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The credit manager’s role is changing
The credit manager’s role is no longer purely financial, and this is what interests SMEs. Until now, credit managers have been found in companies with more than 300 employees on average, but according to a survey byAFDCC (the French association of credit managers and consultants), 39% of those surveyed employing at least one credit manager are SMEs.
Collection is usually the first step towards credit management. The need for credit management arises when a company’s receivables are substantial. Many companies outsource this task, but having an in-house credit manager enables them to implement a strategy better adapted to their needs. The entire ” order to cash ” process is prioritized. In addition, credit managers provide companies with a robust financial structure, enabling them to grow with confidence.
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New tools for new sources of information
the credit manager’s job is also affected by digitalization, the artificial intelligence revolution and big data! They are equipping themselves with new tools.
Given that the number of companies filing their accounts is declining, it’s vital to find new sources of information.
Predictive analytics are a case in point. Collaboration between a data scientist and a credit manager makes sense. Management and analysis enable the credit manager to be more efficient in managing the customer portfolio, or to analyze and predict more precisely the risks incurred according to customers or their geographical region. The aim is then to direct sales staff towards the best sectors and regions. Numerous offers are being launched to automate and simplify these analyses! [/vc_column_text][vc_column_text css=”.vc_custom_1538384817504{margin-top: 25px !important;}”]
The role of the credit manager: an increasingly cross-functional function
[/vc_column_text][vc_column_text]Credit management is no longer confined to debt collection, but is opening up to financial analysis, structuring, strategy and sometimes even consulting.
As a result, the credit manager’s remit is expanding to become a more cross-functional role. They are becoming business partners and communicators, interacting with internal and external players.
We’ve been talking about the “Daf business partner” for a long time now. Isn’t it time for the credit manager to follow suit? In regular contact with operational staff, they too are becoming business partners. The mission is becoming more professional and more complex. It is therefore entrusted to increasingly experienced profiles. Simply having a technical background is no longer enough: the credit manager must be equipped with the “soft skills” of communicator and teacher.
Some of its missions remain unchanged. Customer receivables, for example. It’s the tools that help him achieve his objectives that are evolving: scoring, predictive, credit lines, information traceability. What’s new is the way it works with other departments, such as sales. This ensures that commercial disputes or simple invoicing errors are not at the root of unpaid invoices, and that receivables are collected under the best possible conditions.
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