They achieved 90% Collections Effective Index by implementing HighRadius Collections software in 12 weeks.
Here are some of the ways they used AI and automation to improve their collection workflow and achieve a great CEI :
- AI-Based Prioritized Worklists : Using AI-based worklist prioritization, their collectors were automatically recommended critical actions which they could take for their customers. These worklists are prioritized according to aging buckets, customer payment behavior and other metrics, allowing collectors to reach out to the right customers on time..
- Automated Dunning : They used automated dunning to send templatized correspondence with the system automatically attaching the required documents to the email draft which saved their collection team valuable staff-hours. This ensured high-risk customers were reached out on-time, with the correct documents, informing them about their payment dates.
- Integrated Payment Gateway Links : It allowed them to have gateway links embedded in their automated collection emails. This enabled their customers more flexibility to make payments with their preferred payment format.
