Philips India Limited is a subsidiary of Royal Philips of the Netherlands, a leading health technology company focused on improving people’s health and enabling better outcomes across the health continuum from healthy living and prevention, to diagnosis, treatment and home care. Philips leverages advanced technology, deep clinical, and consumer insights to deliver integrated solutions. The company is a leader in diagnostic imaging, image-guided Therapy, patient monitoring and health informatics, as well as in consumer health and home care.
The Credit and Collections Specialist is responsible for evaluating moderately complex credit and collections applications, guiding subordinates, managing a complex account portfolio, implementing process improvements, securing credit decisions, releasing blocked sales orders, coordinating with businesses on credit risk, and reporting disputed invoices to ensure effective credit management. The role manages a large portfolio, focusing on tailored solutions, effective client relationships, and high service levels. The role oversees accounts receivable lean process improvements, enhancing operational efficiency and data quality. The role supports optimization of the collection strategy and the process of disputes registration and cash application The role ensures timely release of blocked sales orders, reviews credit reports, and presents in risk committee meetings.
Job Responsibilities:
• Evaluates moderately-complexity credit and collections applications by gathering and analyzing financial information and supporting the decision-making process with accurate data and recommendations.
• Provides guidance to subordinates to complete assignments by adhering to established guidelines, procedures, and policies, ensuring that tasks are performed accurately and efficiently while maintaining compliance with organizational standards.
• Manages a large portfolio with a moderately complex account base, focusing on delivering tailored solutions, maintaining effective client relationships, and ensuring high levels of service and satisfaction.
• Ensures clients with past due balances are contacted to secure payment or payment commitments, follow up on promises, and, when applicable, claim payments from intermediaries or third-party collectors involved in the collections process.
• Manages the Unapplied Cash and work with Collections to identify solutions to unreconciled cash items
• Oversees the implementation of accounts receivable lean process improvements, ensuring high master data quality to enhance operational efficiency, reduce waste, and maintain reliable data for effective financial management and reporting.
• Analyzes account receivables for proper valuation (value adjustment to trade account receivables and doubtful receivables)
• Validates customers' creditworthiness and set credit policy decisions by utilizing credit check systems, reviewing contracts, and performing timely financial analyses of new and existing customers, to interpret credit risk and credit limits using Philips scoring methodology and credit policies.
• Secures credit decisions, including credit insurance, letters of credit, managing local relationships, maximizing limit coverage, handling claims, and maintaining guarantees to mitigate credit risk and support sales activities.
• Driving Scheme management and partner with sales and marketing teams to evaluate pricing strategies, promotion and customer profitability.
• Ensures timely release of blocked sales orders per the approval matrix, reviews credit reports, leverages credit risk mitigation tools, and presents in credit risk committee meetings to ensure effective credit management and risk assessment.
• Responsible for SOX and ICS in Commercial Area
• Ensures smooth communication and coordination with businesses on sales orders, validates and reviews credit risk-related documentation and tools to ensure accurate processing and effective risk mitigation.
• Reports disputed or short-paid invoices with detailed reasons for the disputes and collaborates with internal departments to expedite resolution and ensure timely payment.
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