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Our Subscribers Say...
"There are numerous credit periodicals available to the credit professional today. How good is Credit Today? Is it relevant? I always have to read it late, or online because my credit analysts want to read it the minute it comes in. When my staff wants to read a publication before I have a chance to read it then something is working in that publication. We have cancelled our other subscriptions. When you have the best you do not need the rest."
Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
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Corporate Credit Mgr
Fulton Paper Company
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Doug M. Thomas
Kimberly-Clark Customer Financial Services
"As a corporate credit manager with over two decades of experience, I consider Credit Today to be one of the best credit newsletters. Whether it is because of Credit Today's management, its distinguished panel of advisors, or the caliber of Credit Today's subscribers, it would be fair to say that some of the best and brightest minds in our profession are represented. The credit issues, technologies, news, credit department profiles, etc. are interesting and useful. Credit Today is a valuable reference and communications tool which I look forward to reading each month."
Paul Brunner
Corporate Credit Manager
Mitsubishi Electric Automation, Inc. |
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The Best Credit Departments in the World!
Yes, that's what you'll read about here, in Credit Today's exclusive Credit Department Profiles section. You'll learn what's working at credit departments ranging anywhere from Fortune 50 operations to those with just one (overworked) person.
Just a few of the world's leading credit departments featured include Campbell Soup Company, Georgia Pacific, Serta Matress, BJ Services Company, USA, Hachette Filipacci Magazines, VF Jeanswear, USXpress, and Canon USA.
As you can see, we cover all industries, from manufacturing to media to service and everything in between. There's something valuable to learn from all of them! And don't worry - "world class" doesn't always mean big and deep pockets. You see, we also aim to find and highlight what every day credit operations are doing to get by - and excel, on less than adequate resources and unappreciative management. No one - even the best - has unlimited resources these days, so "world class" can often mean a small, underfunded operation that has found a way to do things very well despite their limited resources.
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The Credit Force Multiplier
Nancy Alfveby manages the credit and collections functions for Malt-O-Meal's nationwide sales with a department staff of only three, including herself. But she's a genuine force multiplier. She draws on the experience of others throughout the company and knowledgeable industry resources. Outside the company there is a continuous supply of vital, factual information from industry trade groups and credit reporting agencies. "It's important to extend yourself as a resource to others, both within your company and within your industry," . . . keep reading
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Building Superior Customer Relationships With Account Service Reps
Until five years ago, customer phone calls regarding credit and collection problems and issues at Fine Art Lamps would be forwarded to the Customer Service Department. A Customer Service Representative would refer the call "blindly" to a credit department representative, who might or might not be familiar with the open order status of the account. Conversely, a call checking the status of an order would be routed to the Credit Department. It wasn't unusual for these calls then to be bounced around from department to department as the increasingly frustrated customer sought to get the problem resolved. . . . keep reading
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Horizontal Organization--Making a Virtue of Necessity
The key to effective credit department organization is usually astute delegation. You've selected, trained and are continuously motivating the staffers best qualified to handle duties ranging from initial risk analysis to final collection efforts. Some may handle multiple responsibilities. But all come to you for decisions that exceed their expertise and authority. How do you organize a credit department when virtually no duties can be delegated to subordinates? . . . keep reading
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Staffed to Build and Nurture Customer Relationships
Make very good credit decisions at the beginning of relationships with customers, and then stay very close to them. That's the gist of the credit philosophy at D&H Distributing, and the credit department is perfectly structured to carry it out. The 40-member staff includes risk analysis specialists, researchers, and cash application personnel, but nearly half of the department--some 18 people--are dedicated to maintaining close, and often personal, relationships with individual customers. . . . keep reading
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The Warning List
On January 6, a credit warning list went out to all sales managers, regional managers and collectors at Tyco Valve and Controls North America. Listed were all customers past due or expected to go past due. The reaction? Consternation. "Oh, my God! These are big companies!" exclaimed one sales person. Credit Manager Carolyn Pavlovsky, the author of the list, was well aware of that. "Here in Texas we have a battle cry: 'Remember the Alamo!' I've changed in to 'Remember Enron!' Everything looked great. They were big, and everyone thought they had lots of money. And the next day, disaster. . . . keep reading
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Staying Ahead of Growing Risk
What used to be considered red flags are normal, everyday life now," says Corporate Credit Manager Pat Rydzik, CCE, of Quad/Graphics. "We're trying to understand where our bigger risk is versus our no . . . keep reading
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Credit Department Profile: Handling High-Risk Credit With a Trained, Experienced Staff
We're in business to sell, so here in Credit we're programmed to err on the side of sales." To really appreciate the significance of that statement you have to realize that the speaker is director of credit for a major construction supply company in the hard-hit housing markets of California, Nevada and Arizona. She's Michelle DeBay of ORCO Construction Supply, and her 14-member credit staff wrestles daily with outsized risk levels. She allows that mechanics' lien laws are a big help. But applying the provisions of these laws is no cinch. . . . keep reading
