Inventory Management Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Credit and Inventory Management. Answer: Independent thinking-creativity, excellent verbal and written communication skills, and flexibility are three attributes required of top performing credit managers (Credit Today, 2017; Dennis, 2017). Credit and inventory control involves overseeing the incoming finance into an organization where more of the management role is applied in the determination of the accompanying costs for such products and services where such services and products are received on time and effectively(ACCA, 2017). Credit control determines the liquidity of an organization because it involves the creation of the credit policy of the organization where the credit and inventory managers work towards the accurate assessment of the credit worthiness of customers for safe lending practices. The goal of effective credit management is the minimization of the risk of losses as a result of bad debts. There must be a balance between the sales made and the losses incurred by such bad debts. Independent Thinking-Creativity Independent thinking involves creativity and freedom from stereotypes and restrictions in the application of such creativity for the best credit management decisions and the evaluation of customers, financial decisions, and the potential impact of such financial decisions(Garfield, 22015). Such creativity is resourceful, especially in cases where the customers need help resolving their financial dilemmas for the faster and timely settlement of their debts. Some customers also show up with the need for advice on the best way to solve their debts and survive without too much strain. Sometimes, such customers only seek advice when the deadlines are almost due and desperation kicks in. When such customers show the will to take the advice of the credit managers, the credit managers must know how to integrate their analytical and financial knowledge skills to discuss the best way forward custom to such a case. Recommendations must also take into account the personality and temperament of the customer so as to determine the most suitable approach and language. Creativity must kick in in such circumstances for the lack of time for research and inquiries and the need to discuss the issue at that time so that there is the minimization of further delay. Flexibility Flexibility refers to the ability to adopt different roles and situations and the willingness to further their knowledge and knowledge in different work practices. Flexibility as an important skill in a credit manager helps in the quick adoption of changing events such as technological advancement, the culture of the people and the financial culture among such people, and the assumption of various roles involving the credit management industry. Since credit collection and management involves more than the sending out of re-payment reminders and giving standard financial advice to the different customers, flexibility ensures that the credit management department makes use of the best credit management practices for the best outcomes(Credit Today, 2017). Excellent Written and Verbal Communication Skills Charisma and good communication skills are essential elements of communication among credit managers where relationships and royalty are fostered through the interest raised in the interesting conversation and transaction processes. The collection of debts goes beyond the letters and phone calls used to communicate the reminders. Such charisma helps change the expected dull mood in conversations that involve requests for the payment of debts into interesting and more honest interactions. Such cases enhance customer-business relationships which results in more referrals and frequent returns by the customers(Neill, 2012; Edwards, 2004). References ACCA. (2017). Role: Credit control manager. Retrieved from ACCA: https://yourfuture.accaglobal.com/global/en/your-career/sectors-industries-roles/credit-control-manager.html Credit Today. (2017, 5 6). What Makes the Perfect Credit Manager? Retrieved from Credit Today: https://www.credittoday.net/public/What-Makes-the-Perfect-Credit-Manager.cfm Dennis, M. C. (2017, 2 2). Credit Management Job Skills. Retrieved from Covering Business Credit: https://www.coveringcredit.com/business_credit_articles/Career_Development/art940.shtml Edwards, B. (2004). Credit Management Handbook. New York: Gower Publishing. Garfield, D. (22015, 3 16). 4 Qualities to Look for in a Credit Manager. Retrieved from Zlien: https://blog.zlien.com/construction-credit/4-qualities-hiring-credit-manager/ Neill, M. (2012, 2 2). Attributes and Skills of Highly Effective Credit Union Managers. New York: Filene Research Institute.