I talked to several credit management professionals about what they see coming for 2021. Here are the top things they mentioned that will be happening or that we should keep an eye out for.
- Insourcing
There has been so much discussion in the past several decades regarding outsourcing. But as we continue in these turbulent and uncertain times, many companies will look to bring their services in-house to have better control and eliminate uncertainty.
- Technology
More than simply adjusting to a virtual environment, businesses will be looking to leverage technology to automate many processes, speed up decision making, increase analytical accuracy, and integrate their systems across many systems and locations.
- Handling late or delayed payments
The tumultuous economic ecosystem has played havoc with many businesses. This means strained financial accounts, limited cash reserves, and late or delayed payments. Companies will have to adjust to varied credit terms, uncertain DBT, and creative payment structures.
- Training
It seems that every professional is being asked to do more with less. Companies are looking to train and educate their employees to help them be more efficient and effective.
- Know Your Customer
It has always been important to know those with whom you do business. However, this year expect businesses to invest more time and effort in getting to know their customers; how they operate, who they are, and where they expect to go.
2021 is going to be an interesting year. Paying attention to these trends should help keep you on the right course. What other trends do you see coming this year?