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Four Steps Toward Finance Partnering with Sales to Find Opportunities and Spur Profitability

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The modern credit department is playing an expanded role in supporting sales and driving business growth. Traditionally, credit departments have focused on identifying potentially poor customers, thereby reducing losses and mitigating risks. Although this remains a critical function, credit departments also possess a wealth of data that can be mined to identify new business opportunities. With the help of new technologies, credit can work with sales departments by tapping into customer data and sharing insights for increasing sales. As these efforts mature, best practices have emerged to help companies:
– Shorten the sales cycle with centralized credit decision making, robust prescreening processes and expanded automation of credit approval.
– Build stronger customer relationships by using customer insight to reduce credit holds, modify credit limits and find up-sell opportunities.
– Generate new prospects with analytics that optimize and segment a company’s portfolio to identify prospects that look like its best customers.
– Improve the integration of information systems, processes and people to strengthen the collaboration between credit and sales.
In many companies, these initiatives are part of a wider push to integrate systems, data and processes so that all enterprise functions work in unison toward corporate goals. Every department—not just sales—has a vested interest in the company’s success. By building a genuine partnership with sales, credit managers will become opportunity managers who help their organizations achieve greater profitability and growth.

Spotlight

Nordea

Our strength and stability come from the immense expertise from our employees and our diversified geographical exposure across our home markets. In addition, our expertise across the wide range of products, services and solutions that we provide within banking, asset management and insurance make us one of the ten largest universal banks in Europe (in terms of total market capitalisation).

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Four Steps Toward Finance Partnering with Sales to Find Opportunities and Spur Profitability