Robbert Geluk is managing director of CreditDevice. He looks back on 2022 and looks ahead: “It is no longer a foregone conclusion that the debtor will pay, so there is much more attention to credit management again. Companies that address this structurally have a competitive advantage.”
What was your personal highlight of 2022?
“Ah. You start right off with the hardest question. I’m not much for highlights.” After some thought, Robbert relates that personal highlight to the reopening of society after corona: “My marriage that this year could finally go ahead. And on the business front that more and more parties are really starting to see our added value. For example, our product PolisManager was nominated for the Credit Management Innovation Award. And we were chosen by Rabobank out of dozens of software suppliers in our sector to participate as a partner in their credit management event. A recognition that we are doing a good job.”
Ending corona measures, is that also the first thing that comes to mind when you look back at 2022?
“Definitely. The first three months our customers were still facing all kinds of restrictions, but then after two years everyone was able to do business normally again. That was a liberation. Also with us. The government kept almost all companies afloat, so credit management was not immediately high on the agenda. Of course, that changed during 2022. Because directly opposite the lifting of corona restrictions is the current economic situation. Think of the nitrogen issue and its impact on the construction industry. Think of the war in Ukraine, inflation, skyrocketing energy costs. Consequence: customers who cannot pay are coming back. So there is more attention for the debtor again. Especially now that interest rates are rising and it is again interesting to have more working capital. You can make money with good credit management. And more and more entrepreneurs are recognizing that.”
"With good credit management, you can make money."
Were there any significant developments in your product portfolio in ’22?
“There are always those developments. For example, we have been investing in machine learning for years. In ’22, we tested a beta version that automates email processing by allowing the computer to better predict what is in an email. The software ensures that emails are automatically linked to the right file and can eventually answer emails for you. That not only saves weeks of time on an annual basis, but it also makes your service faster.”
Shall we look ahead to 2023? What will this year be like?
“I expect that in ’23 more and more organizations will begin to recognize that the customer journey does not end after the sales, but continues until the invoice is paid. It’s no longer a foregone conclusion that the debtor will pay, so there’s a lot more focus on credit management again. Companies that address this structurally have a competitive advantage. After all, money in your account also brings back money, whereas a year ago it cost money. That’s also a big difference. And interest rates and costs will continue to rise in 2023. Companies must answer this question in the coming year: how do we remain the company that makes a profit and not depend on companies that no longer do.”
"A non-paying customer is actually a double cost."
So are there still companies that don’t take a professional approach to credit management?
“At many companies, including large ones, debtor management still consists of manually maintaining an Excel sheet and other solutions are only considered when an invoice is not paid. Yes, by then you are three steps too late. And you don’t get around to proper risk management at all. A non-paying customer is actually a double cost. So even for the sales department, the challenge is no longer just to sell, but to sell to the right people and companies.”
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