extra credit

🤖 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. 

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.

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! 

In the final Extra Credit episode of 2023, we reflect on the trends of the Credit Managers' Index (CMI). The CMI points to a considerable decline in credit conditions that are leading indicators of economic activity.

Complete the CMI every month for the next 12 months and automatically be entered into a drawing to win a gift card worth between $100-$250 in 2024. Sign up to receive monthly CMI survey participation alerts. For a complete breakdown of manufacturing and service sector data and graphics, view the December 2023 report. CMI archives also may be viewed on NACM’s website.

Joining NACM is not merely a membership; it's an investment in a network that propels your career forward and surrounds you with a community that shares in your successes and supports you in times of professional challenges. 

As the new generation of credit professionals takes over the B2B credit industry, they are approaching customer relationships differently. However, the goals remain the same—create a strong sense of trust, improve customer service and mitigate risk.

NACM’s Credit Congress & Exposition started off as a mission to bring together credit professionals from across the nation to network, learn and stay informed about the latest changes in the credit world. Now, it is more than just an annual hub of credit knowledge—it’s a catalyst for career growth and professional development.

Early-bird registration rate ends Dec. 8! 

Amid the intricate tapestry of commerce, there exists a silent but pivotal protagonist: the B2B credit management function. Credit management has played an integral role in shaping the financial health and stability of businesses throughout history. Credit is a critical cornerstone upon which the world of commerce rests—and without it, global trade would come to a screeching halt.

Trade creditors are the lifeblood of our economy, currently providing approximately $5.6 trillion of capital to businesses in the United States, most of which is extended on an unsecured basis. Here we explore what a world might look like without credit (hint: It is pure chaos). 

Burnout has become a corporate vampire, draining the life out of employees through emotional exhaustion and lost productivity. By understanding the causes of and the preventative measures for burnout, credit professionals can maintain the physical and mental well-being of their credit team as well as improve performance in the workplace.

The term "ghosting" is not just for the dating world. 

Picture this during Halloween season ... you've extended credit to a customer, and everything seems to be going smoothly. Invoices are sent, but suddenly, it's as if your customer has vanished into thin air. They're not responding to calls or emails. So, what should you do when a customer "ghosts" you? 

NACM’s Credit Managers’ Index (CMI) gained 1.8 points to 52.6 in September. The improvement is welcome, but the CMI appears stuck on the precipice of a recession in business activity, said NACM Economist Amy Crews Cutts, Ph.D., CBE.

Complete the CMI every month for the next 12 months and automatically be entered into a drawing to win a gift card worth between $100-$250 in 2024. Sign up to receive monthly CMI survey participation alerts. For a complete breakdown of manufacturing and service sector data and graphics, view the September 2023 report. CMI archives also may be viewed on NACM’s website.

Subchapter V small business bankruptcies are up 43% year-over-year in August, the 13th consecutive month of increase. This upward trend is likely to continue through the rest of the year and beyond. The pros and cons of Subchapter V bankruptcy is a matter of perspective. 

For this week's episode of Extra Credit, we invited five emerging credit leaders to share their experiences, lessons learned and plans for the future.

An emerging leader refers to an individual who is in the process of developing and displaying leadership qualities, often in the early stages of their career. Emerging leaders are recognized for their potential to drive positive change within their organizations. They may not hold formal leadership titles but are often identified by their actions and attitudes.

Unlock your leadership potential by joining NACM's new Emerging Leaders Thought Discussion Group today!

The best credit decisions are made in a team environment and several different departments can provide input. A recent eNews poll revealed 97% of credit teams involve upper management in credit decisions, along with the sales team (26%), treasury (9%) and customer service (3%).

On this week's episode: More customers are paying with ACH than paper checks; and how the way credit professionals gather customer information has evolved.

On this week's episode: The biggest challenges facing the U.S. economy today; how industry credit groups compare to other information sources; and a chat with author Jonathan Brill about turning risk into growth.

On this week's episode of Extra Credit: Global economic growth is expected to slow in 2022 due to the war in Ukraine; Globalization might not be as popular in the next few years; How metrics improve cash flow and customer service; and more. 

On this week's episode of Extra Credit: The Russia-Ukraine conflict is increasing the threat of cyberattacks; technology can help expand your credit department; natural disasters add pressure to the creditor-customer relationship; and more. 

Earning extra credit might be more complicated than expected when your school is high up in a tree. Sit back, relax, enjoy this short story, and thanks for listening!

Written and Narrated by Zack Miller. Follow us on Twitter @The_MNS_Podcast, Instagram @midnight_slumber_podcast, our YouTube Channel - Midnight Slumber, and Facebook – Midnight Slumber.

This story was written and narrated by Zack Miller.

Follow us on X @The_MNS_Podcast, Instagram @midnight_slumber_podcast, our YouTube Channel - Midnight Slumber, and Facebook – Midnight Slumber.