The Best Ways Credit Teams Can Drive Innovation and Enable Growth
1. Become Customer-Obsessed
Focus on customer-obsessed growth. In an age where business disruption is the norm, companies must find new ways to stay competitive. Competitive advantage begins with being “customer-obsessed.” With access to vast amounts of customer data, credit is the conduit to driving customer-obsessed conversations. Customer obsession places the customer in the center of its operations, strategy, and budget, increasing its knowledge and engagement with that customer. Companies that embrace customer obsession experience higher profits, revenues, and overall cash flow, according to Forrester Research.
2. Increase Internal Collaboration
Break the silos and watch how your collaboration grows. The credit team has access to organizational insights that help drive sustainable business growth. By collaborating with growth-oriented departments such as sales, the credit team can identify ideal customers and uncover new business opportunities. Additionally, by collaborating with procurement, the credit team can help reduce supplier risk, costs, and normalize payment terms.
3. Drive Data-Inspired Conversations
Spearhead growth with data. Credit has a unique power to turn its data into action and propel the company forward. The credit team can leverage its access to a wealth of data to stimulate new conversations and continuously uncover new growth opportunities. To start new conversations, credit needs to keep data at the core of operations, decision-making, and strategy.
4. Leverage Automation and Technology
Automate to ensure growth doesn’t stagnate. Credit processes can exponentially improve through the implementation of technology and automation. Leveraging the right technology can help reduce operational costs and open new avenues of growth for the credit team.