Having spent my whole working life in Credit Management, I have experienced many changes. The one change taking place more than ever nowadays is the function of Credit Management in Shared Service Centres, employing people with multi language skills, to do the job. The challenges are many.............
Credit Management and Sales Teams
Credit management today is all about effectively managing the whole order to cash process and the people involved in it. It is salespeople who tend to have the closest relationship with customers, so they are best placed to spot if a customer’s circumstances are changing positively or negatively. Close collaboration with salespeople is essential and we need to work together to provide Customer Satisfaction at a Profit!
Technology and The Human Touch
With automation increasing across most industries, if not all; Will the human touch become extinct? I don’t believe it will ever become extinct. Yes, there will be less people needed to do the work, but human interaction will always be necessary.
Automation chases payments by email, letter and text. It allocates cash, controls credit lines and contributes greatly to the decision-making process. However, it is people who must streamline data and decide on the most relevant information and how to use it to its maximum efficiency. People who visit customers, have meetings and decide on who to employ. Personally, I prefer face to face meetings and speaking with someone I can see over any social media platform or android. Even a standard telephone conversation is better than relying solely on automation!
Cash Flow and Banks
Most banks have a very stringent attitude to extending credit nowadays, so, there is a greater need for companies to monitor their cash position carefully. Chief finance officers must manage this effectively and work with others to ensure income, expenditure, loans and overdrafts are well managed.
People, Automation and Training
With increasing automation in shared service centres, you need to keep people motivated and driven. With more companies using on-line training, it is vitally important you choose wisely. Blended learning from a quality provider that includes digital training, virtual coaching and live training goes a long way in showing employees you care. The challenge is to find courses that inspire your people to be self- motivated and driven for both their benefit and that of the company.
"Train people well enough so they can leave, treat them well enough so they don't want to."
Steve Savva FCICM
Which do you rate as the most important - Collecting your money or Everyone’s health? In these unprecedented times with COVID-19, how are you treating customers who owe your company money? How are you managing to pay your suppliers? It
Steve Savva presented a two day workshop on Advanced Credit Collections For Credit Professionals in Singapore on 26 and 27 April. Feedback was Excellent and the picture shows delegates with Steve after the course. Steve will be in Singapore again
AQA – 6 Distinctions, 1 Merit, 1 Pass, 2 Fails. Rebecca Ruck came top with 94.9%. CBRE in Glasgow – Top Marks, 95.9%, achieved by Gillian Gallacher. 6 Distinctions, 2 Merits, 2 Passes. Mishcon de Reya – Certificates of Distinction
PassionThe starting point of getting to success, however you may choose to measure it, I believe, is being passionate about what you do. Those of you who know me know the passion I have for Credit Management. I’m not only