The First Steps to Creating a Centre of Excellence
In the world of credit management, staying ahead requires not just keeping pace with industry trends but actively shaping them to create sustainability for your organisation.
The relentless pursuit of efficiency, from end-to-end processes to an improving customer experience, has become synonymous with the pursuit of operational excellence. As businesses strive to optimise their operations, the concept of Excellence has evolved from a mere aspiration to a critical business necessity.
Becoming a Centre of Excellence is a transformative initiative, and empowering teams with the right tools becomes a game-changer for financial directors, CFOs and credit managers.
Comprehensive software like Invevo emerges as a catalyst for organisations striving for excellence in financial operations. This blog post delves into the first steps to creating a centre of excellence and how to lay the foundation with 3 core pillars for success.
The Power of Advanced Data Analytics
Businesses are increasingly recognising the pivotal role of comprehensive data utilisation in refining credit management processes.
Leveraging advanced analytics and embracing real-time data processing is instrumental in gaining profound insights into customer credit profiles and identifying potential risks early on.
Invevo Insights provides you with key information tailored to your bespoke workspace and gives you the ability to create any dashboard inside your workspace. Whether you need to view team activity, get an overview of risk exposure, or drill into key metrics to see cash performance, we’ll provide you with the data you need to unify your insights and team to achieve operational excellence.
The integration of revolutionary tech like Invevo’s platform allows for an in depth understanding of historical and current financial trends within customer payments.
Staying informed and utilising important data gives businesses the competitive edge of being proactive, an approach that allows them to swiftly respond to changing customer and market dynamics making them well equipped for change.
This data-driven approach also empowers credit management teams to make strategic decisions that align with the overall KPI’s of individual teams and the overall business.
Organisations that embrace these advanced data-driven methodologies position themselves at the forefront of credit management excellence, setting the stage for resilient and future-ready financial operations.
In a recent poll on Invevo’s LinkedIn page; 56% believed the most crucial pillar for success in credit management was the power of advanced data analytics.
Automate Decisions for Excellence
In the pursuit of optimal credit management, the implementation of automated decision-making workflows stands as a key strategy. By seamlessly integrating your credit management system with Invevo or similar platforms, you unlock a realm of efficiency, significantly streamlining the credit decision-making process.
Automation accelerates the credit decision-making process by enabling quicker assessments that are vital in fast-paced business environments. This speed is essential to capitalise on opportunities promptly or address potential risks in a timely manner.
Automation also significantly reduces the risk of errors associated with manual data entry and processing, often experienced with using outdated technology like Excel. Ensuring accurate and error-free credit decisions; this accuracy is fundamental for maintaining financial stability and enhancing customer experience.
Automated workflows also contribute to consistency in decision-making. This uniform approach is crucial for treating all clients fairly and impartially, creating a standardised and transparent credit management process.
By minimising manual intervention, credit managers can optimise resource allocation and allow their team to focus on strategic decision-making, nurturing customer relationships, and addressing complex credit issues requiring human expertise.
With Invevo, our Flow feature allows you to configure and customise workflows that automatically trigger based on specific conditions or criteria, ensuring tasks are executed at optimal times.
Crafting Excellence with Continuous Training for Credit Teams
Elevating credit management excellence requires a commitment to training and skill development amongst your team. By investing in the continuous enhancement of your credit management team's expertise, you empower them to navigate challenges and opportunities to enhance operational efficiency.
This involves equipping them with the latest industry knowledge, tools, and technologies that are pivotal in adapting to changing market dynamics.
A knowledgeable and skilled credit management team is not just an asset; it sets the foundation for a collaborative team to allow the creation of a centre of excellence.
Investing in skill development and training also highlights the proactiveness mentioned above that positions your business for success.
With a constantly evolving software like Invevo, we are always striving for our client’s continued success and excellence. Our adaptable and intuitive platform allows for easy training within organisations as well as our ability to configure new changes instantly, so that you’re never waiting (for what feels like forever) for organisational change that we know you’re excited for.
One of the CICM’S key criteria for awarding its ‘Excellence in Credit Management’ award is ‘evidence of continuous improvement across the Credit Team’; something we think is exemplified by the notion of continuous training and skill development.
Adecco - A CICM Centre of Excellence
By having Adecco, one of our valued clients, acknowledged as a CICM Centre of Excellence, affirms Invevo's commitment to providing unparalleled solutions.
This recognition signifies that Invevo's platform not only meets but exceeds the rigorous criteria set by the CICM, showcasing its effectiveness and excellence in credit management.
The validation reinforces Invevo's standing as the best-in-class solution, further solidifying its capability to drive success for clients in their credit management processes.
Don’t just take our word for it, the proof is in the numbers. Invevo helped Adecco achieve:
- £19.97m forecasted in first year with £54.6m collected.
- 273% collected vs predicted period
- 30 day DSO reduction
- Bad debt reduction of 65%
- Dispute resolution increase of 49%
- Working Capital improvement of 28%
To read more about how Invevo helped Adecco achieve credit management excellence, read our full case study here.
Conclusion: Paving the Way for Excellence in Credit Management
In the pursuit of the creation of a Centre of Excellence in credit management, businesses must harness the power of advanced data analytics, automate decisions for efficiency, and craft excellence through continuous training.
Platforms like Invevo provide the necessary tools all in one consolidated hub to gain valuable insights, contact customers, and automate key credit management processes.
In embracing these transformative strategies, businesses not only optimise their credit management practices but also pave the way for sustained success, resilience, and excellence in credit management.
The First Step to Creating a Centre of Excellence is Giving Your Team the Right Tool, and we believe that is Invevo.