Credit Day 2023: A Resounding Success
This year's Annual Southern Credit Day was held at the prestigious Twickenham Stoop stadium, home of the Harlequins Rugby Club.
Attracting and Nurturing Talent
The event kicked off with a presentation by Natascha Whitehead from our premium corporate partner, Hays Recruitment and Karen Tuffs, Head of CICMQ Accreditation at the CICM on the 'Stars of Tomorrow' initiative. This joint program aims to attract, nurture, and develop the talent of tomorrow in the credit industry.
Key takeaways from the presentation included the importance of designing flexible and attractive job adverts to attract top candidates and the power of the CICM Professional Standards in outlining candidate skills and knowledge.
Navigating Economic Challenges
Yvette Gray of Atradius provided an Economic Update, highlighting the impact of geopolitical events, inflation, and rising energy and materials prices on insolvencies and non-payment trends. Despite these challenges, Gray also pointed to the opportunities presented by AI and predictive debt collections for enabling more sustainable trade.
Expert Insights on Debt Collection
Joshua and Charles Mayhew from Global Credit Recoveries shared their top debt collections tips, emphasizing the importance of written confirmation, securing early payments from debtors, and resolving disputes effectively. They also stressed the value of local contacts and an understanding of local etiquette and culture in facilitating faster debt collection.
Building High-Performing Teams
Chris Sanders of O2C Lab presented on Best Practice in High Performing Teams. He identified recognition, a great team environment, and a strong leader as key factors in employee retention. Sanders also emphasized the importance of having a clear and concise credit policy, understanding DSO drivers, implementing debt and dispute league tables, valuing customer relationships, and adopting a proactive approach to credit management.
Evolving Payment Methods
Tim Annis from Blue Chain discussed the latest trends in payment methods used by businesses and customers. He noted the declining use of cheques and the increasing popularity of Faster Payments and Buy Now/Pay Later (BNPL) options. Annis also highlighted the growing role of AI in integrating multiple payment systems into a single platform. Security and fraud prevention measures, particularly for Pay by Link and QR code payments, were also discussed.
Legal Landscape Update
Phil Roberts and Kayleigh Cullis of Clarke Wilmott provided an update on the legal landscape, including the full operationalization of the Civil National Business Centre and its impact on processing times. They also discussed mandatory mediation for defended claims under £10,000, the Fixed Costs Regime, and the potential for breathing space abuse.
Unparalleled Networking and Learning Opportunities
Credit Day 2023 provided an exceptional platform for CICM Members and credit professionals to enhance their knowledge, expand their networks, and stay abreast of the latest industry trends. The event's success underscores the commitment of the CICM Southern branches to fostering a vibrant and engaged credit community.
Mark Your Calendars
Be sure to attend future CICM events to continue your professional development and connect with your fellow credit management professionals.