Customer retention is essential for every business in every industry. And yet, many businesses are quick to terminate relationships with customers who default on their loans. Could this delicate situation actually be an opportunity in disguise? When customers fall on hard times, implementing a suitable debt collection process might be all it takes to help them get back on track. Here, Volker Bornhöft, President of Accounting & Collection...

It may have been a while since I was a financial accounting student, but I recently overheard a conversation between two students on a train that reminded me of a topic that was the cause of much head scratching not too many years ago. That topic was accruals. It seems that business administration students continue to grapple with this, admittedly, very dry topic. Accrued income, deferred income, actual and expected taxation – these are...

Razor blades, socks, care products, cereals, drinks, pet food – the list of products that can be ordered online by subscription is long. Last week I showed why there are good reasons for online retailers to opt for flexible subscription models. The most important point is customer loyalty. Retailers create additional touchpoints through subscriptions for consumers, who value the convenience and flexibility of these solutions. A further...

It’s almost hard to believe but this year was the ninth time I’ve attended Mobile World Congress (MWC). I first attended the conference back in 2005. Back then it was hosted in Cannes. And, wow, has it changed since the early days! With more than 100,000 visitors and hundreds of exhibiting companies, MWC has grown to become easily the largest mobile trade event of the year. Now held annually in Barcelona, Spain, this year’s conference...

Recently I had dinner at my neighbour's house, which gave me an opportunity to admire my host's bulging bookshelf once again. He still belonged to the generation that loved and lived for the book club, a statement my neighbour had proudly declared a few months ago. He celebrated every new tome, reading it first and then adding it to his collection on the shelves. My neighbour was not alone in this: holding a book with a special binding or cover...

According to a study by consulting company Accenture, 83% of German insurance companies believe that their industry will experience digital transformation over the next three years.  A study by St. Gallen University forecasts that the interaction between the customer and company throughout the customer journey will for the most part be digital by 2020. Simplify claim processes, improve digital interaction points or unify communication over all...

A few weeks ago, on my way to the office, I heard the surprising news that pallets are running out in Germany. “The market for used pallets is virtually swept clean,” a radio announcer proclaimed. What may sound like a joke at first is the bitter truth - and is becoming a serious problem for some companies in this country. The economy, and export in particular, is booming, so there are enough orders. But what good is a great order situation,...

We all see and are familiar with the trend towards fraudulent activities in online business. Actually, it has been more than a trend for a long time. It is a business, an illegal business of organisations that are similar in structure and organisation to a well-run company. The leaders in these businesses manage digital identity theft, misuse of personal data, purchasing and reselling of goods, and of course what is more important is the revenue...

  Outsourcing - what, why and how? Outsourcing is most successful in companies which have clearly weighed up the pros and cons of outsourcing. Essentially, this means you are unlikely to achieve your preferred outcome by taking shortcuts. According to an E&Y study, outsourcing results in average savings of 10-20% a year. If you are going to embark on an outsourcing process and you want to maintain this level of savings over the...