Welcome!

Blog Feed Post

Tinubu & ICM Research Reveals That ‘UK plc’ Is Still Relying On Reducing ‘Days Sales Outstanding’ To Minimise Financial Risk

…despite improving economy, UK businesses are not maximising available tools to improve financial management …

27 February, 2014 - London, UK - Tinubu Square, a leading source of credit risk solutions for trade credit insurers and businesses, has today announced the findings of new research it has conducted with the Institute of Credit Management (ICM) into risk management operations across UK businesses. The findings reveal that despite the huge efforts made by UK businesses in the years following the financial crisis "reducing days sales outstanding" was still considered the area with the greatest need for improvement in their risk management operations at 24.3%.

Nearly two-thirds of credit managers, 64.3%, also stated that "reviewing existing processes" was one of the top two actions they were taking, or planning to take, to make improvements to their risk management operations. In second place was "improving cash-flow forecasting" at 24%.

The findings come as the ICM announces its ICM UK Credit Managers' Index for Q4 2013, sponsored by Tinubu Square, with a headline 'confidence index' figure of 58.3. This is a rise of 1.3 points on the previous quarter and shows increased confidence amongst credit managers in the economic recovery that the UK is seeing. This optimism is reflected by UK GDP figures which saw a corresponding 0.7% rise during the same period.

Mike Feldwick, Head of UK & Ireland at Tinubu Square, said: "Credit managers are continuing to make the best use of the means at their disposal to control risk exposure and maximise profitable sales. Trade credit may well become more widely available in 2014, but it will still be crucial for businesses to exercise robust financial management and not to overstretch limits due to an improving market. Real-time information is an essential part of making financial management a success, you need data that reflects the real-world, in terms of your own financial position and those you trade with, to make decisions you can trust."

In the survey, Tinubu Square asked credit managers from across the Institute of Credit Management two simple questions, the summarised responses to which can be seen below:

Where do you see the greatest need for improvement in your risk management operations?

  • Connecting back office financial to front-line systems - 11.3%

  • Gaining detailed intelligence on the credit worthiness of customers - 14.4%

  • Minimising your exposure to risk - 23.3%

  • Streamlining & simplifying credit management procedures - 13.2%

  • Improving your value with a credit insurer or bank - 2%

  • Having access to real-time data - 11.1%

  • Reducing 'days sales outstanding' - 24.3%

What are the top two actions your organisation has taken, or plans to take in order to make these improvements?

  • Provide real time access to financial data - 20%

  • Improve cash flow forecasting - 24%

  • Invest in a risk management platform - 9.2%

  • Seek buy-in from the board - 7.6%

  • Invest in technology to benchmark and track performance - 20.7%

  • Review existing processes - 64%

About Tinubu Square
Tinubu Square's mission is to give our clients better control, visibility & management of their trade credit risk. Tinubu Square's Risk Management Center (RMC), a cloud-based SaaS platform is a ledger management & credit insurance policy management tool which can eliminate fragmented credit management systems. This allows our customers to gain a consolidated view of risk per business unit or group wide. As an addition to our software offering, we are able to supply our Credit Risk Intelligence reporting and Risk Analyst advisory services. This gives companies the true picture of their customers' financial health across their enterprise, from sales and marketing through the entire order-to-cash cycle. As a result, you can manage your customer credit exposure at local and international levels, improve cash flow, secure the value of receivables as an asset on your balance sheet and strengthen your financial position for short-term bank credit. www.tinubu.com

# # #

Notes to editors

  • The research was conducted in January 2014 by the Institute of Credit Management, Europe's largest association for the credit management industry, amongst a panel of 500 UK credit managers.

Media contacts
UK/International:
Julie Kirby / Duncan Gurney, Ascendant Communications
Mobile: +44 (0) 7956 955625 / +44 (0) 7912 495 630
Email: [email protected]

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
Back in February of 2017, Andrew Clay Schafer of Pivotal tweeted the following: “seriously tho, the whole software industry is stuck on deployment when we desperately need architecture and telemetry.” Intrigue in a 140 characters. For me, I hear Andrew saying, “we’re jumping to step 5 before we’ve successfully completed steps 1-4.”
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product Marketing Manager at Serena Software, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...