In Focus Collections
collections will be less likely to overwhelm their existing capacity and be more equipped for the backlog of payments, calls, and inquiries.
Time to evaluate your collections software?
Digital debt collection cannot happen without the right tools and processes in place. Here are some factors to help you evaluate if it is time to look for a new path to accelerate growth. Preference management - consumer preference management has become increasingly important. People need a way to opt out of
communication methods they do not like and be served content in the way they want to receive it. Can your collections platform quickly adapt to customer demand and as new com- munication methods come to market? Scalability - how much can you accomplish with one product? Are you using multiple tools that could be
replaced with a single integrated collections and receivables platform? Process Automation - automation can speed up workfl ows for staff , reduce repetitive tasks and protect against human error. How are you leveraging automation in the collec- tions space? Customer segmentation - how easy is it to identify high-risk customers? Are you leveraging AI-based software to ensure faster recovery?
“With the help of Highradius’ collections solution, we had an average savings of $500,000 in one year.” Tim Walker, Finance Project Systems Manager, Brightstar
With an expected surge in collections activity, automating customer communication will be key to the success of collections in the future. Self-service options and alternative communication methods will streamline the collections process and minimise the strain on call centre agents
March 2022
“By leveraging a fully automated collections platform, Ferrero achieved a 33% reduction in Average Days Delinquent (ADD).” Kay Rogers, Vice President North America Financial Transactions, Ferrero
By creating a more eff ective, customer-
focused collections process, you can turn even hard-to-fi nd and diffi cult debtors into valuable customers while increasing recoveries and reducing costs. CCR
For further detaiuls on HighRadius’ case studies, go to:
www.highradius.com/customers/
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