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
CMT presented training on Credit and Collections Management at Tesco in Bangalore, India. Subjects covered included Understanding Credit Management, Cash Collection Techniques, Managing Commercial Credit Risk, Credit Policy and Procedures, Improving Emails and Letters and Legal Action and Insolvency.
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