Introduction
The British Credit Awards 2024, is an esteemed annual event hosted by the Chartered Institute of Credit Management (CICM) in London, on February 1st, 2024.
As businesses strive to maintain financial stability and manage risks effectively, Credit Management plays a crucial role in ensuring smooth operations and sustainable growth. Recognizing the achievements and innovations within the credit management industry, this yearâs awards, sponsored by Sidetrade, served as a platform to celebrate excellence, honor outstanding professionals and showcase best practices. Attending such event offers a unique opportunity to gain insights, network with industry leaders and celebrate the collective achievements of the Credit Management community. The evening started with the fantastic opening address of Sue Chapple whoâs insights highlight the importance to drive and implement change within the world of Credit Management: 
Sue Chapple Chartered Institute of Credit Management“We live in a society where everyone is waiting for the cavalry to arrive. We hope that governments will focus on the right things. We hope that small businesses will thrive and we hope for peace on Earth and a million other things. But there is no cavalry unless we create it. Nobody is coming to save us. You, me, us. We are the cavalry.
The evening was filled with a lively ambiance of celebration and camaraderie, credit and finance professionals, software providers and supporters of all things credit. The venue itself complemented the profession in all its glory, and it was hard not to imagine that if we stopped to measure the years of experience in the room, not only would they be plentiful but also what an incredible repository of knowledge we have.
Sidetrade Northern Europe team & Customers at the BCA photocall
Roberto Bosco, Radu Iamandi, Gemma Durham, Graham Scholtka, Rob Harvey, Beth Jones, Naomi Smith
Exploring 6 Key Insights
During the evening, we got to listen and network with industry experts who provided valuable insights and inspiration about the profession of Credit Management and the challenges we continue to face. Stopping to take a moment to recognize the support of the evening and importance of the charitable donations to Pancreatic Cancer UK. Donate to Pancreatic Cancer UK – Pancreatic Cancer UK.
The evening allowed for the annual networking of like-minded professionals in both credit and software. Despite my recent professional hiatus in transactional finance, it felt as though time had stood still as I returned to the familiar environment of an incredible industry and profession. This experience allowed me to gain perspective on the importance of my role within Sidetrade, serving as a conduit both internally and externally while continuing to support and consult within our customer base.
As Sidetrade hosted some of our customers and advocates, common emerging technology and business trends and themes surfaced both around the table and throughout the evening. What stood out to me was the importance of individuals gaining fresh perspectives and acquiring knowledge to continually enhance their skills and expertise. Why is this important? Well, the world is changing far more rapidly than perhaps some of us had anticipated, but my view on key topics are highlighted below:
- Influencing change within a business & delivering impactful change management process
- The impact of innovative technologies transforming credit management practice
- Woman within the profession
- Staying informed, keeping abreast and remaining current
- Accounts Receivable and Accounts Payable â opposite side of the same coin
- Celebrating success
Sidetrade team with Customers at the BCA dinner
Delving Deeper into our insights:
1. Influencing change within a business
During the evening, we discussed with several of our customers the ever-increasing pressure of transformation projects and their broader implications due to the understanding and importance of change management. What stood out to me most was that this echoed challenges I faced time and time again whilst working in operational credit management and clearly a point that needs more time and investment if we have in fact not made as much headway in this area as perhaps, we believe. The Change management program stands as a pivotal element in the success of numerous transformation endeavors, whether they involve software implementations or organizational changes. It’s easy to overlook its significance, yet it frequently emerges as the defining factor between triumph and failure in such initiatives.
7 risks to consider within your change management program:
- Resistance from Users
- Reduced Adoption Rates
- Increased Errors and Issues
- Cost Overruns
- Impact on Business Processes
- Negative Customer Impact
- Missed Opportunities to leverage full capabilities
Sidetrade team with Customers at the BCA dinner
2. The impact of innovative technologies transforming Credit Management practices
You would have had to have been elsewhere to not notice that the BCA Awards 2024 is adorned not only with Credit Professionals but also attendees from leading global technology companies providing software and solutions to their customers. This stands as testament to the ever-evolving needs of easy-to-use technology within Credit Management but also end-to-end Order-to-Cash cycle. But why is it important, why can Credit, O2C and Finance teams no longer rely on âspreadsheet collectionsâ?
Simply put, Evolution.
Historically, in the realm of Credit Management, a simple pledge to fulfil a commercial obligation was long regarded as a valid transaction. However, as the landscape evolves so does this paradigm. Economic volatility, regulatory changes, globalization, ESG, crisis events & socioeconomic factors continually propel the necessity to stay ahead. Rapid advancements in technology such as Machine Learning, Artificial Intelligence and Big Data Insights are driving daily decision making to offer the precise solution for these challenges.
Therefore, a seamless transition and enthusiastic adoption by all stakeholders stand as the way to go to the success of a Finance transformation project.