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A Credit Staff Selection and Training Success Model
Six years ago, Verisign, Inc., was operating without a formal credit department. There was credit and collection work to be done and staffers assigned to do it, but their effectiveness-or lack of it-was reflected in average delinquencies of over 90 days. Today, delinquencies are down in single digits, and all other indicators of credit management effectiveness are similarly impressive. (The wide variety of terms and due dates for the company's world-wide operations renders DSO to be less meaningful.) What happened? Veteran credit manager Michael Puccinelli arrived. . . . keep reading
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Taking Charge of the Order-to-Cash Process
Five years ago disputes and various misinterpretations of the agreed terms held up almost 70 percent of this company's orders. Today, the hold up has been reduced to merely five percent and the DSO has improved significantly. What happened? Credit Manager Pamela Kumal took on the additional responsibility of managing the customer service department. Kumal began her professional credit management career in 1989 when she was hired by Canadian Thermos Products Inc. as an accounts receivable clerk. Since then she has steadily advanced through various steps including credit analyst, senior credit analyst, and assistant credit manager. . . . keep reading
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Three Guidelines Developed For Managing Deteriorating Customers
The construction industry's collapse, accelerated by an unprecedented surge in energy costs, is challenging trade creditors as never before. Every link in the credit management chain, from order approval to final collections, is straining to the breaking point. Any lapse or mistake can lead straight to a writeoff, and this credit manager is making sure those lapses and mistakes don't happen. "It's frightening that some of your best customers in the past are now your moderate customers, and the guys who were struggling are either gone or in collections." Speaking is Robin Pacheco, who, as vice president of credit for North Atlantic Corp (NAC) & Subsidiaries (Somerset. MA), is responsible for managing credit and collections for both commercial and residential contractors. . . . keep reading
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High Gold Prices, Money Laundering Concerns and the War on Terror Impact This One-Woman Credit Derpartment
Eddie Keough's informal job description includes getting tough on terror-ism. It has only recently become part of her responsibilities as credit manager at Hoover and Strong, a Richmond-based precious-metals manufacturer that supplies jewelers in the United States and abroad. She spent some time in the Air Force. There, it made sense. "I wouldn't have thought when you're trying to establish credit accounts and collecting money that you'd have to think about how it relates to terrorism. I guess a lot of things change." . . . keep reading
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Co-op Adds Security To the Credit Function
It turns out that credit can run a little more smoothly if your customers are also your owners. Margret Goodson is in a unique position as credit department and A/R manager for Affiliated Foods Inc. of Amarillo, Texas. The company is a wholesale grocery cooperative and distributor that works with about 700 stores and restaurants primarily in the southwestern United States. It also has bakery and dairy operations. The cooperative, however, represents the largest customer group. Goodson's credit staff handles about 2,000 accounts and $1.2 billion in sales. The team is broken up by business line. Four persons are responsible for the food service area, which serves schools, restaurants and independent grocers. They set up new accounts, review credit and collect on those accounts. . . . keep reading
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Payment Imaging Pays Off in Deduction-Process Efficiency
The three deduction service representatives (DSRs) who handle an average of 1,800 deductions each month for WD-40 Company (San Diego) will soon have a superb new information tool at their fingertips. It's a digital dashboard that will display of all relevant and up-to-the-minute data about their customers. . . . keep reading
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Nortrax Clears the Way for Heavy Equipment Sales, as the Credit Staff Spurs Innovation in Automation, Financing and Staff Training
Tom Leavitt likes automation. That's apparent in the paperless credit and finance offices of Nortrax Inc., a retail arm of John Deere (NYSE: DE). The Moline, Ill.-based company is owned by, and is an authorized dealer of, John Deere equipment for construction, earthmoving, material handling and forestry equipment. It operates some of the 58 retail outlets serving those industries in the U.S. and Canada. The shift to automation wasn't easy, but it wasn't an option. The company was founded in 1999 and grew through the acquisition of small independent John Deere construction-equipment dealers across the country. The plan was for Nortrax to develop the structure and resources for a strong, sophisticated operation that would provide high-level service, build the brand and grow customer loyalty. . . . keep reading
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Incentive Program Spurs Staff, Leading to Improved Collections, Lower DSO, and Reduced Past-Due Balances
DSO is down seven days. Collection percentage is up five percent. Hard to argue with those numbers. Dennis Miklavic is happy with them, anyway, although like any credit manager he would, of course, like to do even better. Miklavic is Florida Division Credit manager for Mayer Electric, a Birmingham, AL.-based company most of whose customers are commercial electrical contractors. What accounts for Mayer's 2007's credit numbers being better than those of a year earlier? Well, a number of factors, but asked to point to the most significant one, Miklavic says it's the company's incentive program. Upper management at Mayer has had the vision to realize that nothing improves performance like giving people a little extra reason to make a little extra effort. . . . keep reading
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July 2009
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