Credit and Collection departments have attained strategic importance and are expected to deliver on their aggressive KPIs more than ever before. Teams are also expected to achieve their targets with even fewer resources. In such a “do more with less” scenario, best-in-class Credit and Collections organizations have implemented a set of best practices that allow them to outperform their peers.
Discover the 5 collections best practices synthesized from top-performing collection teams at Fortune 1000 companies that have delivered maximum productivity gains resulting in a significant reduction of DSO levels.
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.