BvD also conducted a case study with a large Chemical company with a focus on the European Union in large economies like the UK, Germany, France and Spain. Analysing close to 12,000 customers in the portfolio and using their Market reactive score, they were able to do the portfolio analysis in Pre-COVID and Post- COVID world. The blue graph represents Pre-COVID and Orange representing post-COVID. Pharmaceuticals companies and agro-animal production had an extremely positive outcome during the COVID crisis whilst retail trade essentials saw a moderately positive outcome because of the lockdown effect. Plastic manufacturing and retail trade non-essential commodities had a negative and automobiles and transportation were impacted the hardest BvD used sector and macroeconomic data for the parameters for portfolio analysis with a focus on AR Data and Ownership information.
We are quickly adapting to the changes in the market environment and our portfolio analysis is easily adaptable
Know your Customer and your Customer’s customerMark went on to explain that monitoring the payment behaviours of customers is crucial now. If the payment is erratic, it can be a sign that the customer is affected and not able to pay but it may also mean that the company is delaying payments. Industry impact of the COVID on customers is also crucial. The recession which was talked about for years was a ticking time bomb which was detonated with the COVID crisis and the majority of them are going through the crisis. Mark also added that the recession is just the start of a series of hardships that collectors might face in the coming years. With trade to and from the UK to be affected by the imminent Brexit. Most companies are in a seismic shift to adjust themself for Brexit and the corona crisis has just exacerbated and had rub salt on the collector’s cash flow wound. Recession + Brexit + Government regulations are the perfect storm for collectors as the cost of borrowing and taxes are going to increase. Collectors need To collect efficiently,
With Empathy, companies will stay with you as your customer for generations to comeMarks with his 40 years of experience in credit and collections space was confident that empathy is the way forward in these tense times. Many companies are genuinely affected and giving them flexibility like partial payments, credit cards, and guest links is a good way to keep them happy. If you help them during the tough times, they will remember and continue the goodwill.
Bill Weiss, VP Business Development Credit and Collections, HighRadius AI will never replace empathy and thoughtful decision makingIn Highradius, it is always Humans + Machines for a better world. With AI and RPA introduced for collections, Collectors can focus more on strategic decision making rather than mundane tasks. Highradius Collections Cloud uses random forest regression model to predict payment dates and based on the predicted dates, the solution gives a prioritised worklist for the collectors based on AI-enabled predictive ageing and suggests the next action item to be taken. This helps collectors to customise collections strategies, better visibility towards cash forecasting and compose aggressive strategies for high-risk accounts. With Contactless Collections for Medium and Low-Risk Customers, Collectors can proactively collect using automated correspondence. With the ability to send guest payment links in emails, customers can immediately click on the link and pay using ACH or credit card. Whether you are sitting in the office or working from home, it is very easy to implement Highradius solutions in a very short span of time
Learn how Ferrero reduced DSO
HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.