Credit Management in 2025: Are You Ready for the Revolution?
Are you ready for a revolution in credit management? The future of credit is here, and it's time to ditch the analog ways of the past and embrace the digital age. Our credit guru, the one and only Chris Sanders FCICM, recently graced us with his wisdom, and trust us, it was anything but your typical office meeting. Chris's presentation was like a rollercoaster ride through the exciting world of credit management, billing, operations, and business transformation.
Becoming a Credit Pro in the Digital Age
Chris didn't waste any time diving into the juicy stuff. He asked us, "What sort of credit professional are you – analogue or digital?" It's a question that has never been more relevant. The year 2025 is just around the corner, and it's time to shape up or ship out. But before we get there, we need to figure out what needs to change.
The Four Credit Control Teams
According to Chris, there are four types of credit control teams out there. First, we have the "Contract Killers" – those who proudly wear the Rottweiler badge and love to say "no." Then, there are the "Coasters" – companies that are cash-rich and stable, with no pressure to change. Next up, the "Negotiators" – folks who engage with sales and want to improve but don't quite make the leap to becoming a fully credit-aware organization. And lastly, the "Thought Leaders" – these are the visionaries, the ones who cover both Accounts Receivable and Accounts Payable and are always looking for new ways to do things.
Zoom in for a Better View
The world of credit management is changing faster than you can say "charge it!" Chris talked about everything from robotic process automation to revamping disaster recovery plans after the COVID-19 madness. He also weighed the pros and cons of remote work versus office work, discussed the importance of health and well-being, and highlighted the resilience of cash and supply chains.
Apps, Teamwork, and So Much More
But wait, there's more! Chris threw in app-based tools, the idea of bringing AR and AP closer together, such as Integrated Accounting Software, Electronic Invoicing and a well implemented Customer Relationship Management Software, which is especially essential in helping you to know your customer in order to nurture a high-performing team. It was like a credit management buffet, and we couldn't get enough.
Questions Galore
Throughout the presentation, Chris took the time to answer questions and provide valuable insights. He even emphasized the importance of how you look on Zoom, reminding us that first impressions still matter in the digital age. Knowledge shared is knowledge doubled, and Chris stressed the need for credit managers to take the lead and start planning now. He outlined five items that should be at the top of your to-do list for 2021.
Get Ready for the Future
So, whether you're a Contract Killer, a Coaster, a Negotiator, or a Thought Leader, the future of credit management is bright, and it's digital. Embrace the change, sharpen your skills, and get ready for 2025. It's going to be a wild ride, and you won't want to miss it!