One of the most important tools that Collections teams use to ensure regular contact with customers and facilitate faster payment is dunning correspondence. However, with a growing volume of customers and varying payment terms, the time collectors spend on this manual, repetitive task is growing and taking precious time away from higher-value activities such as calling into accounts and maintaining the relationship with key strategic customers. To make up for these time demands, companies resort to increasing collections team sizes or compromise on the frequency of personally touching key accounts.
In this webinar, we will examine the impact that technology can have on automating correspondence-related, manual, low-value tasks and the opportunity it provides to focus on key strategic accounts. The technologies we review – correspondence strategies and packages – have helped a number of companies, from Fortune 1000 down, to ensure a timely and accurate dunning correspondence while reducing its cost and time by over 90%.
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.
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We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
Colleen Zdrojewski
Trusted By 1100+ Global Businesses
