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The Transformation of Credit Management: Challenging the Status Quo

Publish date Apr 19, 2018

 

transforming credit management

The transformation of traditional credit management practices can be attributed to the positive progression of technological enhancements. However, along with the progression of technology comes the acceptance and willingness to question the status quo and continual encouragement of the development of the credit manager as an integral business role.

The modernised implementation of credit management will challenge the status quo, and take every day challenges head on according to Fuchs Lubricants’ National Credit Manager, David Haysom who has experienced 20 years within the industry.

Here’s five ways that you can continue to develop as a credit management professional, while keeping up with the modernisation of the industry:

ONE - Continuous Education

There is always something new to learn, see and do. Enrolling in online courses, reading invaluable resources and encouraging a culture of learning and development are the best ways to ‘avoid becoming complacent when adapting to the changes and streamlining workflow’ Haysom explains.

TWO - Accept Change

Embracing and accepting change should be seen as an opportunity to help develop skills and business strategies. Change is the best way to showcase innovative ideas that can contribute to the increase of capital and allow businesses to better understand their market.

THREE - Encourage A Challenge

It’s the ‘think outside the box’ type of scenario, where encouraging hard work improves team culture as well as ignites a feeling of accomplishment. Being able to challenge yourself, your team and your business will allow you to stay one step ahead of competitors, while the sense of accomplishment will push you to continue to challenge yourself to reach business goals and targets.

FOUR - Utilise technology

Haysom is a strong supporter of technology, advocating for the utilisation of technology and software to keep up with demand.

Automation services have skyrocketed, with an estimated six out of ten Australian and New Zealand businesses utilising the technology to make their job easier while keeping up with ongoing trends.

FIVE - Put your hand up

Go for it! 'Don’t get stuck in a rut…put your hand up and go for it' encourages Haysom. There’s no limit to what you can achieve.

The developments within the credit management industry can be seen as opportunities to enhance professional skills and knowledge, while encouraging a successful team culture and professional environment.

Keep up with the transformation by connecting with IODM.  

Bio:

David Haysom has 20 years experience working within the credit management industry, which has led him to his current role as National Credit Manager at Fuchs Lubricants (Australasia). David was also awarded the Australian Institute of Credit Management- Certified Credit Executive Dux in 2014.

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