In Focus Commercial Credit
One way to link colleagues to each other’s
success is to build a buddy system, whereby colleagues cover for each other during absences, and share objectives. This is also ideal for cross-training and mentoring. Individual responsibilities and projects can be distributed across the team, to bind and spread responsibility.
Consistent process That covers people and communications, but how do we ensure that consistent process is followed, unified goals set and performance managed across a virtual team? The obvious answer is credit software. A
number of solutions are available that enable management and monitoring of the credit team’s tasks and performance. Some ERPs contain credit functionality, which tends to be functionally poor and expensive to develop. Specialist credit software can enable the
credit manager to manage and monitor your performance across multiple geographies, languages, businesses, and ERPs; as well as to embed the company’s policies and
December 2017
processes within the tool, for consistency and best practice. A number of these solutions specialise in
specific functional areas, like collections, credit management, or cash allocation, taking a daily feed from the client’s ERP and bank, or linking with credit information suppliers and credit insurers to provide credit decisions and monitoring. However, there are some truly integrated
end-to-end solutions available that enable the credit manager to embed the credit policy within the software rules, to ensure consistent application of best practice by dispersed team members; communicating with clients in their own language; and making real- time intelligent changes (credit robotics) to collections and risk approaches. Vital credit decisions can take seconds,
not hours or days. Management has a real- time dashboard of performance and trends, keeping the credit manager and all their stakeholders in control and fully informed, integrating the whole environment: people, policy, and process.
www.CCRMagazine.co.uk
One way to link colleagues to each other’s success is to build a buddy system, whereby colleagues cover for each other during absences, and share objectives
Conclusion To summarise, virtual teams are today and tomorrow’s reality, creating a number of challenges, especially around monitoring and managing activity. The technology solutions of both today
and tomorrow can be the key to managing credit across a virtual environment, as they are able to enable visibility, control and management of the credit team and its performance, and providing real-time decisions for business. CCR
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