Digitalizing Credit Management process: from an artisanal approach to an industrial onepost-author - Mon 11 Jan 2021 - credit management , innovation
What do we mean by innovation in Credit Management? How can credit office be considered innovative?
These are only some questions that those working in this field should ask, because now more than ever companies should adopt a new approach in credit management: an industrial approach (rather than an artisanal).
In production, industrialization means replacing craft work, which is normally characterized by:
- manufacturing divided in phases
- quality of the final product related to the ability of individual's skills
- a work organization for which an increase of workload implies an increase of human intervention
with industrial manufacturing, which instead is distinguished by:
- No interruption between phases
- Extreme automation and benefits deriving from technological support
- Greater ability to react to sudden increases of workload
But what does it mean to industrialize Credit Management process?
It means to integrate all stakeholders (legal, extrajudicial) and information providers in one environment and define a ‘data driven' clients management, not only with the support of specific software but also by adopting a new approach, or rather, a new business culture, based on innovation and integration of sellers, collectors, external partners in Credit Management process.
Our software SpeedUp provides for an integrated credit management, in which all collection activities are managed on one single platform, without using different tools (ERP, external portals, e-mail, file Excel, ect.)
In the software all services related to credit management, business information providers, credit insurance, debt collection, legal management are integrated.
Credit Management process digitalization allows to obtain various advantages, both at a business level (such as cash-in timing decrease, DSO reduction, increase of liquidity) and in support of different business people involved in the process. Having at their disposal one integrated environment, they have immediate view of all ‘done' and ‘to do' activities and can easily coordinate with their team.
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