An ineffective credit management strategy can impede a business’ growth. Therefore, it is crucial to ensure the smooth implementation of a credit management strategy. This blog lays out 5 key factors to make sure your business makes this happen.
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.
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).
While improving your business processes can provide an array of benefits for your organisation, it can also improve your relationship with clients.
if you’re in one of the industries that are lagging behind, now is the perfect time get on the innovation wagon (and acting quickly could really help to put you ahead of the competition). And if you’re in one of the more up-to-date industries, you need to keep innovating to avoid falling behind.