Veda’s Debtor IQ Wins 3 Business Awards

Sydney, 3 July 2013: Veda’s Debtor IQ(www.veda.com.au/debtoriq) has been honoured in the prestigious Best New Product, Best Product Innovation, and Best e-Business Product categories at The Australian Business Awards 2013.

Moses Samaha, Veda’s GM of Commercial Risk says “this award provides important industry recognition of the powerful insights that Debtor IQ delivers to Veda’s customers, helping them to cut costs and reduce risk to their business. The success of this product is a testament to the close engagement we have had with our customers to understand some of their real business problems and how we could help them.

“Debtor IQ provides month to month payment behaviour of commercial customers and for the first time in Australia, the trends and performance of this payment behaviour over a two year period can be viewed, assessed and used to identify problem accounts. Unpaid or late invoice payments impact cash flow and affect profitability.  Having insight into how well customers are paying others compared to your own business, along with a prediction of the risk of a customer failing in the future can be a powerful tool for reducing bad debt and improving profitability of a business.’ 

Now in its eighth year, The Australian Business Awards is a highly regarded national program with an established set of business and product award categories assessing the core values of business excellence, product excellence, sustainability and responsibility. The program engages with leading corporate, government and non-government organisations across key industry segments, including financial, manufacturing, professional services, energy, telecommunications, construction, transport, healthcare, education, food services and retail. Winners of the program are publicly honoured for their industry-leading initiatives and products.

Since its launch in November 2012, Debtor IQ has helped Veda’s customers improve profitability through better management of credit terms; save on costs through efficiencies in debt collection processes; and reduce bad debt by identifying high risk and poorly performing accounts early, and adjusting credit terms to reduce exposure.

Ms Tara Johnston, Program Director, The Australian Business Awards says, “Veda is a worthy recipient and has demonstrated a commitment to excellence that stands out amongst a dynamic field of Australia’s elite.

“The Australian Business Awards recognise our most innovative organisations, their outstanding achievements and contribution to the Australian economy. The awards raise the bar across all aspects of quality management and provide organisations with ways to review their business and product performance as well as identify their core strengths,” Ms Johnston adds.

“An Australian Business Award solidifies Veda’s place as a leader alongside our best in business. As well as achieving outstanding outcomes, the honourees have enhanced the reputation of their professions and have demonstrated their best endeavours across business, industry and the community. Australia’s modernised economy is providing a stable platform for a wide spectrum of sectors to increase their competitiveness through concerted ICT development, manufacturing innovation, a dynamic services sector, a growing knowledge economy and a world class primary sector.”

The Australian Business Awards 2013 saw one hundred winners (ABA100), from more than 4,000 nominations, announced across twenty business and product award categories. The business entries were assessed using key criteria covering planning, research and development, execution and implementation, impact and outcomes, performance management and industry contributions. The product entries were assessed using key criteria covering product features, benefits, performance and sustainability.