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.

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.

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.

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.

NACM’s February Credit Managers’ Index (CMI) remains stubbornly close to contraction territory despite improving 1.3 points to 52.4. “We did not fall into formal recession in 2023 and we might not in 2024, but for many credit managers, it’s as if a recession is well underway,” said NACM Economist Amy Crews Cutts, Ph.D., CBE.

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 Indian economy’s recent stellar performance is undeniable. It was the quickest expanding major economy in 2022 and 2023—and is projected to maintain this lead in 2024.