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
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of 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. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning 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 busin...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo Silicon Valley Call for Papers is now open.
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of 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. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, 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. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
In his session at 20th Cloud Expo, Brad Winett, Senior Technologist for DDN Storage, will present several current, end-user environments that are using object storage at scale for cloud deployments including private cloud and cloud providers. Details on the top considerations of features and functions for selecting object storage will be included. Brad will also touch on recent developments in tiering technologies that deliver single solution and an end-user view of data across files and objects...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of 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. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, 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. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...