Digital transformation can be described as going from an abacus to a calculator, from a wristwatch to a Casio. It is the digitalisation of our lives to enable us to be more efficient and more capable than ever before.
This digital revolution is already having an impact on businesses as we see new platforms emerging to help us optimise our employees time, be it the latest online HR portal or a bespoke and centralised timesheet platform.
It’s a trend that will continue to evolve as we continue to move towards a paperless office environment. Valérie Burel, Director of Sidetrade Cash Performance, knows better than most about the value that digital transformation has in the world of accountancy and credit management. In her experience, credit managers have wasted hours and hours simply paper-pushing and mailing statements that the customer then ignores or forgets.
Today, credit managers are able to offer their customers interactive account statements and bespoke reminders. However, they need to optimise on this technology quickly in order to reap the business benefits.
Here are Valérie’s top five trends that every credit manager should be looking to bring into effect during 2015:
Save time and make your life easier by automating your pre-existing processes. Today’s technology integrates the finance and sales teams with their clients, offering a centralised view of a single account. Such change has resulted in a reduction of late payments and a better control of client risk.
2- Work in real-time
This digital revolution has played a huge part is making us all extremely impatient. We have grown accustomed to instant communications, real-time news reporting and immediate responses. Accountancy is no different. Clients demand live statements, anytime, anywhere and credit managers need to be able to instantly communicate with salespeople, branches, subsidiaries and partners through a strong and streamlined network.
3 – Get information at your fingertips
Thanks to today’s software innovation, up-to-date dashboards and real-time aged balances, dispute levels, credit limits are all just a single click away. This helps to limit risks and enables immediate sales team response. In a world of innovation, you now have the power to become more influential with the wealth of information now available at your fingertips.
4 – Stay mobile
Mobile applications help break down the barriers associated with traditional business systems. With a smartphone, you can check current balances, late payments and arrears, and can contact their client directly anytime, anywhere.
5 – Be superhuman
Always looking for ways to expand our client base while also increasing client satisfaction? Although you might not be super-human (as much as you’d like to think you are) thanks to interactive web links you can now initiate automatic and collaborative communication between yourself and your clients. At last, clients have the ability to interact directly with their account managers. Based on these conversations, client records are then immediately updated on the corporate platform, with the collections process adapting accordingly. In all senses, you are able to work more efficiently, improve customer satisfaction and it saves everyone time.