On 25th February Arum hosted our first executive-level Collections and Recoveries Roundtable of 2016 at Edinburgh’s National Museum of Scotland, conducted under the Chatham House Rule. Arum’s Roundtables bring a number of key individuals together from the credit and collections industry to discuss industry hot topics and pressure points.
The theme this time was “Transformational change to future target operating models”and featured presentations based on recent experience in large corporates covering:
– Setting a vision and designing a target operating model.
– Lessons learned from major Collections and Recoveries transformation projects.
In addition Graeme Jones, Chief Executive of Scottish Financial Enterprise outlined the importance of Financial Services to the economy and the challenges ahead.
Attendees at the Roundtable all participated in a lively discussion and contributed their wide experience to the mix. The themes that emerged included:
- Defining a simple shared and widely understood collections vision is a great place to start
- The importance of setting clear goals and continually managing expectations, especially with all employees
- Setting a project up for success means having the best people from inside and outside the organisation involved from the outset
- Setting the right culture is a crucial enabler
- Recognising that key business metrics are likely to be adversely affected by transformational change for a period of time
- Avoiding the internal pressure to change the transformational roadmap and timeline
- Engaging all stakeholders is vital and should be a two-way exchange of ideas
- Transformation happens when people act differently from then onwards
The Roundtable was chaired by experiences utilities and financial services executive Sandy Duckett who said:
“I was most looking forward to the discussions that followed each presentation; I was not disappointed. The overall tone, theme and talking points were all very positive and forward looking, and it was fantastic to see all of the attendees contributing views and experience.”