Tag: Credit Management

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.

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?

Artificial intelligence (AI), a machine’s ability to perform the cognitive functions we associate with the human mind, is being used to facilitate processes and improve efficiency in business. As different forms of AI gain popularity in the finance sector, credit professionals must become experts on how AI can support their role and simplify workflow. Why it matters: Even if your company isn’t utilizing AI, it’s critical to establish credit policies to safeguard against risk.

Four years after the start of the pandemic, many credit managers still work from home. But a growing number are back in the office five days a week. Why it matters: Understanding these labor market shifts and trends is key for credit professionals as it directly impacts their work environment, job security and workload management. Credit managers must remain aware of these pressures as workforce trends continue to change in 2024.

Four years since the start of the COVID-19 pandemic, many workers still find themselves logging on from home at least part of the time. Zoom meetings with teammates, once thought to be a short-lived pandemic trend, have remained on work calendars. And these geographically flexible workers report increases in productivity and satisfaction.

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.

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.

Signing a Non-Disclosure Agreement (NDA) has become standard practice for credit managers seeking access to sensitive customer financial information. By committing to confidentiality, credit managers reassure customers that their data will be handled with the utmost care and discretion. This proactive step not only fosters trust but also makes customers feel more comfortable and confident in sharing vital financial details knowing their information will be protected.