3. Woman within the profession
It would have been difficult not to notice that there wasnât a dry eye in the room, when giving honor to the courageous and inspiring Jenny Oldfield who sadly lost her battle with Pancreatic Cancer. Jenny spent many years championing and carving a path for women and their careers, with an award which is dedicated to her memory and presented to a woman currently working in Credit Management, women who display a passion and drive for personal development in the Credit industry regardless of their age, length of service or experience. CICM Awards 2024 – Private (cicmbritishcreditawards.com) Â and in celebration let us extend our heartfelt congratulations to Wendy Overton ACICM for her remarkable achievement with this award. Well done Wendy, well deserved!
Upon reflection amidst the sea of black ties and penguin suits dominating the room, itâs evident that we still have more work to do to fulfill and uphold Jennyâs pledge to champion, celebrate and advocate that women can be successful within the industry. I myself am very fortunate to have worked with some fantastic inspirational female leaders in both credit and the wider finance industry, Elisabeth Doppelhoffer, Johanna OâDriscoll, Sharon Walton, Nese Bogle, Catherine Box to name a few, and as such these individuals have had a profound impact on my personal and professional experiences which helped shape me as an individual within my career. In addition to these finance leaders, I have the pleasure of working alongside the amazing Naomi Smith, AVP Pre Sales Sidetrade, with an extensive career in software and solutions. Itâs important to for us to acknowledge that there are often people to celebrate within the industry who may not be operational Credit Professionals but have a huge impact on both the profession and continuous development of the direction of travel within the industry. I asked Naomi to give us her insights on the evening:
Naomie SMITH | Area Vice President Presales | Northen Europe | Sidetrade“Having never been a Credit Professional, I feel honored to be witness to an event like the CICM. Not only is it hugely beneficial for my role at Sidetrade but I can provide a different perspective to share. Gemmaâs standout points of the evening resonated with me, certainly where Change Management skills need to be prioritised within the credit function for sure, but it also got me asking why is âgaining fresh perspectives and acquiring knowledgeâ so pertinent this year? Simple, even this embedded historic practice cannot avoid the wave of rapidly evolving technology surrounding us, so how do businesses not get left behind?
They must seek not just to diversify but to differentiate, which in itself is a challenge. Products and services are readily available from multiple suppliers with a small margin for variation, thinking of industries such as manufacturing, logistics and FMCG to name just a few. The consumers are getting more powerful, it is a buyersâ market. Â So where can businesses focus their differentiation? For me, Customer Satisfaction. If we look at this within the finance office example; who is easier to buy from? And what does the purchasing journey look like? After all, Accounts Payable is Accounts Receivables customer.
It is now time for credit departments to become agile and data driven by adopting technology which will enable them to provide an award-winning service which fits around their customers individual buying processes, this, in turn will not only attract new customers but retain existing ones too.
This will make them more commercially viable and increase their market share.
Sharon Walton FCMI ACMA | LinkedIn
Catherine Box | LinkedIn
Johanna O’Driscoll | LinkedIn
Nese Bogle MCICM | LinkedIn
Elisabeth Doppelhofer CMgr MCMI | LinkedIn
4. Stay informed â Everyday is a learning day!
It would be arrogant for anyone to think they have nothing to learn, nothing to give or nothing to gain. Staying abreast of evolving changes, allowing yourself to absorb key takeaways and remain connected to a network who can provide valuable education is a vital for several reasons, ensuring relevance, making informed decisions, fostering professional growth, managing risk, networking, adaptability, regulatory changes and personal enrichment in a rapidly changing world.
The CICM is the industryâs leading platform for education and growth, and by attending events such as the British Credit Awards, professionals can stay informed about latest industry knowledge, gain fresh perspective and acquire knowledge that can enhance their expertise.
As widely recognized, the primary growth areas lie within technology and AI, and it falls upon companies like Sidetrade to collaborate with CICM in aiding the education of its community.
CICM Learning & Development
5. Two sides of the same coin
What was impressive to see, and something which needs to be lifted, was the large number of representatives from Accounts Payable (or what some refer to as the Dark Side), including the Accounts Payable Association. Having watched the industry closely, especially within the UK, it’s evident that these silos are beginning to diminish, with Accounts Payable (AP) and Accounts Receivable (AR) no longer viewing each other as adversaries. Each department within the business has valuable insights to offer, and there’s much to be gained from mutual learning and collaboration. After all, these are the individuals with whom your teams interact day in and day out! We need the leaders of these organisations such as the CICM, Accounts Payable Association and OTC lab to help continue to drive and break down these silos and help the continuous growth and promotion of transactional finance. If you are a Credit Professional and donât see the value of P2P and AP teams, then itâs critical that you start to develop a deeper understanding; in fact, as strange as it might sound, my personal journey within P2P allowed me to become a better Credit Professional as I now have a profound understanding on the pain points faced when trying to process an invoice for payment, Afterall many companies donât choose not to pay an invoice, they simply do not have the right information up front, and this is again why Order-to-invoice management is critical for any business to ensure that they present their invoice right first time, but in advance of that ensure that customers have all the relevant information to support the immediate processing of invoices and therefore in turn reduce DSO and maximise Cashflow Management.
