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Also credit departments contribute to the growth and innovation in a company. This is not by accident. Credit departments have loads of data which have a lot of influence when used in the right way.
1. Customer in the center of attention
Focus on customer-centered growth. In the age when people find disturbances extremely unpleasant, new ways are needed to stay competitive. This way inevitably leads to customer obsession. The credit department has huge amounts of customer data and enables in this way customer-centered conversations. Customer obsession puts the customer at the heart of the business, the strategy and the budget, and helps the company to keep evolving. Companies that focus on the customer generate higher profits, sales and cash flows (according to Forrester Research).
2. Bring the departments closer together
Tear down walls and see how the departments work together and what they achieve together. The credit department has access to a lot of data and information, which can boost sustainable growth. The collaboration of growth-oriented departments such as sales or credit management often brings up the ideal customer and reveals a new opportunity for a business. Working with the legal department even helps to minimize risks and costs and define payment arrangements.
3. Communicate on the basis of data
Data is the spearhead for growth. Credit departments can use data in a way that a company can further develop. They even succeed in starting a conversation with a customer and discovering new business opportunities.
4. Automation and technology encourage the breakthrough
Preventing stagnation by automatization Credit flows improve by implementation and automatization of technology. If the right solution is used, the costs are lowered and new ways arise for the credit department in order to contribute to the growth.