Credit Congress 2024 highlights and takeaways

The 128th Annual Credit Congress & Expo, hosted by the National Association of Credit Management, recently concluded, marking another successful gathering of industry professionals from around the globe. Held in the vibrant city of Las Vegas, this year’s conference brought together over 1,300 credit and finance professionals for four days of intensive learning, networking and innovation.

Why it matters: Attendees were treated to a diverse array of sessions, workshops, and panel discussions that covered a wide spectrum of topics, from the latest in credit technology and automation to best practices in risk management and financial resilience.

Global trade

“The world is so interconnected now that any of these scenarios in the U.S. election would have serious implications on trade,” said David Kinzel, structured credit and political risk insurance consultant at Marsh McLennan (Denver, CO), during Global Hotspots 2024. “Every credit manager should be paying attention to global trends right now because of this. Our elections have very big implications for our trading partners.”

Technology

“We don’t fully appreciate the impact of technology on our careers, businesses, credit and every aspect of what we do,” said Chris Arrington, CCE, chief credit officer at SRS Distribution Inc. (Dallas, TX), during session Credit Operations and the Next Gen Credit Department. “Technology empowers credit to become powerhouses in the tech world with the massive amounts of data linked to the profession.”

Construction

“Work together with sales to at least know the background of the territory, it is beneficial to getting paid timely,” Adam Aune, credit manager at Butler Machinery (Fargo, ND), said during a Credit Congress session, Territorial Triumphs: Defining Responsibilities in Construction Credit. “I’m talking to every person and showing appreciation to people in that store to build that relationship. Also, help them understand the credit and why behind it.”

Best practices

“When customers are mad or yelling, as soon as you shout back, you’ve lost the conversation,” said Kevin Stinner, CCE, CCRA, credit manager at J.R. Simplot Company (Loveland, CO), during a Credit Congress session, Winning the Collection Argument. “That customer is mad at the situation, not you personally.”

Leadership

“Commit to your values while understanding and respecting the values of your team,” Kelly Simon, CCE, credit and collections manager at Outdoor Research (Seattle, WA), said during a Credit Congress session, Discover the Five Practices of Exemplary Leadership. “When achieving a common goal, it’s important that the team has input and knows that they’re contributing to something bigger.”

What’s next: Create a post-conference strategy so you can turn the insights and strategies gained into actionable plans that benefit your organization and professional growth. Follow these steps to maximize your learning:

1. Review and categorize your notes, session handouts, and business cards collected during the conference. Highlight key takeaways, actionable items and insights that are most relevant to your current projects and responsibilities.
2. Schedule a meeting with your team to share the most important insights and strategies you gathered. Prepare a brief presentation or a summary document highlighting the top three to five takeaways. Create a detailed report for senior management.
3. Prioritize learned strategies and tools based on feasibility and potential return on investment. Assign responsibilities and set timelines to ensure accountability and progress.
4. Reach out to the contacts you made during the conference. Send personalized follow-up emails to express your interest in maintaining the connection and exploring potential collaborations. Connect with these contacts on LinkedIn to expand your professional network and stay updated on industry trends and discussions.
5. Reflect on your conference experience by evaluating what worked well and what could be improved for future events.
6. Set personal and professional goals based on the insights gained. Outline steps to achieve these goals and periodically review your progress to stay on track.
7. Take advantage of any available conference resources, such as presentation slides and handouts. Review these materials to reinforce your understanding and discover any missed insights.

As NACM celebrates over a century of advancing the credit profession, the 128th Annual Credit Congress demonstrated the organization’s unwavering commitment to education, innovation and professional growth.