In recent years, the role of credit managers has evolved from a traditional debt collection focus to a more strategic revenue management focus. This shift requires credit managers to oversee end-to-end global processes and manage the stakeholders involved at each stage of those processes, including extending collaborative relationships with the sales department and customers. To facilitate this shift, organizations must cultivate a “cash culture” in which all stakeholders, including sales, operations, and marketing, understand that cash flow is a strategic priority. Key characteristics of a thriving cash culture include a unanimous understanding of the importance of timely payment, the involvement of all key stakeholders in the end-to-end payment process, and a focus on improving and optimizing cash collection efforts.
Cash culture is not just a set of practices but a mindset that prioritizes cash flow within an organization. It is vital for any business that wants to maximize profit and success. Credit managers play an essential role in fostering this culture, as they are shifting their focus from traditional debt collection to more strategic revenue management.
A cash culture is characterized by a unified understanding among all stakeholders that timely payment is essential for the organization’s success. This also includes the active participation of all key stakeholders in the end-to-end payment process and a focus on continuously improving and optimizing cash collection efforts.
Evention can help credit managers drive the creation of a cash culture by providing tools and features that support process improvement, visibility into the complete end-to-end process, automation of manual tasks, continuous process improvement, and collaboration with all key stakeholders.
By leveraging the capabilities of our product, credit managers can more effectively cultivate a cash culture that supports profitability and success for their organizations.
Contact Evention today for a Total Recon demo to see how our solution can help you.