This year’s ICM awards represented a great achievement for Experian…not only because Experian secured one of the awards, but also because several of Experian’s customers also won awards. They included Britvic for ‘Best use of Credit Technology’; Sharon Adams of Aimia Foods, for ‘Credit Professional of the Year’; and Veolia Environmental Services (UK) with ‘Credit Employer of the Year’.
Credit managers have an increasingly strategic role to play. They must think about the ability to reduce risk, take out operational cost and still support the identification and growth of new opportunities. All this is critical and requires a level of insight that has not always been available. Now businesses have access to a range of publicly and privately available commercial information, such as payment performance data, insolvency figures, directors information and credit account data. Knowing how to bring this together can uncover powerful insights, helping find growth, as well as balancing financial risk and collecting income more efficiently all within a framework of customer care.
Experian has been helping businesses do this and, as a result, has won the ICM’s Credit Information Provider of the year award.
One organisation who is taking advantage of this insight is Veolia Environmental Services, a world leader in waste disposal.
Veolia’s credit control department has been successfully implementing Experian products since 2005 to help manage over 75,000 UK customers’ accounts and transactions.
As a result over the last two years Veolia has reduced their bad debt write-offs by 66%, and with a reduction in the days outstanding and the efficiencies in operational costs Veolia’s profits have improved significantly enabling them to invest more in their products and services for future growth.
Brian Morgan, FICM, Credit Manager at Veolia Environmental Services commented
‘Our vision to is be recognised as a leading credit management department, being better tomorrow than today through continually improving our people, processes and services.
Our role is to generate sales, but we also need to mitigate the probability or threat of loss and our exposure to potential loss, the longer a debt is outstanding the greater the risk of never recovering that debt. Every day a debt is outstanding our profits are eroding and the cost of provisioning increases.
Experian’s products play a vital role in helping us to better understand our customers, the probability of that customer paying and when they will pay. This has been critical in enabling the credit control department to decrease levels of bad debt over a three-year period despite the challenging economic climate and at the same time improving our overall customer experience.’
Much more than Credit
‘One of the key strengths of Experian is its wide offering to Credit Management Professionals. These services help bring together Sales, Marketing and Credit to work together. As one Credit Manager described it, “takes credit management out of the back office and into the Front office.”
In addition to their Credit Management services, Experian has also help us to map out our current customers and then look at our prospect pool of target customers to increase overall market share and improve operational efficiencies by optimising our collections routes.’