Rising labor costs, new environmental regulations and a mixed outlook on construction volume present significant challenges to the industry. However, declining fuel costs and controlled inflation offer some relief.

Credit applications serve as the initial safeguard against risk. Risk reduction begins immediately upon receipt of a customer’s credit application, either digitally or on paper. But the role of credit applications in the customer onboarding process has evolved over time. Previously, credit applications served to establish a binding contract, but now, alternative methods may be used for this purpose.

One-on-one meetings offer a special forum for detailed discussions and personalized support. However, few organizations offer comprehensive guidance or training for managers to hold these individual employee meetings.

The short answer is yes, the credit community can still find value in financial statements. But we may need to reconsider the way in which we think about financials.

While the U.S. economy seems to have avoided a recession, the forecast for 2024 remains mixed. It is no secret that inflation, labor shortages and geopolitical tensions all contribute to current economic conditions. Despite these factors, real GDP growth is expected to bounce between expansion and contraction for much of this year—showing the U.S. has reached a soft landing.

At first glance, credit management may appear to solely require hard skills such as financial data analysis, risk assessment and cash flow forecasting. But as a profession based largely upon trust, credit managers must not forget to develop their soft skills.

Insurance is a form of protection and risk mitigation tool to protect against contingencies or unexpected loss. It serves its purpose in several instances—whether it’s your car, health or even your pet. Most people want to have a cushion to be prepared for unexpected circumstances, so, they pay for the protection. But how exactly does insurance function in the B2B trade credit industry?

The role of credit professionals in modern organizations is multifaceted and challenging, with numerous responsibilities and pressures. The evolution of technology, from computers to artificial intelligence, has transformed the credit management field, improved productivity and eliminated repetitive tasks. However, for some credit departments, technology has become a burden.