Segmenting customers for Collections into buckets of strategic accounts and providing an insight into Collections process for faster operations
Over the decades, the collections process has evolved from a ‘dial-for-every-dollar’ operation to high-value, strategic processes where executives rely on the collections team to reduce DSO for efficient working capital management. In today’s dynamic and aggressive economy, enabling a proactive collections management process that inculcates standardization and industry best practices and ensures quality customer experience, is of paramount importance given that each analyst is assigned thousands of accounts for collections.
However, with increasing expansion, collections team of all companies across the financial business spectrum are feeling the pressure to deal with an exponential increase in the number of customers and become agile in terms of customer collaboration and collection strategies. The collectors can no longer deal with customers on a case to case basis and have to rely on customer segments for customized customer communication and collections operations.
This e-book, with research on more than 500 receivables projects, concludes that credit and A/R leaders are more likely to positively impact A/R KPIs if they segment customers based on key dynamic and static factors.