CM December 2023

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Introducing our CORPORATE PARTNERS Each of our Corporate Partners is carefully selected for their commitment to the profession, best practice in the Credit Industry and the quality of services they provide. We are delighted to showcase them here. HighRadius provides a cloud-based Integrated Receivable Platform, powered by machine learning and AI. Our Technology empowers enterprise organisations to reduce cycle time in the order-tocash process and increase working capital availability by automating receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections. T: +44 (0) 203 997 9400 E: infoemea@highradius.com W: www.highradius.com Our Corporate Partnerships give organisations a unique opportunity to work with us and demonstrate their commitment to professionalism and best practice in the Credit industry. We have combined a number of compelling features that will deliver great value through sustained exposure to our membership of over 7,000 credit professionals, decision-makers and key industry figures. For further information please contact the Head of Strategic Relationships, luke.sculthorp@cicm.com CM CREDIT MANAGEMENT THE CICM'S HIGHLY ACCLAIMED MAGAZINE Credit Management, the magazine of the Chartered Institute of Credit Management (CICM), is the leading publication in its field. The magazine includes full coverage of consumer and trade credit, export and company news, as well as in-depth features, profiles and opinions. To receive the free magazine you must be a member of the CICM or subscribe. SPECIAL FEATURES IN DEPTH INTERVIEWS ASK THE EXPERTS GLOBAL NEWS LEGAL MATTERS INTERNATIONAL TRADE CURRENCY EXCHANGE HR MATTERS MOBILE DIGITAL EDITION EDUCATIONAL STUDIES THE LEADING JOURNAL FOR CONSUMER AND COMMERCIAL CREDIT PROFESSIONALS TO SUBSCRIBE CONTACT: T: 01780 722903 Brave | Curious | Resilient / www.cicm.com / December 2023 / PAGE 46
EXCLUSIVE PAYMENT TRENDS ONE-WAY TRAFFIC Late payments across UK and Irish regions and sectors continue to rise. AUTHOR – Rob Howard THE latest late payment statistics show things are continuing to move in the same direction.Unfortunately, it’s the wrong direction, with late payments on the rise across the board in the UK and in Ireland. The average Days Beyond Terms (DBT) across UK regions and sectors increased by 0.4 and 2.2 days respectively. Over in Ireland, the average DBT figure rose by 1.6 and 0.7 days respectively. Average DBT across the four provinces of Ireland dropped by 2.1 days. SECTOR SPOTLIGHT For the most part, the UK sector standings don’t make for pleasant reading, with 15 of the 22 sectors going the wrong way. Two sectors in particular have seen a significant hit to late payments. The Other Services sector (which includes dry cleaners, hairdressers and other beauty services through to membership organisations), saw the biggest rise, an increase of 22.4 days taking its overall DBT to 37.7 days, meaning it is now the worst performing UK sector. It is closely followed by the International Bodies sector, with a sharp increase of 22.2 days taking its overall DBT to 36.2 days. On a more positive note, although the Financial and Insurance sector remains towards the bottom of the standings with an overall DBT of 27.0 days, it is, at least, making strides in the right direction, cutting its DBT by 16.0 days. The picture over in Ireland isn’t too dissimilar, with just three of the 20 sectors making improvements to late payments. It’s worth noting that five sectors saw no change whatsoever to DBT, but the remaining 12 sectors are all going backwards. The IT and Comms sector saw the biggest jump, with an increase of 18.5 days. Elsewhere, the Transportation and Storage (+15.3 days) and Wholesale and retail trade; repair of motor vehicles and motorcycles (+14.4 days) sectors also saw steep increases to DBT. Of the three sectors making progress, the Real Estate deserves a mention. Although it remains at the bottom of the Irish sector standings, it has cut the deficit, reducing its DBT by a noteworthy 60.0 days, takings its overall figure to 34.0 days. The picture over in Ireland isn’t too dissimilar, with just three of the 20 sectors making improvements to late payments. It’s worth noting that five sectors saw no change whatsoever to DBT, but the remaining 12 sectors are all going backwards. REGIONAL SPOTLIGHT The latest UK regional data shows just over half (six) of the 11 regions are going backwards. London has slid down to the bottom of the standings, with an increase of 4.8 days taking its overall DBT to 18.8 days. The West Midlands isn’t too far behind, an increase of 4.2 days taking its overall DBT to 14.5 days. At the other end of the scale, the North West made the biggest improvement and has shot up the standings following a reduction of 5.3 days, taking its overall DBT to 11.2 days. Despite an increase of 1.8 days, the South West remains the best performing region with an overall DBT of 10.4. Over in Ireland, just under half (12) of the 26 regions saw increases to DBT. The county of Wicklow saw the biggest rise and moves towards the bottom of the standings following an increase of 27.0 days to its DBT. Elsewhere, Carlow (+24.8 days), Tipperary (+11.0 days) and Limerick (+8.7 days) also saw sharp increases to late payments. Looking at the positives, Kilkenny saw the biggest improvement, cutting its DBT by 27.0 days, and taking its overall DBT to 1.0 day. The four Irish provinces provide a positive, with three of the four moving in the right direction with reductions to DBT. Although Munster remains at the bottom of the standings, it did make the biggest improvement, cutting DBT by 7.4 days. Connacht reduced its DBT by 0.4 days, taking its overall DBT to 6.3 days overall. Leinster takes over as the best performing province with an overall DBT of 4.1 after cutting late payments by 5.2 days. Data provided to the CICM and its members exclusively by Creditsafe Group and with thanks to Jason Braidwood FCICM. Brave | Curious | Resilient / www.cicm.com / December 2023 / PAGE 47
Page 1 and 2: CREDIT MANAGEMENT CM DECEMBER 2023
Page 3 and 4: SEAN FEAST FCICM MANAGING EDITOR Ed
Page 5 and 6: 28 THE SCORES ARE IN CICM GOVERNANC
Page 7 and 8: NEWS ROUNDUP Seven million adults f
Page 9 and 10: NEWS ROUNDUP “It’s encouraging
Page 11 and 12: Screen your clients against 1,100 w
Page 13 and 14: Whatever the next 12 months has in
Page 15: “We are proud to be the first BNP
Page 18 and 19: Thursday 1st February 2024 Royal La
Page 20 and 21: INFORMATION SECURITY Held to ransom
Page 22 and 23: INFORMATION SECURITY AUTHOR - Andre
Page 24 and 25: ECO WARRIOR Invoice Finance can sup
Page 26 and 27: CONSUMER CREDIT SCHOOL’S OUT Coll
Page 28 and 29: CONSUMER CREDIT The scores are in A
Page 30 and 31: CONSUMER CREDIT AUTHOR - Emma Steel
Page 32 and 33: Towering above the competition At W
Page 34 and 35: COUNTRY FOCUS South Korea is a dest
Page 36 and 37: COUNTRY FOCUS AUTHOR - Adam Bernste
Page 38 and 39: International Trade Monthly round-u
Page 40 and 41: INSOLVENCY Downward Spiral Are the
Page 42 and 43: CICM TRAINING Training courses that
Page 44 and 45: Introducing our CORPORATE PARTNERS
Page 48 and 49: STATISTICS Data supplied by the Cre
Page 50 and 51: LOOKING FOR YOUR NEXT CAREER MOVE?
Page 52 and 53: HR MATTERS Love action Blowing the
Page 54 and 55: NEW AND UPGRADED MEMBERS Do you kno
Page 56 and 57: Cr£ditWho? CICM Directory of Servi
Page 58 and 59: Cr£ditWho? CICM Directory of Servi
Page 60: Brave | Curious | Resilient / www.c

CM December 2023

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