With sophisticated fraud schemes evolving rapidly, credit professionals must proactively identify and mitigate these risks before they impact their organizations.  

With automation, artificial intelligence (AI) and ever-advancing technology dominating conversations in the business-to-business credit field, it is easy to forget the importance of soft skills, especially for new credit managers eager to ride the tech wave as they continuously enhance their technical skills.

The B2B credit industry is constantly evolving, driven by new policies, technology and vendor offerings. However, the sheer volume of information and change can be overwhelming, even for the most seasoned credit professionals.

When it comes to mitigating risk and protecting a business from potential losses, the success of any credit department hinges on the credit investigation. That first look into a customer to assess creditworthiness, and determine the appropriate terms of sale, is a crucial stage in your relationship with that customer.

Charity Wyatt, CBA, credit specialist at Steel Dynamics, Inc., Roanoke Bar Division (Roanoke, VA), said that earning the Credit Business Associate (CBA) certification was a crucial first step toward her goal of achieving the Certified Credit Executive (CCE) designation. “The CBA certification will not only enhance my resume but also provide a solid foundation in credit principles, which is particularly valuable as I am relatively new to the credit field,” Wyatt said. 

Credit management is an ever-evolving field, with technology and automation revolutionizing the day-to-day work of many credit professionals. While the field may be in constant motion, it is important to truly hone the fundamental principles of credit.

By focusing on and refining soft skills, credit professionals can enhance performance, relationships and communication in credit management.

Credit professionals often require advanced payment from customers or countries they may consider high risk. However, it is important to review the documents closely to determine if there are requirements and conditions that could delay or void payment if not met.

NACM’s Credit Managers’ Index (CMI) fell 1.1 points to 53.0 in January. Though the CMI has fallen for the last two months, it remains on the side of expansion.