As a risk management professional, if one of your responsibilities is to vet your company’s vendors, CMA recommends that you participate in the upcoming Supplier Risk Credit Group on January 30.
The topic for the January meeting is, “how credit scoring solutions help manage volume and reduce costs.” The meeting will feature live demos and an opportunity to speak with some of the greatest minds in credit risk management.
The meeting will take place via teleconference to include risk management professionals throughout the country.
For more information about how you can get involved, or for information on other companies who will participate, contact Larry Convoy at firstname.lastname@example.org or 818-972-5323. We look forward to your participation in what is sure to be a lively discussion.
During the holidays, CMA staff called and emailed most of our members to help us determine their goals and objectives for 2017, and what they thought their biggest obstacles would be. Thanks to all of our members who took the time to speak with CMA staff to share those goals, as we learned a great deal from the process, to help us shape what we’re doing to help our members. Many of you told us that (not surprisingly) that you want to reduce DSO, keep your A/R balances current, reduce late payments and bad debt write-offs, and keep customers paying on terms. Obstacles cited were customers requesting extended payment terms, reduced staffs, and bankruptcies. We also heard throughout that many of you need to overcome these obstacles and achieve your goals more efficiently and for less cost.
The upcoming CreditScape Spring Summit, which takes place in April, speaks to your concerns, as it will feature presentations and discussions that focus on helping you streamline operations and create efficiencies that will reduce the cost of doing business.
Kicking off the Summit is Dan Goldes’ presentation, “The Influence Edge: How to Get What You Want.” Why are influence skills important for credit managers? Credit roles are by their nature cross-functional – internally, you work for a senior finance executive, but you work with sales, order entry, billing, customer service, legal, shipping, and maybe even procurement. Goldes says that, “with the horizontal structure of today’s progressive organizations, it is increasingly important to ask for and receive the support you need to accomplish your goals. The most effective way to do this is through the strategic use of influence skills.”
Creating efficiencies that will reduce costs will require change, and change requires buy in. You will likely have to get approval from senior management to implement those changes (and the costs associated with them), and you will have to convince staff to adopt those changes. Both tasks require influence skills – without them, process improvements may not be successful, and indeed may not happen at all. When you attend CreditScape and learn about process improvements and tools that can create efficiencies and cost savings, we want you to feel empowered to take that knowledge back to your office and get things done. Dan says, “By using influence skills strategically, others will be more willing to help move organizational processes along without resistance.”
Additional programming at CreditScape will include a panel discussion from real-world credit practitioners explaining areas in their businesses where they’ve achieved process improvement, CMA’s version of “Speed Networking,” and other interactive events geared towards helping members create efficiencies and reduce costs in their credit operations.
At CMA, we are dedicated to helping develop educational programs that speak directly to your real-world credit needs and concerns. I encourage you to reach out to my team at CMA (or respond to this blog) if there are other topics that you think could help your business. I really hope to see you at CreditScape in April.