Defining Moments: Key Credit Management Insights of 2023

In a year marked by innovation, resilience and dynamic shifts in the B2B credit profession, the National Association of Credit Management (NACM) has been at the forefront, delivering a wealth of insightful content and expertise. As we bid farewell to 2023, it’s time to reflect on the profound impact of NACM’s contributions—articles, webinars, podcasts, white papers and more—that have guided credit managers through challenges, uncovered opportunities and set the pace for success. Join us on a journey through the pivotal moments and top-notch insights from 2023.

Emerging Credit Leaders Will Shape the Future of Business

In this episode of NACM’s Extra Credit podcast, we invited five emerging credit leaders to share their experiences, lessons learned and plans for the future. An emerging leader refers to an individual who is in the process of developing and displaying leadership qualities, often in the early stages of their career. Emerging leaders are recognized for their potential to drive positive change within their organizations. They may not hold formal leadership titles but are often identified by their actions and attitudes. Unlock your leadership potential by joining NACM’s new Emerging Leaders Thought Discussion Group today!

Artificial Intelligence: A Powerful Tool of the Trade in B2B Credit

All forms of artificial intelligence (AI) will continue to change the future of finance. AI can help credit professionals eliminate administrative and repetitive tasks so they can direct their attention to strategic issues and challenges. In the Business Credit magazine article, Artificial Intelligence: A Powerful Tool of the Trade in B2B Credit, members identify the tasks best suited for automation through AI. Read more about AI’s impact on Credit Hold Releases and Holds on Accounts, Customer Collection Priority Queues, Demand Letters, Scorecards in Credit Applications and more in the September/October issue.

The State of Accounts Receivable Automation 2023

The B2B credit landscape is set to evolve, ushering in an era of smarter, more agile and data-informed credit operations. By integrating automated tools, credit departments can better serve their organizations, customers and stakeholders. Discover current technology trends and what the future may hold for the credit department in NACM’s white paper, The State of Accounts Receivable Automation 2023, researched and written in partnership with BlackLine. BlackLine’s cloud-based solutions help companies move to modern accounting by unifying data and processes, automating repetitive work, and driving accountability through visibility.

Member Spotlight: Education Inspires

As a credit professional in the banking industry for more than 25 years, David Dedrick, CCE, director of commercial lending at Kohler Credit Union (Sheboygan, WI) decided to enroll in the NACM Graduate School of Credit and Management (GSCFM) to provide himself with a well-rounded knowledge base of credit from a banking perspective and from the trade side. “Between the other students and professors, I created connections that’ll last my entire career,” Dedrick said. “After completing grad school, I decided to sit for the Certified Credit Executive (CCE) exam. Getting back into the study routine was a gradual process, but the wonderful staff at NACM helped me through every step of the way—and the lessons learned are permanent tools I refer to in my toolbox as my career continues.” Read the full member spotlight here. 

What Credit Professionals Can Learn from Social Media Influencers

In the modern-day world of social media platforms, influencers have become some of the most prominent figures within the marketing and advertising industries. It may be difficult to think that there are any similarities between social media influencers and credit professionals, but some influencer characteristics are key to becoming a leader in the B2B credit industry. Learn how to adopt an influencer mindset in order to get a seat at the table with upper management and listen to this episode of Extra Credit now!

When Management Objects to Filing a Mechanic’s Lien

Filing a mechanic’s lien can be a challenging process. It’s a way to try to secure your rights and receivables and allows flexibility to extend credit you might not typically extend. Several benefits come out of filing a mechanic’s lien. Firstly, it helps with legal protection and ensures payment from the customer. Mechanic’s liens also benefit subcontractors, customers, suppliers and all parties involved in the project—and can be a great way to maintain your customer relationships. Read the full eNews story here.

Take Your Game to the Next Level—Using Emotional Intelligence to Advance Your Career

You can find many articles about how EQ is more important than IQ in almost every role, and many times more important in leadership roles. Why? For one, emotions don’t stay home just because we head to work. Understanding and managing your emotions is the only way to get the most from each day while keeping a focus on where you want to go in your career. Although emotional intelligence seems to come naturally to some, our brain’s plasticity means we can increase our emotional intelligence if we’re willing to work at it. Watch the on-demand version of this webinar.  

Capturing Real Time Cash Flow and Financial Distress Problems

When Barron’s wrote about NACM’s CMI, they said, “in an age of information overload, some would argue that the last thing we need is another economic indicator. But, given the dismal track record of some dismal scientists calling market trends, there probably can never be too much data on the economy. The CMI captures real time cash flows and financial distress problems that companies have with their customers.” The CMI is a one-of-a-kind economic forecasting tool. Sign up to receive reminders to participate so that you can contribute to a collective pool of data that helps paint a clearer picture of industry trends, challenges and opportunities.

Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness

Credit managers are the professional investigators of the financial world. Just like detectives, they meticulously gather data from various sources, such as credit reports, financial statements, and bank references, piecing together the financial puzzle. Download NACM’s white paper in partnership with Thomson Reuters Confirmation, Unlocking Financial Trust: The Role of Bank References in Establishing Creditworthiness, to learn how bank references are imperative in the credit investigation.

Position Yourself as a Strategic Leader in Credit

Credit professionals make dozens if not hundreds of decisions each day—decisions that play a massive role in the success or downfall of their company. Yet their importance is not always recognized, often overlooked for promotions and not generally seen as someone who can play a strategic role. But in order to get recognition from the C-Suite, creditors must adopt a strategic mindset and start making decisions that shape the company’s vision. NACM members can read the full story in the February 2023 issue of Business Credit magazine. 

Member Spotlight: Gain Confidence with Certifications

Misty Menashe, CBA, credit supervisor at LaCrosse Footwear, Inc. (Portland, OR) recently earned her Credit Business Associate (CBA) to better introduce herself to her internal teams. “I was promoted to a supervisor role when all our departments were working from home and my interactions with our sales team, customer service team and other managers is limited to emails and Teams meetings,” she said. “The designation in my signature shows that I’m an active learner, engaged in my profession and have expertise in the subject.” Read the full member spotlight here. 

Dashboards, Duct Tape, Data and Beyond

Our credit department has a dashboard, now what? SRS Distribution’s Chris Arrington, CCE, and Charles Edwards, Jr., CCE, explored dashboard and data analysis best practices in this webinar. They also discussed ideas for continued development of dashboards and how to establish a culture of innovation and continuous improvement in their on-demand, Credit Congress Encore Presentation.