What if reality was completely different from this? Far from replacing humans, isn't digitalization more about some sort of transformation? It certainly is a radical one, but above all wouldn't it allow us to expand and grow?
In an increasingly digital world with incredible speed of transformation, the way people and companies interact are radically changing. The professions of credit management and cash collection in B to B, are also in full transformation. A new generation is coming and will change the ways of those representing the financial part of commercial relationships
A smart combination of methods and tools is the base of every profession. As tools change, methods evolve with them. This sometimes strongly transforms all the characteristics of the profession and people who practice it. It doesn't mean tools will replace humans though, it only is a matter of adapting to a new era.
Credit management and cash collection professions are currently undergoing a fast-paced transformation, but why? Digitalization has completely transformed the way we live and work in the modern world. A few years ago, many processes and systems that were once essential have been rendered obsolete. The rapid advancement in technology replaced by digital solutions, 80% of what was once considered standard practices.
To fully take advantage of the benefits of digitalization, individuals and organizations must adapt and acquire new skills. The ability to navigate and utilize digital tools and platforms is now a necessary skill in almost every industry. Especially in the domain of credit management, the demand for digital skills is higher than ever before.
Overall, the impact of digitalization on professions is undeniable. It has forever altered the way we think, work and communicate on a daily basis, and it shows no signs of slowing down! Embracing this digital transformation, learning and adapting to new technologies is essential to thrive in the digital age.
The good news is, these professions are becoming more and more interesting as years go by! Digitalization and algorithms make it easier for humans to fully express their potential through their work. They then free themselves from administrative and non-value-added tasks to focus on more meaningful aspects of their job. Digital tools also support them and strengthen their position in the company as well as in the commercial relationship.
Digital technology allows all team members from the business relationship to participate in credit management decisions and discussion. This breaks the legendary isolation of credit managers, formerly lonely and atypical animal. Actors with seemingly opposed interests don't understand them, Credit managers often find themselves caught in crossfire because of this.
Thanks to digital tools, they now multiply their power of conviction. They reinforce their place and make it impossible to deny it. Other actors now engage in credit management and face the same challenges as all the other stakeholders. These new team members are mainly sales representatives, customer care, high level or top management, customers, etc.
Credit management has become an integral part of companies' operations. It actually happened thanks to the implementation of a unified and collaborative real time digital solution. This solution changes the way organizations manage their credit. It makes it more efficient and effective than ever before.
The presence of this digital solution has transformed the role of credit managers. It empowers them with the tools and resources they need to make informed decisions on a daily view. They are also more efficient in driving positive outcomes for their company.
With real-time data and analytics at their fingertips, credit managers can proactively identify and address potential risks. They are able to optimize credit terms and improve cash flow. In essence, these digital solutions elevate the role of credit management within the company. They make it a strategic function that drives value and contributes to the overall success of the organization.
The digitalization of the credit management function is profoundly transforming the corporate culture which concerns the company. Credit managers handle way more easily customer risk management, recovery and dispute management and sales process. We measure the success behind the performance of this process with the reception of the customer's final payment. This means that for the purchased products or services, the only important payment, in a performance point of view, will be the last one...
Customer satisfaction and Cash flow improve thanks to systematic and efficient handling of disputes as well as faster collections. The business preserves its profit with the help of a relevant and structured customer risk management. The company's credibility and performance increase because it uses effective tools and methods. All these are then becoming an evidence shared by all stakeholders in the company.
Bottom line, yes, this technology presents a lot of benefits for businesses and people. The digitalization of their functions and the use of mobile devices is the key for successful organizational structures. The use of mobile phones is a true game changer in this world full of rapid changes. This transformation is inevitable and inherent to the development cycles of the economy which can sometimes be somewhat radical.
Let us not forget that humanity has already experienced transformations even stronger and more impactful. The advent of IT and AI will just be another one of those. In a few decades in France, agricultural activity, which employed 75% of the population, moved to less than 1%. This shows such an important part of economic and social transformation!
So why should we be afraid of changing our ways when we need to embrace new perspectives? This exciting development is altering our professions and bringing them a dynamism and punch we didn't know until today!