Last night I attended the North West branch meeting of the Institute of Export (IoE International Trade). We received several fascinating presentations on a range of exporting topics, but one in particular given by the host organisation, Innospec, grabbed my attention.
Regular readers of this blog will be familiar with my mantra of effective management of Letters of Credit from sale negotiations through to document presentation. Innospec's Group Assistant Credit Manager told us that like many companies, Letters of Credit have been increasingly used to mitigate the risks associated with new or challenging markets.... and like many companies they were experiencing huge problems with presenting complying documents and incurring very high bank charges.
Upon initial assessment it was found that only 46% of presentations made to the bank under Letters of Credit were compliant.
The company decided to put in place a range of processes, tools and education to equip all relevant company personnel with the skills to effectively and efficiently manage Letters of Credit, thereby significantly reducing the number of discrepancies and amendments.
The result?
Innospec now have an enviable success rate of 98% compliant presentations to the banks and have seen a massive reduction in associated bank charges.
The message here is not to underestimate the benefit of reviewing your Letter of Credit processes and undertaking a tailored programme of training for your key people.
It DOES work!
Putin’s Personal Trader Exposes How To Turn $10 To $100K
ReplyDeleteRenegade Russian Analyst Reveals How To Turn $10 To $100K
Have you seen this viral video?
The Cryptocurrency Institute have released a video show casing the methods a Putin’s Cryptocurrency Traders uses to generate 10,000% ROI!
[Click here to watch this before it’s taken down]
This is shocking.
I didn’t believe this myself until I saw it.
See for yourself.
It will blow you away.