CM September 2020

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How a debt recovery firm remodelled their business to respond to client demands If the pandemic has taught us anything, it is the need to be agile and responsive to change. Brands that do not have the courage to embrace transformation are likely to be left behind. A company that has perfectly demonstrated this, is Controlaccount Plc. This year sees Controlaccount quietly celebrate its 40th anniversary and here we look at how the business has evolved from a simple debt recovery model, to a fully integrated outsourcing business, delivering over fifty white labelled services to some of the biggest UK and global names. Over the past five years in particular, the firm has repositioned itself to respond to shifts in the debt recovery landscape. Founded on values Initially based in a small office in Holborn, London, Controlaccount was founded in September 1980, by Chairman, Graham Ball. The initial objective was to support clients with debt collection services, whilst operating with integrity, decency and understanding. These core values have been delivered consistently, throughout the company’s history. This proposition was attractive to many clients who needed to collect overdue invoices but did not want to be associated with the murky world of debt recovery (as it was seen in the early ‘80s). Controlaccount began working predominantly with clients in the medical sector. At one stage in its history, Controlaccount worked for most of the UK’s private hospitals and healthcare continues to be a key sector the firm supports. Other early clients came from growing sectors such as mobile phone companies and international debt recovery organisations (secured through professional relationships with commercial attachés in London embassies). Growth and expansion Forty years on, on behalf of its many blue chip customers, Controlaccount undertakes the recovery of over 30,000 delinquent invoices every month and collects some £40m each year. Key clients now include leading universities and colleges, a number of medical establishments and brand names from across the transport and logistics sector. It has not however, always been an upward trajectory and Controlaccount navigated many challenges during its forty years. As the debt recovery sector matured, it became more crowded and inevitably, rates were driven down. Although this resulted in the business losing some clients, by continuing to uphold its core principles, Controlaccount retained clients that valued both success and decency. With a track-record driven by its embedded values, it is no surprise that Controlaccount was a founding (and continues to be a) member of the Credit Services Association, and that its ISO accreditations are woven throughout its day to day processes. their customers. Specifically required was a shift towards digital interaction and automation, to enable clients to process high volumes and work accurately and efficiently. The business began to evolve, working more collaboratively to enable clients to improve performance, increase profit and provide engaging customer experiences. Supportive technology In 2013, Controlaccount demonstrated its technology credentials with the launch of Cogenda and ClientWeb. These are a debt recovery ‘engine’ and an online real-time portal where creditors can communicate and manage activity, such as uploading and updating new accounts. These industryleading platforms are still used today. In the same year, by delivering bespoke customer relationship management builds, web-based applications and software solutions, Controlaccount began to move away from a single service debt recovery model to become a comprehensive business process outsourcing provider. This dovetailed into the provision of operational standalone services such as white labelled multi-channel communication centres, branded mailings and advanced credit control functions. Full service By 2018, through its UK call centres and branded mailing facilities, Controlaccount had become a fully-fledged business process outsourcing company offering over fifty services. These included IT and application solutions, financial, marketing and back-office support, plus all forms of debt recovery, credit control and operation solutions. In addition, Controlaccount developed other brands within their family, including the identeco - Business Support Toolkit. This online data portal delivers full business insights and financial reporting. The current Controlaccount offer also includes identecoHR; an innovative HR and time management tool which enables businesses to perform all their human resources functions from one database. Robust systems As the