In many companies, the collections department is seen as a sort of gatekeeper for the administration and resolution of deductions and other problems. The credit staff does not typically have the decision making power to finalize a resolution to problem receivables but needs to do all they can to make the process of getting decisions as streamlined as possible. Utilizing problem-tracking software is a huge step in the right direction and seems an obvious solution to an ongoing problem.
However, to do it right, seven critical functions need to be performed by problem tracking to assure a wide range of benefits.
Like an impressionist painting that looks like specks of different colors until you step back and are able to see the greater image, you cannot get the same perspective on the issues plaguing your receivables department by trying to analyze problems one at a time. By utilizing problem-tracking software to group and sort, you are finally able to step back and see the big picture of where your vulnerabilities lie and where there is room for improvement. By working together with other affected groups to come up with resolutions for these recurrent problems, everyone wins.
Have you implemented any of these seven critical functions in your collections department? If so, which one(s) and how have they benefitted your department?
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HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company that leverages Artificial Intelligence-based Autonomous Systems to help companies automate Accounts Receivable and Treasury processes. The HighRadius® Integrated Receivables platform reduces cycle times in your…