Why do your competitors know of “high risk” accounts months before your company does? Perhaps they are in an Industry Credit Group!
Credit Management Association’s Industry Credit Groups offer unique opportunities to network with leading credit professionals in your specific industry. Group members exchange valuable trade data and experiences on existing and prospective customers.
CMA offers more than 50 industry credit groups and networks at the local and national level; including food and beverage, construction, health care equipment and many more.
As a former Credit & Collections Manager who was responsible for managing risk, I valued and relied on my Industry Credit Group so much that I decided to share 25 good reasons why credit professionals need to consider joining an Industry Credit Group.
- Industry Credit Groups mitigate your company’s commercial risk
- Industry Credit Groups provide immediate resources to check trade references quickly with similar companies in your vertical industry
- Industry Credit Groups allow like companies to compare customer payment trends and payment methods
- Industry Credit Groups help similar companies compare customer dispute reasons and trends
- Industry Credit Groups proactively identify business deterioration and closures
- Industry Credit Groups facilitate the reduction of bad debt expense (In 2012, Credit Today estimated that ICG participants saved approximately $205,000 per year)
- Industry Credit Groups proactively identify problematic accounts
- Industry Credit Groups help uncover industry trends & challenges
- Industry Credit Groups identify best practices
- Industry Credit Group members receive bankruptcy alerts and updates via CMA’s interactive website, anscers.com
- Industry Credit Group members receive change of ownership notifications
- Industry Credit Group members identify change of key personnel or location
- Industry Credit Group members receive timely NSF alerts
- Industry Credit Groups increase the credit manager’s value to your organization
- Industry Credit Groups identify payment portal issues
- Industry Credit Groups identify customers who are skipping invoices
- Industry Credit Groups identify mergers & acquisitions and corporate linkage
- Industry Credit Groups identify sources of funding
- Industry Credit Groups identify best-in-class resources (software, credit reports, legal, vendors)
- Industry Credit Groups offer the opportunity to find a mentor (I found several)
- Industry Credit Groups offer the opportunity to be a mentor
- Industry Credit Groups help you expand industry knowledge
- Industry Credit Groups help you understand your competitors better
- Industry Credit Groups help you expand professional network
- Industry Credit Groups help you differentiate yourself as a skilled and much sought after credit professional
- Industry Credit Groups help expand your company’s brand awareness
CMA professionals facilitate all group meetings and information exchanges in strict compliance with U.S. antitrust laws. Industry Credit Groups give you the proprietary information you need to make fast, accurate credit decisions. If you have any questions please don’t hesitate to contact me (or any of CMA’s other representatives). I look forward to your participation in CMA’s Industry Credit Groups!
Patrick Spargur, CICP, is a business development executive with Credit Management Association. He can be reached at 800-841-5793 or by email at email@example.com.