Credit management is set for a huge overhaul. Several inevitable changes will soon re-define the way credit management takes shape; with these changes not necessarily being a threat.
Modern credit management supports the organisation by means of insights into and analyses about companies, customers and markets. These insights and analyses contribute to the optimisation of the working capital and the maximisation of the profit. In the next five years, we expect the role of the credit manager to undergo significant change and become a driving force for business intelligence.
The new style credit management's role will one of coordinating rather than chasing up late payments. Instead, they’ll play a more active role towards better business decision making with close collaboration with marketing and sales departments. The focus will be more towards the provision of insights into markets, customers and prospects.
We’ve packed this guide with valuable information necessary to take credit management to the next level.