Tag: B2B

Arbitration is an alternative dispute-resolution process that uses a neutral third party to make a binding decision. Disputes are inevitable in any business or partnership, but most do not expect future litigation against the other party. However, in the construction industry, the average value of disputes in North America increased by 42% in 2023, according to a report from Arcadis. And 70% of construction projects end up with claims.

Credit scores reflect how likely or unlikely a person is to pay any loaned amount of money back. Three digits, typically between the range of 300 to 850, can decide your fate in a multitude of purchases from vehicles to mortgages or student loans, for example. These scores are used by companies to determine the interest rates and credit limits you should receive.

All credit management responsibilities stem from one essential skill—the ability to form strong relationships. Business relationships have many layers, all of which credit managers must master. In global trade, credit professionals should try to understand the cultural differences of their customers overseas to ensure a successful relationship.

Customer payment portals have become a seemingly permanent aspect of B2B trade with the growth of the internet and technology. These portals, such as Ariba or System Applications and Products in Data Processing (SAP), make it easier for the customer but often more difficult for the credit department.

In the world of business, a dead deal is a haunting reminder of opportunities lost and partnerships that crumbled before they could flourish. Credit professionals can work closely with the sales team to not only secure sales, but prevent and resurrect so-called dead deals.