Behind the scenes of a CICMQ & CICM award winning credit function
Hays, a global recruitment agency and, our premium corporate partner recently shared their UK credit control team's impressive journey towards achieving CICMQ accreditation and winning the 2024 British Credit Awards' Innovation in Credit Award. This blog post dives into the key takeaways from their presentation.
Credit Control Expertise with a Human Touch
Hays employs a dedicated credit control department with 45 specialists managing various client accounts. Their focus on efficiency is evident in their impressive 32-day average DSO. To further enhance its operations, Hays partnered with the Chartered Institute of Credit Management (CICM), by obtaining CICMQ accreditation, Hays gained valuable insights into best practices within the credit control industry.
Collaboration Leads to Recognition
Karen Tufts, head of accreditation at CICM, presented the program's benefits during the Hays webinar, highlighting aspects like:
- Benchmarking and best practice implementation: Hays leveraged CICMQ to identify areas for improvement and implement industry-leading credit control strategies.
- Networking opportunities: Through CICM's network, Hays gained access to a community of credit professionals, allowing them to exchange knowledge and best practices.
- Improved departmental performance and stakeholder recognition: By achieving accreditation, Hays demonstrated their commitment to excellence in credit control, earning recognition from internal and external stakeholders.
Automation: A Recipe for Efficiency and Customer Satisfaction
Pavlina, the credit control manager for the automation team, presented their award-winning project. Their innovative approach focused on automating low-risk accounts, allowing credit control specialists to dedicate more time to complex cases. Nearly half (48%) of Hays' accounts are currently automated, generating almost a third of their monthly cash collections.
This automation process boasts several advantages:
- Increased productivity and cost savings
- Enhanced customer experience with gentle reminders and self-service options for tasks like requesting invoices or raising disputes
- Reduced paper usage, aligning with Hays' commitment to net zero emissions
Building the Next Generation of Credit Control Professionals
The automation team serves a unique purpose beyond streamlining processes. It acts as a training ground for new credit control hires. Nicole, a former animal care worker, shared her inspiring story of transitioning to credit control and obtaining her Level 2 CICM qualification with the support of Hays' mentorship program. Today, Nicole empowers new trainees by guiding them through their studies and professional development.
Hays' Innovation Paves the Way
Hays' credit control team's journey is a testament to the power of collaboration and continuous improvement. By partnering with CICM and embracing innovation, they achieved remarkable results, including accreditation, an industry award, and a thriving credit control department.
We at CICM are proud to have played a role in their success story. If you're interested in learning more about CICMQ accreditation or how CICM can empower your credit control team, visit our website at www.cicm.com.