Collections Processes
Substantially improve efficiency and give your customers the digital experience they now expect
The problem
In many companies the Collections teams operate within multiple systems (typically ERP and spreadsheets) with cumbersome access to management information and documents (eg: invoices, proof of delivery). If a query has to be referred to Sales, then the Collections team will typically use emails and a manual process follows.
Efficiencies
Automating and prioritising workflows reduces costs and enhances results, especially cash position. Typically, you would expect to increase outgoing call capacity per collector by 50% and you would expect to reduce Days Sales Outstanding (DSO) by 20%, “Out of the box” (but not always, see case study) On a 50-day DSO that is a 10-day improvement in cash position.
Home working
A good system provides the ability to operate and to have information available all in one system and to collaborate with Sales within that same system. It enables highly efficient remote working – your Collections people and your Sales people just login.
Your customer
Most people now take the way they interact with business as a consumer into the B2B marketplace – they expect a similar experience. Online access, efficient collections processes and the ability to deal with well-informed Collections and Sales teams demonstrate to your customer that your business has invested in customer service.
Why Co-pilot?
In the first instance, we will take you to the right vendor. (see case study). Then we will make your solution joined-up and integrated into your business. We have a unique-to-Co-pilot range of data sources, tools and techniques which we can design into your solution. These often address specific issues. For example, we have powerful tools that can help you
- Manage and reduce high volumes of deductions
- Manage high volumes of payment plans
- Monitor DCA performance
- Respond exceptionally quickly to a data breach (72 hour customer notification requirement in most jurisdictions)