The 24/7 alerts and monitoring tool enables the team to stay ahead of bad debt, rather than chase it. This information feeds directly into NOVA’s ApplyEasy, which means their credit applications are populated with the right information from the start.
Accounts receivables team leader Elias says:
“CreditorWatch has helped us manage our debt risk a lot more effectively. With the customer monitoring function, we’re informed as soon as anything changes and can make a decision based on what the changes are.
The integration with ApplyEasy prevents us needing to go through lots of information, which opens up more time for our team to focus on other duties.”
Elias and NOVA also use DebtorLogic to really get to know their customers and their payment habits. DebtorLogic is our ATB-analysis tool that provides debtor management reports and a monthly analysis of NOVA’s customers, helping Elias make data-driven decisions.
For Elias, the ability to integrate these tools with CreditorWatch and receive fast and accurate data were the deciding factors when he switched to CreditorWatch from a competitor. Discover the difference for yourself with a free trial.
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