Limit risks with quality credit reports
Qualitative credit reports with reliable information are crucial for Eastman Chemical Company (Eastman) to do business successfully all around the world. “We usually, first look at the maximum credit limit of a company, for example 1 million euros. This immediately gives a good idea of the risk of doing business with this company. But we look further than that. The team do their own analysis based on hard and soft data in the CreditDevice reports. We analyse the profit and loss account, balance sheet and other available data of a company to create a full picture, “says Glenn Clark, Credit Manager at Eastman.
Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. As a globally inclusive and diverse company, Eastman employs approximately 14,500 people around the world and serves customers in more than 100 countries. Since 2013, Glenn Clark has been responsible for Eastman’s credit management for EMEA (Europe, Middle East and Africa). He manages an international team of 8 credit controllers including 3 analysts and reports to the Director, Global Credit.
Glenn’s international team, distributed throughout the EMEA area, all work with credit information from CreditDevice and are requesting credit reports on a daily basis. In 90 percent of the cases, the credit reports are available online, Glenn explains. “For some companies in the Middle East, Africa or in Russia we need to request offline credit reports.” “Contact with CreditDevice is very important. Especially when it comes to reports that deviate from the norm. We are always able to ask questions and get answers quickly. So, we are very pleased about the service level which is vital in our ability to make quick decisions surrounding credit risk.”
CreditDevice provides quality reports which help us to limit risks and provide quick information to enable business growth.
Flexible contract options
As a Credit Manager, Glenn previously worked with various parties that provided credit reports. Often with long-term, set and rigid contracts. Until he started working with CreditDevice’s, with whom you can work on a flexible basis. “You do not often see such flexible contract options like these. We are not stuck to a long period or to an x number of credit reports that we have to purchase. We work with a flexible bundle. This flexibility is a great advantage”.
One partner for all credit reports
All credit representatives in Glenn’s team work with credit information from CreditDevice. “The costs are significantly lower when you work with one partner “, says Glenn. “In addition, he explains, as all credit reports from CreditDevice have a uniform layout, no matter the country, our team knows what to expect which makes it easier to analyse the reports.
A global solution for Eastman credit management processes
At the moment, Eastman European team only use credit information from CreditDevice. But that might change in the future. As a pioneering international company, Eastman is constantly looking for solutions to improve and innovate internal processes and systems. Also, in the area of credit management, says Glenn. “Of course, we must also take into account our international organization and processes. This means that we have processes and procedures that have been established globally. Due to this, we are continuously looking for global efficiencies or solutions. Hopefully CreditDevice will be a part of this.”
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