A credit managers perspective
When it comes to people of influence in the Credit Management industry, you can’t look past Australian Institute of Credit Management State President, Lou Caldararo.
Holding a Diploma in Financial Services and currently working as the National Credit Manager of Spicers, one thing’s for sure, Lou is the go-to guy when it comes to all things credit.
As knowledgeable as he is approachable, Lou’s 30 years experience within the credit industry has seen him learn, network, and grow alongside credit management developments that have continued to move forward faster than most changes witnessed in other industries.
Lou has experienced, first hand, the technological advancements that are currently impacting and shaping the role of a credit manager and the impact these advancements have on the ability to improve the accounts receivable process.
‘Technology has been the biggest advancement over the past 30 years’, says Caldararo who has continued to adopt methods of automation and credit management software to maintain profitability.
Lou believes that the future of credit management will be ‘far more analytical’, with the ‘collection side of things more strict’ as automation begins to become more and more influentially popular. This is great news for an economy that’s paying $76 Billion in unpaid customer bills according to an ABC report in 2017.
On average, small businesses are owed a staggering $38,000 in unpaid debt. This is unpaid debt that can be vastly reduced if the right, modern-day processes are put into place, and appropriate action taken. There’s absolutely no room for out-dated credit management processes.
'Face-to-face communication will never be out-dated...’ Lou Caldararo
While technology and data appear to be the leading processes in regards to credit management advancements, Lou strongly encourages the continual importance of face-to-face communication with customers. ‘It is a great way to develop a strong relationship with customers, and get debts paid a lot faster.
Face-to-face communication will never be out-dated’, says Caldararo who has practiced what he preaches for the entire length of his career, building relationships with colleagues across all of his professional networks.
The professional relationships that Lou has made over his 30-year credit career has helped him to become an influencer who educates others on the best practices to adopt when working as a credit professional. ‘It’s important to continue to educate. This will ultimately help to increase cash flow’, explains Caldararo.
With poor cash flow becoming a factor in 40% of business failures, there’s no better time to start listening to the experts when it comes to improving the accounts receivable process.
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