Accounts Payable Association: Overview | LinkedIn
Jamie Radford | LinkedIn
The Order to Cash Laboratory Ltd: Overview | LinkedIn
6.Celebrate Success
The primary purpose of attending these awards is to commemorate the achievements of the profession. For nominees and winners, attending the Credit Management Awards ceremony is a moment of recognition and celebration of their hard work, dedication, and achievements. Whether it’s receiving an individual award for outstanding performance or seeing their organisation being honored for its innovative Credit Management practices, the sense of accomplishment and pride is palpable.
For Sidetrade, we were proud to see that one of our very own customers, Biffa, was a class act, garnering two awards of the evening Excellence in Credit Management and Best Employee Initiative. It is clear that Biffa are best in class given their advancement in technologies, their effective and streamlined processes, strong customer relationships and continued process improvements all partnered with the continuous development of their teams. Having spent some time with them directly, it is clear they have a vision for success. They showcase successful innovative solutions and best practices and inspire to raise the bar and strive for continuous improvements in their work, and the recognition received also serves as motivation for individuals and organisations to push the boundaries of what is possible within Credit Management, and Biffa certainly set the bar high! It is clear with Emilyâs vision, passion and strong leadership that this team really are best in class!
I asked Rob Harvey our Chief Product Officer for his comments on their success:
Rob HARVEY | Chief Product Officer | Sidetrade“I wish to extend my heartfelt congratulations to Biffa for their recent CICM award win. The successful implementation of Sidetrade has truly showcased excellence in cash collection activities, underscoring the outstanding performance of the team this award represents.
This achievement exemplifies the transformative impact innovative solutions like Sidetrade can have on businesses, driving efficiency and enhancing their financial operations with AI.
So how can companies become successful within the OTC industry?
With the ever-changing landscape that we have discussed above, it is clear that there is still a long way for companies to go and a lot which needs to be done. It is now imperative that companies do not get left behind when it comes to technology, and this is where Sidetrade comes in. From Order Management to Invoice Processing, Credit Management to Accounts Receivable, Sidetrade provides finance teams with benefits never before experienced with ERP systems. Sidetrade is committed to helping digitize, simplifying and getting more from the Order-to-Cash process with the most modern technology that enables them to work better, smarter, and with higher satisfaction. Using SaaS (Software as a Service) to provide rapid implementation, an easy-to-use system, and scalability for businesses in every industry ensures a fast ROI.
In addition, companies need to be better when it comes to Credit Risk decisioning, as this sits hand in hand with Credit Management, ensuring:
-
- Financial Stability
- Profitability
- Regulatory Compliance
- Asset Quality
- Risk Mitigation
- Customer Relationships
- Market Confidence
- Strategic Decision Making
And taking that into practice, we wish to invite you to our upcoming webinar: Â Unlock growth secrets with #AI and Data-driven #Credit Risk solutions.
Featuring Marlink, Sidetrade, and Creditsafe Group experts, it will take place on March 19, 2024, at 11:00 AM GMT. Be ready to embark your Credit Risk journey with Sidetrade and Creditsafe solutions!
Marlink will provide insights into Credit Management best practices and outline the importance of having effective Credit Risk Capabilities.
Sidetrade and Credisafe will showcase the key requirements for successful Credit Risk process deployment, prioritizing effectiveness, and user experience.
Discover a seamless, efficient, and precise approach on how to manage credit risk, enabling:
- Effective use of the Industry trends & insights
- Automation of over 80% of credit decisions
- Credit Onboarding of new customers in less than 1 day
- Reduction of operating costs by 40%
- Decrease in bad debt by 10%
Webinar : Unlock growth secrets with A.I. & Data driven credit risk solutions
Special thanks goes out to Michael Ryan, Finance Transformation, and Martin Kirby for their ongoing support and championing of the profession. These seasoned (not old) finance professionals offer insights and valuable resources in the realm of all things finance. Whilst these two do not need any introductions, if you donât know who they are please take a moment to peruse the following article
Blog | A View From The Bridge | Finance Transformation
In conclusion
A Credit Management Awards ceremony is more than just a night of conviviality and celebrationâit’s an opportunity to recognize excellence, foster collaboration, gain insights, and celebrate the collective achievements of the Credit Management community. Whether you’re a nominee, a winner, or simply an attendee, these events offer valuable experiences and lessons that can enrich your professional journey and contribute to the advancement of the Credit Management profession. Personally, however, we need to continue to educate, communicate, collaborate and respect the position and responsibility that each and every one of us plays in this field. Whether it be a Credit and Finance Professional or a leader in technology we will only succeed as one. It was an honor to host many of our customers and supporters and I thank you all for your interest in this article. If you have read this far then thank you. Please share your insights and thoughts within the comments.