Focus on growth by developing an obsession with your customer. At a time when disruption is the norm, companies must find new ways to stay competitive. An "obsession with customers" is the beginning of that competitive edge. With access to vast amounts of customer data, credit management is the channel to work towards an obsession with customers. That obsession puts the customer at the center of operations, strategy, and budget, and ensures greater knowledge and commitment to the customer. Companies with such a thorough focus on customers generate higher profits, more revenue and better cash flow, according to Forrester research.
1. Increase internal collaboration
Break the internal 'cubicle structure' work together. The credit team has access to insights into your organization that will ensure the sustainable growth of your business. By collaborating with other departments that focus on growth, such as sales for example, the credit team can identify ideal customers and uncover new opportunities. By working with the purchasing department, the credit team can reduce supplier risk and cost and normalize payment terms.
2. Provide data-driven dialogue
Data is spearheading your growth. The credit department has the unique power to turn its data into actions and drive the business forward. With its access to a vast amount of data, the credit team can drive new conversations and uncover new growth opportunities on an ongoing basis. To start those new conversations, the credit department must view data as the heart of its operations, decisions and strategy.
3. Leverage automation and technology
Automate so your growth doesn't stall. Credit processes can improve exponentially by implementing technology and automation. Utilizing the right technology can reduce operational costs and provide new growth opportunities for the credit team.