Calling a customer and confronting them with invoices that have not been paid can be hard. But what if the customer discloses that they are having serious health problems, terminal illness or even suicide plans? How can you deal with vulnerable customers?
It has long been prophesised that one day robots will render human labour obsolete. However, rather than plunging society into the unknown of universal unemployment, artificial intelligence has the potential to revolutionise business while working alongside humans.
This is because technology lacks one vital possession that means it can never replace humans entirely: a heart.
In today’s world, software is basically an essential part of business. No matter what your company does, you probably use software on a regular basis. Even if it’s just to check emails and write letters. So, how do you know that it’s time to invest in some new tools? Here are some signs to look out for.
There are quick fixes and long-term solutions. Both options have their place and the right choice depends on what you need. Automating with the right tools will transform your SSC from a transactional hub to a place that adds serious value back to the board fast and will keep doing so in the long-term. So you don’t have to make that decision.
Are you keen on finding ways to improve and grow? Take a step back once in a while and invest in keeping your skills up to date:
The National Association of Credit Management (NACM) warns credit professionals that a record-breaking $2 trillion of U.S. corporate debt will be coming due in the next five years and therefore you should be “on guard and prepare for any contingency”.
One of the problems that face businesses that are looking to put in place change is the way in which they are siloed. This is why a wider stakeholder team need to be engaged with payments – a multi-departmental approach can make the difference between success and failure.
By repositioning accounts receivable as an integral part of the organisation substantial improvements can be made business-wide. Changing the way credit management is perceived and worked with in your organisation isn’t an overnight process.