In-depth Insights into the Evolution of Credit Management with Eric Van den Broele
Welcome to a new episode of the Never Overdue podcast by Triple A Solutions and CrediBill. In this fifth episode, we had an engaging discussion with Eric Van den Broele, an expert in credit management and innovation. In this episode, we dive deeper into the evolution of credit management, the impact of regulations, and how companies can adapt to modern challenges.
Listen to the full episode, also available on Spotify, and always stay one step ahead!
The Evolution of Credit Management
In the past, credit management was often synonymous with making threatening phone calls. This is an outdated approach that Eric Van den Broele rightly challenges. According to Eric, the core of credit management is much broader than just chasing payments after the fact. Today, credit management must be much more integrated into the organization. It’s about working proactively from the start, managing customer relationships well, and fulfilling a strategic role within the company.
The Key Player on the Field
If we compare credit management to a football match, the question is who the most important player is: the defender or the attacker? Eric emphasizes that both roles are crucial. On one hand, you need to know who you are doing business with (the defense), and on the other hand, you need to ‘be on top of it’ to manage payments effectively (the attack). The role of the credit manager is evolving from reactive to proactive, with an emphasis on preventing problems rather than simply solving them.
The Impact of Financial Shocks and ESG
We live in strange times where financial shocks follow one another in quick succession and challenges continue to grow. Eric discusses how the rise of ESG (Environmental, Social, Governance) regulations not only presents companies with challenges but also offers opportunities. Companies that are actively engaged with ESG are likely to become more profitable and resilient in the long term. It is important that businesses do not just comply with these regulations, but also embrace them as an opportunity to grow and prepare for future challenges.
The Future of Credit Management
The question arises whether there will still be a need for a credit manager in ten years’ time. Eric thinks not. With increasing automation and the integration of credit management into other business processes, such as sales and finance, many traditional tasks can be automated. This doesn’t mean credit managers will become obsolete, but their role will change significantly. They will take on more strategic responsibilities and use advanced tools and technologies to support their work.
The Role of Technology and Innovation
Eric speaks about the impact of technology on credit management, such as automation systems and scoring models. These tools help companies work more efficiently and effectively by gaining a better overview of their customer and supplier portfolios. The use of technology will become increasingly important in credit management, and companies that embrace these tools will have a competitive advantage.
About our guest:
Eric Van den Broele – Director of Research & Development at Graydon Creditsafe
Eric Van den Broele leads the Research and Development department at GraydonCreditsafe Belgium, focusing on developing algorithms and data-driven insights that support both businesses and the government. He is an expert in credit management systems, with a particular focus on ‘economy in transition’, ESG standards, and creating resilient ecosystems. Eric designed the shock resistance score used during the Covid crisis and recent economic challenges. He is also active as a guest lecturer and expert for various committees and organizations.
Why listen to this episode?
This episode offers valuable insights for anyone involved in credit management, financial management, or business strategy. Eric Van den Broele shares his extensive experience and offers practical advice on how companies can adapt to changing circumstances and regulations. Whether you are a credit manager looking to innovate your role, a business owner wanting to learn more about ESG, or simply interested in the future of financial processes, this episode is a must-listen.
