First aid for credit managers
First aid in connection to accidents
If someone falls and needs to be bandaged or plasters need to be applied, it is convenient if everything is immediately available and you do not have to look in different locations for the items you need. Having one central storage place for first aid materials, like a first aid kit, seems to be the optimal and obvious solution. However, for many credit managers, they struggle daily to compile all the required and necessary data to deal with a case from different information sources. For example, they have to keep track of the progress of an Excel file, find a copy of an invoice on the server or plan an appointment and stay in touch with the client via Outlook.
During the ‘First aid for credit managers’ webinar, it will become clear that consulting different systems for a common goal is really not necessary in this day and age. To ultimately assist all clients correctly and efficiently, one central system is the solution.
Advantages of having one system
When a client calls asking for a copy of an invoice, the credit manager wants to provide a copy to the client as quickly as possible. They do not want to be looking in a file on the server for the invoice and the debtor number and, next, have to send this to the client via Outlook. With one push of the button, They should immediately go to the client view and send the invoice, which also includes a secured payment link, which will ensure that the client can also pay immediately. This ensures that the credit manager takes a constructive approach together with the client and invoices are paid faster.
The advantage of this is that the DSO (Days Sales Outstanding) is reduced and customer satisfaction increases. In addition to the fact that working within one system is ideal for the credit manager, it is also perfect with regard to the department manager and CFO. You no longer need to draw up reports through, for example, Excel. Through a central credit management system, everybody has 24/7 real-time insight into what is happening. Reports can be generated that fulfill the necessary requirements of the customer.
Preventing instead of curing
Inefficient processes cost much time and they can lead to inconvenient situations for the credit manager and organisation. Examples of this are dissatisfied clients, a high DSO and an unstable cash flow. By being proactive, these situations can be prevented instead of needing to put a plaster on a wound.