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)

Let's have a chat - call the team on +44 20 7813 2182

Latest News

Efficient management of large credit insurance programmes – the happy client, the happy broker, the happy underwriter.

Many brokers consider the biggest threat to their business to be self-insurance. Insured clients can be driven in that direction through dissatisfaction with a number of key factors:  The Credit Limit Service — this can be limits available, but it can also be about...

THE THREE ROUTES CREDIT RISK MANAGEMENT AUTOMATION – ARTICLE FOR ICTF MAGAZINE

Our job is to advise clients about credit management technology and best practice. We are independent and we have been doing it for a long time. The key issue is that through experience we know what works, and we also know what doesn’t work. This means that our...

CO-PILOT & AICDP WEBINAR REPLAY

Co-pilot was delighted to speak at the recent AICDP webinar on Automating Credit Risk Management Processes along with Wilm Schweer from SHS Viveon & Shaun Rees of VF Corporation. This was a short, sharp, high-level presentation with interactive questions from the...

ROBOTICS AND AI

Artificial Intelligence and Machine Learning (AI/ML) are current buzzwords and many companies are now investigating the possibilities across various business functions. These technologies can have significant impact upon the performance of credit management but it is...

FORCE MAJEURE – A REALLY USEFUL GUIDE BY BAKER ING

Our contacts at Baker Ing have produced a detailed look at Force Majeure which is available to download from their website - a worthy read in these current times. Download your copy by clicking the image below:

Co-pilot’s involvement through supplier identification, procurement, implementation and beyond ensured project success and delivery of the business case.

CHRIS SNELSON – SENIOR DIRECTOR – INTERNATIONAL CREDIT AT VF CORPORATION