Save the Date: Credit Management Association Announces CreditScape Spring Summit and Annual Meeting

— Education Summit will focus on Change Management April 4-5, 2018 in Anaheim, CA–

 

Glendale, CA (June 27, 2017) – Credit Management Association (CMA) has announced plans for a Spring CreditScape Summit and Annual Meeting, a two-day event which will feature educational content that addresses how your company and credit operations can manage change in these turbulent business times. The event follows up several successful and highly-rated CreditScapes in Southern California, Las Vegas and Sonoma.

The CreditScape Spring Summit and Annual Meeting, taking place April 4-5, 2018 at the Hyatt Regency hotel in Anaheim, CA, will feature workshop exercises, peer panel discussions, expert practical advice, and networking with other credit professionals.

“CreditScape was born out of feedback from members who asked us for help with making their business processes more efficient. Survey results showed us that members learned a lot from subject matter experts and seasoned credit professionals sharing their experiences through discussions and interactive workshops. We plan to take that feedback and build a strong, expanded program for next Spring,” said CMA President and CEO Mike Mitchell.

“We’ve been listening to feedback from the past event surveys, from conversations with members, and in our Group meetings recently. In these turbulent business times of consolidation, automation and reorganization, the theme we heard most often is that companies are always looking for ways to deal with change. We are currently developing content around that overall theme,” Mitchell added. “We will continue to strive for a unique learning and networking experience that incorporates the latest techniques in content delivery for adult learners. Our goal is to create a thought-provoking and practical meeting experience that produces valuable take-aways and sustained value for participants and their finance and credit departments.”

Senior-level credit executives will be invited to attend the Credit Executives Symposium on April 3, the day before CreditScape begins, at the Hyatt Regency Anaheim. The one-day event offers a roundtable discussion of high-level business issues and trends, best-practices and tips on valuable resources, facilitated by veteran credit executives.

CreditScape Summits are offered in the Spring, focusing on different aspects of the Credit Management landscape. It is one in a series of in-person educational opportunities offered by Credit Management Association. To learn more about the other sessions and topics, visit www.creditmanagementassociation.org/events or call 800-541-2622.

About Credit Management Association

Credit Management Association (CMA), which was founded in 1883, is a Glendale, Calif.-headquartered trade association with approximately 1,100 member companies representing over 250 different business categories selling regionally, nationally and internationally. CMA focuses on providing products and services that allow companies to make informed business decisions based on trade credit. CMA is one of the largest affiliates of the National Association of Credit Management (NACM), whose 33 affiliates serve all of North America. For more information, call 800-541-2622, or visit www.creditmanagementassociation.org.

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Media Information:

FOR IMMEDIATE RELEASE
June 27, 2017

Contact: Alan Dicker
323-573-0840
adicker@emailcma.org

How CMA Supports Collaborative Learning and Leads Change in Credit Operations, by Mike Mitchell, CAE

CMA President and CEO Mike Mitchell
CMA President and CEO Mike Mitchell

Thanks to all the credit practitioners, industry experts, and industry partners who participated in the many valuable conversations at CMA’s recent CreditScape Summit. Our goal was to create an interactive, collaborative learning environment, and I was so pleased with the high level of sharing among all participants throughout the two-day event.

 

I was equally pleased with the audience response to facilitator Bob Shultz’s approach to process improvements within what he calls the Cash-to-Cash cycle. Also known as the cash conversion cycle, Shultz emphasized that the role of credit management extends beyond basic credit and collections processes. There is the opportunity to impact the company’s liquidity through good inventory and accounts payable management, in addition to traditional accounts receivable management. Collections trainer Bart Frankel recommended that credit people take responsibility for helping to resolve issues that arise out of these “other” departments, as they ultimately impact the credit department’s effectiveness in granting credit and collecting receivables.

 

Experienced credit practitioners and other credit industry experts shared specific examples of how they successfully influenced and improved processes across the Cash-to-Cash cycle and created more cash flow from operations.

 

Another example of how CMA is advocating for the expansion of the traditional role of credit within the enterprise is the suggestion that credit can support procurement in evaluating the risk of critical suppliers. Recently, I had the unique opportunity to participate as a panelist in the fourth annual Global Supply Chain Management Conference at USC’s Marshall School of Business. As panel moderator, CMA Member Alvin Moreno, Director of Global Supply Chain Credit Risk with Nestle USA, made the case that the credit department is best positioned to help the procurement department assess the financial stability of a company’s suppliers. In the wake of shipper Hanjin’s bankruptcy, supply chain disruption has continued to grow as a concern for companies that rely on critical suppliers, which gives credit the opportunity to add new value to the business.

