Thesis 3: Training content
The topic of data science will gain in importance. The spectrum of available data will become broader. Credit managers must learn to harness alternative data for their own purposes. In South America, for example, it is already common practice to use social media data for granting consumer loans. Another important trend is internationalization. The world is acting more and more globally. The fact that the international context is increasingly in focus is also clear from the course participants’ questions about CCM. For this reason, the topic of international debt collection was recently included in the continuing education program.
Thesis 4: Career paths
On the one hand, there will be operational credit managers who are more likely to work in the large-volume area. There, it is a matter of making individual decisions. Soft factors in particular play a major role, and an intensive exchange with sales is necessary. It is also a matter of weighing up processes that a machine could never do for the credit manager. On the other hand, there is the data-driven credit manager who focuses on process optimization (see Data Science). In this context, it can be helpful to understand the basic logic of programming languages and, for example, to have coded a small project yourself.
Thesis 5: Career prospects
Credit managers do not have to fear for their jobs. There will certainly be more automation in the small-scale business in the future, but the experience and communication skills of a credit manager will still be difficult to replace. Automated processes must also be controlled by experts who understand the technical logic behind them. In terms of the economy as a whole, credit management and the demand for credit managers will become more important. We are currently heading into a recession. The task of a credit manager, for example, is to recognize the danger posed by so-called zombie companies, which are currently only being kept alive by government bailout money.
Thesis 6: Character traits
The classic character traits of a credit manager will remain valid in the future: integrity, seriousness, straightforwardness. Communication skills are also extremely important, both within the organization itself, but also vis-à-vis customers and suppliers. Because it is also essential that credit managers communicate properly in a crisis. In difficult debt collection situations, both empathy and straightforwardness are required. That’s not easy, and you have to be the type to do it.