Natalie Fedie went on to explain however, that customer expectations have changed. “Our role is now more than a technology provider as we embrace the responsibilities of a process functional expert who can empower and support clients through user adoption and beyond, monitoring the impact on business value whatever the economic environment”. HighRadius solutions are based on best practice but highly configurable so workflow processes can be designed to increase efficiencies and meet the business objectives.
Natalie described how her customer value team works closely with clients to make sure that they’re maximizing the value of the software systems. “We built a framework of metrics that starts all the way from the very basics of adoption and performance as far as analyst’s productivity, your customer productivity, all the way up to driving those business values like lowering DSO or decreasing bad debt. Those are the things that matter to a business, so we defined this framework of measuring that value.”
Natalie added that in the current scenario, the client-tech relationship should be aligned to address the business challenges, notably collections, and that her team does that through identifying process gaps and providing proactive recommendations for improvement using HighRadius technology.
Wherever they work, credit & A/R teams need to focus on critical customers and figure out a strategy to recover the past-dues – a process that can be simplified and accelerated with intelligent automation. AI-based technology can not only relieve analysts from the burden of manual tasks but it also provides actionable intelligence on when the customer is likely to make the next payment based on previous behaviour. Then, in what is almost a reverse engineering project the collector can create a dunning strategy based on the AI-predicted payment date.
A recent panel discussion organised by HighRadius with credit experts from Experian, CreditRiskMonitor, CreditSafe, Credit.Net and S&P Global analysed the value of AI in credit scoring. Michael Flum COO & SVP of CreditRiskMonitor said that credit scoring should be integrated with AI, machine learning and deep neural networking to ensure that in this scenario, you are safeguarding your organisation against potential bankruptcy and other financial stress. It is important to have a real-time visibility of how credit risk is changing from the last time you reviewed a particular portfolio
AI can create significant value, speed and efficiency for credit and A/R team, reducing past-due by as much as 30%, controlling bad-debt risk and helping to optimise working capital.
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.