Welcome to 'The Strategy Session' podcast series. In each episode, our North America Chairman Dennis Shuler will explore current strategy and leadership insights with widely respected business leaders and renowned academics.
'The world is changing' we are told... isn't is always? Over the last few months we have looked at robotics and how automation is changing the credit management workplace, but there is something more fundamental that that going on which started around 1947 and we are now feeling it's impact.
The working population is changing those born between 1947 and 1964, the baby boomers, are retiring and businesses have not been planning adequately for this...
“If you’re curious you can work in anything… there’s nothing you can’t learn if you just try, and keep asking questions.”
We welcome Bracken Darrell to this latest Strategy Session, a leader who has certainly proven that to be true. During the session he speaks openly about a range of topics, from his personal career progression and transition into tech, to sources of intel on the leading edge of technology, and staying connected with his organisation.
The abundance and development of new systems is not limited to the ‘core’ activities of credit management, credit assessment and collections, and many organisations are taking advantage of the APP based development opportunities which are faster and easier to access and deploy.
It is tough for the major systems ERP to easily keep up with the constantly moving target of customer and business demand, not least as large ERP systems are managed by in-house IT teams and governance for implementing ‘a change request’ can be complex and protracted. These long established players remain at the heart or the engine room of many businesses and will do for some time if not forever.
Chasing customers for money has been around since trade between one person and another started and surprisingly the word ‘dun’, which means to make ‘persistent demands for payment’, has been around since the 17th century pre-dating the early days of Dunn & Bradstreet by a couple of hundred years, if online sources are to be believed. So when we say dunning it means more than just reminder letters.
There was a time when what used to be called ‘Credit Vetting’ was completed once, when the credit account was opened and the information supplier charged per report. These reports would take a few days to come through and give a very broad non-specific response.
If you were a real ‘belt and braces’ sort of a credit manager may have also requested a bank reference, the response to these would be in a vague code ‘Good for your figure’ or ‘Unable to speak for your figure’ and you may have also requested the 2 trade references, personally I never received a bad one of these given the names and addresses were provided by the prospective customer.
In March 2017 there was a headline in the Daily Mail which said ‘Will Sam the robot kill off the brickie?’ and then 2 weeks later it seemed that Sam the robot was out of a job as a house was ‘printed’ in concrete.
Earlier this year it was reported that a McDonalds restaurant produced a burger to order with no human involvement and a well known high street coffee shop would no longer need Baristas as the latte could be produced by a robot. You wouldn’t even need to order it as it would recognise you as you came into the shop and have your ‘usual’ ready by the time you got to the counter.