In Focus Risk
Combining the management of these
functions under one leadership team can help to achieve substantial query and credit-note generation reductions, as root causes, not symptoms, are addressed. The downstream and possibly upstream,
opportunities that can arise with O2C alignment then offer the credit and collections professional the resultant career-progression opportunities. l Stakeholder management – if an O2C- aligned function delivers the transactional efficiencies then additional resource should become available to the Credit and Collection team, which can then be applied to providing time with internal and external stakeholders to both align the function to evolving business strategy and culture. This is in addition to the additional benefit
of freeing the team’s resource to provide a consultative resource and enhanced customer- service experiences. lManagement information and data analysis – to support the consultative resource element of an efficiently working O2C management information (MI) and
May 2019
the use of available data will be of paramount importance. The additional efficiencies should give
latitude for applying resource to providing effective MI that transcends traditional outcome measures like days sales outstanding and debtor-ageing profiles and moves to behavioural, exception and insight reporting. In this instance insight data could be intelligence of credit-reference changes for the sales and marketing functions, or business area or sector profiling to attach a profit-and-loss impact in terms of O2C- resource application.
l Project exposure and management – in an environment of continuous improvement and functional alignment, a multitude of project opportunities will arise that credit and collection professionals can exploit to their and the team’s advantage. These advantages are threefold in that
they see the function networked and playing a pivotal role in the organisation’s future, valuable career development and career satisfaction are realised, and the knowledge within the function and team develops.
One thing does remain certain in that an increasing onus on communication, creative and change management skills will remain in demand for some time to come
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Looking forward Technology and the need for organisations to achieve competitive advantage will see greater transactional efficiencies and, with artificial intelligence, developments gaining ground daily so the environment for credit and collection professionals will continue to change at a pace. One thing does remain certain in that an
increasing onus on communication, creative and change management skills will remain in demand for some time to come. CCR
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