impact of Covid-19 ripples through the global economy, David Harvey, Controlaccount’s Managing Director and the driving force of the business’s new direction, believes that offering a diverse range of services to support clients will hold the organisation in good stead. “Sadly, many businesses will not survive the pandemic. So, whilst forbearance and understanding play a part, companies must focus on having a robust collection process in place. Now is also the time when businesses need to review their model to streamline operations, increase productivity and continue to implement new ideas. Our outsourced services; whether delivered ad-hoc or on a longer-term basis, provide organisations with the ability to deal with the unexpected.” For more information on Controlaccount and how it can help your business thrive, visit controlaccount.com Responding to needs As the debt recovery sector matured, it became apparent that Controlaccount needed to respond to the emerging needs of its clients and
SEPTEMBER 2020 www.cicm.com CONTENTS 13 OPINION Heather Greig-Smith CICM GOVERNANCE 22 LEGAL MATTERS Jackie Ray View our digital version online at www.cicm.com. Log on to the Members’ area, and click on the tab labelled ‘Credit Management magazine’ Credit Management is distributed to the entire UK and international CICM membership, as well as additional subscribers Reproduction in whole or part is forbidden without specific permission. Opinions expressed in this magazine do not, unless stated, reflect those of the Chartered Institute of Credit Management. The Editor reserves the right to abbreviate letters if necessary. The Institute is registered as a charity. The mark ‘Credit Management’ is a registered trade mark of the Chartered Institute of Credit Management. Any articles published relating to English law will differ from laws in Scotland and Wales. outsourcing debt recovery IT solutions 24 LEAD ARTICLE Adam Bernstein 18 OPINION Holly Scott-Donaldson President Stephen Baister FCICM / Chief Executive Sue Chapple FCICM Executive Board Pete Whitmore FCICM – Chair / Debbie Nolan FCICM(Grad) – Vice Chair Glen Bullivant FCICM Treasurer / Larry Coltman FCICM, Victoria Herd FCICM(Grad), Bryony Pettifor FCICM(Grad) Advisory Council Sarah Aldridge FCICM / Laurie Beagle FCICM / Glen Bullivant FCICM / Alan Church FCICM(Grad) Brendan Clarkson FCICM / Larry Coltman FCICM / Niall Cooter FCICM / Peter Gent FCICM(Grad) / Victoria Herd FCICM(Grad) Philip Holbrough MCICM / Neil Jinks FCICM / Charles Mayhew FCICM / Debbie Nolan FCICM(Grad) Bryony Pettifor FCICM(Grad)/ Allan Poole MCICM / Alice Purdy MCICM(Grad) / Phil Rice FCICM / Chris Sanders FCICM Stephen Thomson FCICM 8 – Technically Speaking News, views and opinion from the CICM Technical Committee. 13 – Unparalleled Lines Heather Greig-Smith explains the harsh impact the global pandemic has had on businesses of all size across Europe. 17 – Dream Big Peter Whitmore FCICM reflects on his time as Chair of the CICM. 18 – Start the Revolution Holly Scott-Donaldson of Data Interconnect discusses the use of automation in Accounts Receivable. 22 – Spark Out How will a landmark case involving two contractors benefit creditors in the future? Jackie Ray of Blaser Mills outlines the Bresco Case. 24 – German Bite Is Germany still the powerhouse of Europe? 29 – All Systems Go Why is the credit insurance guarantee from Government a good thing for creditors. 32 – Shaping the Future Focus on the new Advisory Council. 34 – Panel Bashers Is DSO an appropriate measure of a credit team’s performance? Our expert panel decides. 44 – Small Talk Interview – Sean Feast speaks to Sinead McHale. 52 – A Life Fully Lived Obituary – CICM veterans remember Paul Mudge. Publisher Chartered Institute of Credit Management The Water Mill, Station Road, South Luffenham OAKHAM, LE15 8NB Telephone: 01780 722900 Email: editorial@cicm.com Website: www.cicm.com CMM: www.creditmanagement.org.uk Managing Editor Sean Feast FCICM Deputy Editor Iona Yadallee Art Editor Andrew Morris Telephone: 01780 722910 Email: andrew.morris@cicm.com Editorial Team Rob Howard and Imogen Hart Advertising Grace Ghattas Telephone: 020 3603 7946 Email: grace@cabbell.co.uk Printers Stephens & George Print Group 2020 subscriptions UK: £112 per annum International: £145 per annum Single copies: £12.50 ISSN 0265-2099 Advancing the credit profession / www.cicm.com / September 2020 / PAGE 3
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OBITUARY Paul Mudge - a life fully
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Streamline your customer onboarding
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TAKE CONTROL OF YOUR CREDIT CAREER
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