Mr. Simon Tan Yu Chai, Executive Director of SH Advance Coatings Sdn. Bhd.
Reducing Business Risks to Increase Profits
Having run my business for over 10 years now, I have gained valuable insight and expertise in my respective industry. Prior to using CTOS, that knowledge and expertise was all I had to rely on when it came to credit terms for payment. That means there was a higher risk involved with every customer I did business with.
Thanks to CTOS Credit ManagerTM, I no longer have to worry about unnecessary risks in business. With the help of credible information, I now have a better overall picture of my customers’ credit backgrounds and can make more informed decisions. CTOS also provides other useful, comprehensive information; for example, CTOS alerts us when something significant happens to our customers, financial-wise. We were then able to respond quickly by stopping the shipment of goods to them, hence avoiding a big monetary loss.
In addition to value we get from CTOS’s real time monitoring, we have also managed to recover our old bad debts. There was an occasion when we had some trouble collecting long overdue payments. Our accounts department had made numerous calls to request for the payments, and letters of demand were issued and sent, but to no avail. This has changed with CTOS. We issued final warnings and told these parties that if they failed to settle the debts, we would resort to using CTOS for further action. To our surprise, they promptly contacted us and settled the outstanding payments.
I have advised all my business friends to use CTOS. In my opinion, it’s better to start using CTOS early if you want your business to expand and become successful, as well as move on the right track.