An insightful summary of how top-performing collectors deal with the most common defaulter excuses and scenarios every day
Technology has already transformed the collections landscape by enabling the following functionalities:
Moreover, with trending technologies such as Machine Learning and Artificial Intelligence, collections teams could leverage proactive collections approach to enable faster collections. Advanced features such as invoice-level payment date prediction and segmentation based on dynamic customer behavior enable the collectors to have a microscopic view into customer payment behavior. Impact on Collections Calls AI could potentially transform collection calls by helping the collector with communication, understanding the customer sentiments, determining the probability of customer keeping the payment commitment and differentiating between false excuses and genuine issues. Here are a few use-cases:
AI system could provide insights on the type of communication a customer is more receptive to ? short, to-the-point communication versus longer conversations with small-talk.
Managers could leverage AI to figure out which collection approach (aggressive, defensive, consultative, collaborative) works for which type of customers by analyzing a multitude of successful collection calls.
AI could leverage sentiment analysis to advise and alert collectors about customer satisfaction levels while the call is in progress.
AI could advise managers on which collector would be suited best for which customers by understanding individual skillsets and strengths.
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.