Tips for establishing a business credit policy that works

Depending on who you ask, the profession of credit management is changing rapidly or standing still. New technology has accelerated the pace of digital transformation at some organizations, but others still like to do things the old-fashioned way - with pen, paper, stamps and filing cabinets or they get lost in the "modern" world with endless (technical) possibilities. A company's credit policy should not gather dust with outdated guidelines but often does. It is important to review credit policies regularly to keep them up-to-date and in line with how much credit risk you are willing to take on.