Automating collections is the digital transformation of manual collections processes to automated collections solutions. Collections are automated to increase collections, reduce DSO, accelerate cash flow, improve efficiency and enhance customer experience.
Collections automation includes digitizing the following processes to achieve AR goals.
In the new normal digital access to collections solutions is essential for your team and customers. Cloud- based automated collections provide easy access from anywhere at any time to facilitate remote work, flexible work schedules and travel. Cloud-based solutions provide reliable and robust computing power to support automated collections processes.
Automated email directed by a programmable rules engine makes it possible to create customized email messages timed to reach customers when they are more likely to read them and take action. Digital communications free up time for your collections team to contact high priority accounts. More customer contact translates into increased collections.
Collection automation, which includes a self-serve customer portal, helps to achieve collections goals, improve efficiency for you and your customers, and enhance customer experience. Customers want to self-manage their accounts. They want the flexibility, convenience and efficiency that a self-serve portal can provide. Customers want to manage their accounts when it suits them from any location. They don’t want to have to speak with a member of your team for routine transactions, and your team doesn’t want to be tied down by manual tasks. Self-service is a win-win solution for everyone.
Automating collections with activity management solutions helps to focus your team on high priority collections to reduce DSO, accelerate cash flow and increase efficiency. Activity management gives your team a 360-degree view of account status, prioritizes collection accounts, and helps to keep them on task. Time that was spent trying to prioritize accounts to figure out what to do next, can instead be spent contacting high priority accounts.
Reports and Forecasts
Digitizing reports and forecasts is an essential part of the digital transformation of collections. Stakeholders need to be updated on a timely basis on KPIs and cash flow forecasts. Automation makes real-time reporting and forecasting possible without the need to tie up resources to manually analyze data and generate reports and forecasts.
Collections automation digitally transforms collections processes. It helps to increase collections, reduce DSO, accelerate cash flow, increase efficiency and enhance customer experience.
AR and AP issues are easier to deal with if you have automated systems. Cloud-based AR and AP solutions with self-service portals and automated processes keep vendors and customers connected no matter where they are located.
Automation increases efficiency, reduces costs and results in increased profits, cash flow and shareholder value.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated customer communications
- Customer self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can make collections more effective, and improve cash flow 31% or more, request a demo.