CICM Best Practice Network – guest blog by Chris Sanders FCICM Head of Accreditation – CICMQ
09 August 2018
Back in February 2013 Philip King wrote a blog about best practice and how enjoyable it was to present the CICMQ Best Practice Accreditation awards to newly accredited organisations. Since then we have completed over 100 accreditations, either new organisations or renewals of the accreditation. Looking back, not only has the accreditation grown in number of organisations but it has also developed and improved, as have the companies who have the award.
Over the past 5 years we have seen a number of trends in the CICM Best Practice Network. The increase in technology has been significant. Essentially there is more of it and it is more specialised towards credit management and collections. I have written a number of articles about technology for credit management and these can be found in the new CICM Knowledge Hub under ‘Best Practice’.
The second trend is the improvement in the technical aspects of credit management. These relate to things like credit policy, compliance, measurement, and planning, which are 4 of the 6 CICMQ criteria. What is interesting is how much more accessible, open and transparent organisations have become. The availability of information and how it is tailored to the various parts of the business is getting better and better. This is improving the way credit management is managing its stakeholders and getting more involved with the business.
Finally, and most importantly, how people are managed, developed and trained is changing. From the beginning of this year, CICMQ now includes free CICM memberships which is getting more people involved in CICM. More inclusive communications, wider development opportunities and greater engagement and involvement of the team members in the improvement of credit management is helping in their individual development as the department develops.
Credit Management is changing, and keeping up with the trends and developments is critical. The CICM Best Practice Network and the CICM Knowledge Hub does just that, sharing best practice methods and procedures. For more information see the CICMQ page on the CICM website.