 

As a panelist, I told the audience of supply chain professionals about how CMA has worked with Alvin, his team at Nestle USA, and other CMA Members to create a special credit group in which credit managers collaborate on processes and best practices in supplier risk evaluations. More information about that collaboration is here.

 

Clearly, we at CMA are big fans of process improvement through collaborative learning. But as I mentioned in my opening remarks at CreditScape last week, credit managers need to step up and become credit leaders if they are to be successful in driving the organizational changes necessary to make those process improvements a reality.

 

How are you leading change in your organization? I welcome your feedback.

12 Tips to Becoming a Better Business to Business Credit Risk Manager, by Michael C. Dennis

Michael C. Dennis

Even the most experienced credit professional can become a better risk manager. From the novice to the professional, learning new skills is crucial to ensuring that the risks of late payment or customer bankruptcy are mitigated. These simple tips are worth considering:

  1. Expect to Find Something Negative in each Customer Financial Statement You See
    Perform every review as though you expect to find something wrong/problematic. Doing so ensures a more thorough analysis, and may prevent overlooking a problem. If you don’t find one, check your work!
  2. Learn to Listen to What Your Collectors Tell You
    Let your collectors tell you what they think about their customers. Listening to them helps you be a better credit manager.
  3. Review Your Credit Policy Periodically
    When explaining difficult concepts internally, refer back to the written credit policy.
  4. Understand Various Risk Mitigation Strategies
    Credit pros need to have more than a basic understanding about a variety of different risk mitigation strategies, including ( but not limited to) the use of guarantees, letters of credit, the use of collateral or security and credit insurance.
  5. Make Every Phone Call a Learning Experience
    It is crucial to make every discussion with a delinquent debtor a learning experience. Learning what does and does not work well for you over time is an important learning process.
  6. Always Be Aware of What Your Collection Results are Telling You
    One of the primary measurements of your overall effectiveness is reflected in the Accounts Receivable aging report. To be a better manager, you need to know what your aging report is telling you.
  7. Ask for Help
    Never be ashamed to ask for help. Pride has probably cost more CM their jobs than any other factor. If you are not sure, seek help.
  8. Shorten Turnaround Time
    Take every opportunity to try to determine how to shorten turnaround time on decisions and actions taken by the credit team.
  9. Slow Down If You Feel Rushed
    Rushing will cause you to make mistakes. If you begin to feel rushed [example, by the salesperson] stop. Slow down, walk away, consider or reconsider your position.
  10. Precision is Critical
    To be a better CM, you want the actions taken by the Credit Department to be exactly as you expect it to be; not approximately what you expect to happen. Therefore, it is crucial to make sure that your standards are not declining over time.
  11. Continuously Refine
    Make changes in your department by making multiple minor tweaks rather than one big change, and by giving members of the department numerous small nudges as opposed to one big push in the right direction.
  12. Ask Questions
    It is impossible for even the best credit professional to know everything. Things happen from time to time that you don’t understand. If something makes you uneasy or looks unfamiliar, look it up or ask about it.

What would you add to this list? I welcome your feedback.

Michael C. Dennis is the author of the Encyclopedia of Credit (www.encyclopediaofcredit.com), a free, fast, internet resource for credit and collection professionals. He is a consultant, and the author of “Credit and Collection Forms and Procedures Manual” as well as a frequent instructor at CMA-sponsored educational events. He can be contacted at 949-584-9685.

Save the Date: CMA Announces “A Credit Paradise,” the 2015 Annual Meeting

Credit professionals will experience “A Credit Paradise” on April 9, 2015 at Credit Management Association’s Annual Meeting. Taking place at Disneyland’s Paradise Pier Hotel in Anaheim, California, the “A Credit Paradise” event includes a full day of training, education, awards and networking opportunities with other credit professionals.

CMA is currently surveying its members about the resources that would be “A Credit Paradise.” The results of this survey will direct the event’s education and training topics. Details about the program, including the keynote speaker and education topics, will be announced in early 2015.

The Annual Meeting allows CMA members from all over California and Nevada the opportunity to learn about the latest trends affecting the credit profession. Last year, the event addressed the relationship between the sales and credit departments, and received some of the best feedback scores it’s ever had from the exit survey. In 2015, CMA is considering valuable training programs and topics requested by its member so they can attain ‘A Credit Paradise’ in their offices.

The Annual Meeting is the largest in a series of in-person educational opportunities offered by CMA. To learn more about the other sessions and topics, visit www.creditmanagementassociation.org/events or call 800-541-2622.