At a recent National group meeting, 2 members took totally opposite routes to reach the same credit decision on a potential new account.
In one corner, we had a credit manager who utilized a comprehensive D&B, a Experian Business Owner Profile report on the individual principles and data from Hoovers and various internet sites.
In the other corner, a credit manager had a one page anscers report showing 2 lines of information, both being “account placed for collection”. By running his cursor over the reporting member numbers, he was able to identify the group members reporting and called them to get a further explanation.
Besides the disparity in costs and time involved they came to the same decision. The highlight here is the value of an Industry specific report from members in your group. The members of the Outdoor Living group know and that is why they all contribute their A/R to the CMA database. Many of their credit decisions are made simply by clicking on the anscers report.
Your group can experience the same ease in clearing accounts by contributing A/R to the CMA database. It is not a hard or long term project. If all or a majority of your group commits, it can be up and running in 1-2 months. The reduced expense of your third party reporting contracts should be attractive to management. The ability to look up an unlimited number of customers each month plus a pro-active group submitting alerts will make you aware of potential problems months ahead of non-group members.
Discuss this with your group in June and have a great credit tool at your disposal by the end of the summer. Our staff is here to assist.
Supervisor-Industry Credit Groups