Credit Managers: The Financial Detectives

🤖 As credit departments become more modern with new automation platforms and software, credit managers must prepare to handle any challenges that come their way.

🔑 The best way credit teams can ensure the success of any technology transformation is with change management.

💡 Why it matters: It’s about managing change throughout your organization, ensuring everyone on the team is on board and making the most of software that tackles real, everyday pain points.

⭐ Hear from Danny Wheeler, AR Solutions Strategy Manager with BlackLine.

Stop by booth #507 at Credit Congress to speak with BlackLine experts. You can read more about Navigating Change Management in Finance Transformation Projects in the February issue of Business Credit magazine.

BlackLine is a proud Credit Industry Partner of NACM. 

More women are taking on leadership roles in traditionally male-dominated professions and B2B credit is no exception. Although B2B credit has progressed significantly in terms of gender equality, women still face challenges due to their gender regardless of their position. During this Women’s History Month, we’re honoring women through their challenges and successes in their journey to becoming influential credit leaders!

Read the full story in the March issue of Business Credit magazine!

The role of credit professionals in modern organizations is multifaceted and challenging, with numerous responsibilities and pressures from various stakeholders. The evolution of technology, from computers to artificial intelligence, has transformed the credit management profession. 

Signing a Non-Disclosure Agreement (NDA) has become standard practice for credit managers seeking access to sensitive customer financial information.

By committing to confidentiality, credit managers reassure customers that their data will be handled with the utmost care and discretion.

This proactive step not only fosters trust but also makes customers feel more comfortable and confident in sharing vital financial details knowing their information will be protected.

Learn more on our website.

Credit scores reflect how likely or unlikely a person is to pay any loaned amount of money back and these scores are used by companies to determine interest rates or credit limits you should receive. But credit scoring is not limited to the consumer sector only. In the B2B credit industry, credit managers can also use scores to help gauge how much credit to extend and make credit decisions. 

The art of decision-making rests on the foundation of informed choices. Just like detectives, credit managers meticulously gather data from various sources, such as credit reports, financial statements and bank references, piecing together a financial puzzle.

Learn how the hunt for credit information has changed and how to perfect your strategy!

This episode of Extra Credit is powered by Thomson Reuters Confirmation.

Download our joint white paper on Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness. Thomson Reuters is a sponsor of NACM's 128th Credit Congress. Stop by booth #429 to speak with their experts! 

The causes of late payments are diverse and can negatively impact stakeholders across various industries—everything from supply chain delays, cash flow issues and invoicing errors. Credit managers must use proactive strategies to encourage timely payments from habitual and sporadic late payers.

The credit department plays a role comparable to that of a meticulously crafted recipe in baking. Just as a cake recipe demands precision in ingredient selection, mixing and timing, the credit department orchestrates a series of crucial processes to ensure the financial health and success of a business. Similar to baking, if you don’t include essential ingredients—such as baking soda or the perfect amount of flour—the cake won’t rise. So, how is this reflected in the B2B credit world?

All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their customers overseas to ensure a successful relationship.

Consider joining FCIB to have unlimited members only access to the World Trade Ref, which also features information on travel security and restrictions in place for the specific country.

NACM’s Credit Congress & Exposition is an annual conference established to bring credit professionals together from across the nation to network and learn about various topics in the credit industry. But with the abundance of educational programs and professional growth opportunities, it can be challenging to know where to start—especially if it’s your first time. Registration is now open!