Whether you're a seasoned credit professional or just out of finance school, taking advice from industry experts at any juncture is a smart move.
It’s a well-known fact that experts have the power to influence and shape industry best practice. More than ever before we see technology and business entrepreneurs re-imagining their own visions for the future.
The credit management industry is being thrust into the limelight by financial technology, which is having an impact on the credit manager’s job. We understand that colleagues and clients compete for your attention non-stop, so it's important to continually learn and stay connected with industry trends.
With that in mind, here are 5 tips from credit managers to get you thinking about how you can stay on top of your game:
Tip #1 – Build a relationship between sales and credit teams
Start by building a rapport between sales and credit managers, matching their unique skills together to achieve a shared goal of increasing company profit. “It’s all about relationship building. The attributes of a salesperson and a credit manager are quite similar. It’s important to build on these skills and have a better understanding of the industry.” Sophie Chatz, Former Credit Manager at Pacific Brands.
Tip #2 – Use data to inform decisions about credit risk
Comprehensive data is a tool that should be used more frequently by credit managers in order to provide speedy decision-making and better risk management. “This ensures transparency and openness within organisations [sic] this is also the key to moving alongside the fast-paced developments of the credit management industry, which has seen the boom of automation and credit management software services in recent years.” David Hunt, Credit Manager at Fuji Film Australia.
Tip #3 – Adopt technology while taking a “customer first” approach
The modernised implementation of credit management will challenge the status quo and take everyday challenges head-on. “Engaging with customers will be important as well as building strong relationships internally. Don’t get stuck in a rut, things are changing. Don’t be complacent. Adopt technologies.” David Haysom, Credit Manager at Fuchs.
Tip #4 – Be proactive with risk management
Identifying risks early and minimising them with the best resources ensures that you can adapt to the demands of the credit management industry in a more agile way. “Risk management is a source of intelligence for credit managers. It helps you understand how customers work.” Sue Day, Credit Manger at Manassen Foods.
Tip #5 – Technology will continue to shape credit management, so embrace it!
Technological innovation is paralleled to the sophisticated advancements of internal processes, particularly in the credit management sector. “Technology is going to have a big impact on the process of credit management.” Grant Morris, National Credit Manager at Southern Steel Group.
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