Why Credit Management Deserves a Spot at the Boardroom Table
Dutch MKB-entrepreneurs lose 15 billion euros every year, because of unpaid invoices. Even when you hold these high losses in regard, the credit manager is still not included at the boardroom table. This is peculiar, to say the least. Your company can have a strong brand, or a driven Sales team, but if the cashflow isn’t up to standard then every company will eventually find itself in trouble. The Credit Manager in particular makes sure that the cashflow is steady and in place. More importantly, he or she can make sure that a company is more profitable. All the more reason for the Credit Manager to demand a spot at the boardroom table.
Technology Raises Customer Service
The study ‘Innovation, smart data and the drive to customer-centricity’ from data expert Experian has shown that rising costs of customer acquisition, retainers and dead-beat debtors are standing in the way of improving customer service.
700 deciders in the MKB have been asked about a couple of themes revolving customer experience. Four-out-of-five people share that data, analytics and artificial intelligence are important aspects for the growth of their organisation. Especially in a competitive market, where it is hard to stand out, can this make a difference.
From Digital Communication to Digital Service
We live in a time where, now more than ever, the customer is always king. As a company you have to accept this simple fact. There is a transition ongoing from digital communication to digital service. The emphasis lies with a optimised service for the customer or client, through different channels, and nowadays often automated.
From the consumers perspective, that translates in a client that possibly can ask a question any given time or day, could receive a notification, or can fix, demand or change something through smartphone or computer, even outside office hours.
Debtors & Defaulters. How to Limit the Damage!
Your company is growing and you have substantially increased your clients and customers. It goes without saying that there are defaulters among them. Very annoying, but is it avoidable?
Frustrating, time-consuming, bad for contact with the clients and suppliers and damaging to your cash flow. How do you avoid this? Or at least limit the damage? Insight in the financial situation of your clients helps. But what also helps is the expertise of an outside party. It will help you sleep better at night
What we have, we do not want to lose. And because every human is afraid of losing something, we invented insurances. We make sure that we insure our possession and our travels in our personal lives, and our building in our business life. What about insuring our credit? Oddly enough, that is nowadays not a option for entrepreneurs . Which is crazy if you consider that when one of your clients goes bankrupt, then the damage is substantial. Dozens times more than a stolen car. Now for the good news: you can insure your company for this risk.
How to Reclaim Control over the Order to Cash Process
An efficient order to cash process is of great essence for any given company. It defines the financial wellbeing of a healthy organisation. Does the process run smoothly? This will result in quick payments, a steadier grip on the cashflow and lower operating costs. You do not have to waste time on unrewarded invoices and the margin of error is exponentially lower. A fast order-and-pay process will furthermore produce more happy and fulfilled costumers, and increase the cooperation between colleagues. Companies therefore try to pay as much attention as they can to this order to cash process. But many companies fail to do so.
Smart Communication Optimizes Credit Management
A lot of companies can write a book about it: bad credit management can jeopardise the future of an organisation. In many cases, it hasn’t have to came that far when the right measures are taken.
Everybody knows that a invoice needs to be paid, to keep an business healthy. Every company has to deal with credit management to make sure that this will happen. A lot of organisations hold a good customer service in regard, next to a valuable credit rating. How a company has chosen to lead their credit management differs, but they all have one thing in company: invoices need to be paid!
Zo krijg je meer controle over het order to cash proces
Een efficiënt order to cash proces (O2C) is van belang voor elk bedrijf. Sterker nog, het bepaalt voor een groot deel de financiële gezondheid van een organisatie. Verloopt het proces soepel? Dan leidt dat tot snelle betalingen, meer grip op de cashflow en lagere operationele kosten. Je hoeft bijvoorbeeld minder vaak facturen na te jagen en de foutmarge is lager. Bovendien zorgt een snel bestel- en betaalproces voor meer tevreden klanten en minder frustraties tussen medewerkers onderling. Bedrijven besteden daarom enorm veel aandacht aan het order to cash proces. Toch lukt het veel organisaties niet om echt grip te krijgen.
Van digitale communicatie naar digitale serviceverlening
We leven in een tijd waarin de klant, meer dan ooit, koning is. Als bedrijf moet je hierin mee. Er is dan ook een transitie gaande van digitale communicatie naar digitale serviceverlening. De nadruk ligt steeds vaker op het optimaal verlenen van service aan de klant, via verschillende kanalen, en vaak automatisch.
Aan de consumentenkant vertaalt dat zich in een klant die op elk moment van de dag een vraag moet kunnen stellen, een herinnering moet kunnen krijgen of iets moet kunnen regelen, via zijn telefoon of computer, ook buiten kantooruren om.