What does the market look like in 6 years? What developments need to be factored in? And how do we ensure that our company keeps adding value? What will the world of finance and IT look like in 2025? Our CEO Bert van der Zwan tells you more.
It is about time businesses realise that the entire organisation is responsible for ensuring customer engagement. Moreover, it is a company-wide responsibility that the customer journey is a positive experience. Subsequently, the same applies to the credit management department, an important intermediate station where organisations can truly make a difference.
It used to be that segmenting and profiling was purely exclusive to the marketing departments of the world. However, as technology has naturally grown and evolved, so has this perception. Anyone who still holds on to the belief that these tools are limited only to marketing departments is very much out of date with the latest methods of credit management.
Integration with Order2Cash
In a time when consumers can choose from a tremendous variety of products and services, organisations need to differentiate themselves. Responding quickly by means of digital platforms is a must. After all, the goal is to not only to sell to customers, but to retain them.
The relationship between a company and its customers goes far beyond just a signature on a quote. Of course it is important that products or services reach the customer, but a relationship is only really tested when a customer no longer pays the invoices. A good customer relationship and a personal approach can in that case be decisive. The credit manager needs more than an Excel spreadsheet with financial and invoicing data..
Confidence: the cornerstone of blockchain
Blockchain and smart contracts are capable of upending our entire economy and employment market. The technology is very promising, but a very important, perhaps essential aspect still lacks, namely, confidence. Confidence in blockchain technology giving opportunities in order to cash and credit management.
Onguard teamed up with employment agency Career Control and debt collection agency Flanderijn to organise an Onguard Academy on the subject of blockchain.
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. These situations can be prevented instead of having to stick on a plaster after the event. .
What can you do to mitigate the risk of bad credit, and prevent time wastage through having to chase up payments? In this blog: some tips to avoid unpaid credit.
How can you speed up the accounts receivable process, while also reducing errors and improving cash flow? Read our four top tips.
Blockchain – De technologie die onze financiële wereld op zijn kop zet? Of toch niet? Lees de cijfers en resultaten in onderstaande infografic gebasseerd op de Onguard FinTech Barometer 2018.
Dutch companies are among the fastest payers in the world. Dutch companies pay invoices within 46 days. Good news! But is this really something to be happy about?
Let’s face it: tracking customer details and interactions is just too much for a spreadsheet to cope with – no matter how good you are at setting them up. With so much that can go wrong with a spreadsheet, businesses need to understand that there are better alternatives
Late payments are a problem for businesses of all shapes and sizes. Here are five steps you can take in order to help you streamline your payment collection processes and improve your business.
When it comes to credit management, one thing you always need to remember is that cash is king. Sure, you need to build strong customer relationships and make sure that you’re providing great products and services – but in the end, if your business isn’t getting paid, the results could be disastrous.
Winning the heart of customers – that is what it is increasingly about in these days of growing competition. The arrival of entirely new players on the market is making it tougher to stand out as regards products, services or pricing, for example. Companies are expected to make the difference in another way, that is, through the customer experience.
When it comes to choosing the software you use in credit management, it’s good to remember that there aren’t really many “bad” tools. But there are lots of “wrong” tools.
While some basic computer programs might be enough to get a business up and running, most organisations won’t last long using the software that comes free with their computers. Organising and sharing data, tracking orders, managing workloads, scheduling tasks, and monitoring progress are all essential for long-term success and growth, and those things just can’t be done effectively with standard software.
Order to cash (O2C) is a complicated process, and to do it successfully, you’re going to need a lot of different tools at your disposal. ERP in conjunction with credit management software improves cash flow.
Manual reconciliation is a waste of time and a risk: a human error can occur! Off course, this is not a process that can be 100% automated, but 80% of the payments can be matched using software.
All organisations, no matter how big or small, have to deal with customers that pay late or not at all. From large multinationals to the SME sector and sole traders: no business is immune to late- or non-payers.
It sounds easy enough: keep track of who pays their invoices when and ensure that it takes place on time. Credit managers are well aware that this is a complicated process.
Order to Cash: it sounds like such a simple thing doesn’t it? An order comes in, and then a little while later some cash follows it. If only it were that easy! In fact, order to cash (O2C) is a complicated process that requires a lot of work to get it to flow smoothly – and one important part is customer relationships.
How do you measure the performance of credit management within your organization? There are different ways which each have their benefits and drawbacks. Two popular methods are gap analysis and benchmarking.
Choosing the right software might sound like an easy task – but there are thousands of options out there, with products that do different things and solutions at varying levels of complexity (and cost).