Upcoming Webinar: Best Practices in Automating the Collection Process

As our previous research has revealed, AR automation brings with it a multitude of benefits, including a reduction in overhead costs and enhanced visibility. This is due not only to the reduction of manual data entry, but also to the advanced segmentation provided by many of today’s collection software solutions. These functions create an automated system of prioritization so that AR staff members can allocate their time to the most valuable accounts. It also spares loyal customers who may miss a payment from entering into a lengthy collection process.

Collection Enhancement Tools
In addition to advanced segmentation, there are several new collection enhancement tools (CET)  that have emerged recently. These include mobile applications for collections, which will no doubt continue to evolve as mobile functionality becomes a necessity for most organizations, as opposed to an added bonus. Speech recognition is also on the rise as companies seek new ways to track performance for collection agents. Of course, social network support has also been added in many solutions as a way to communicate with customers via their preferred channels.

While the benefits of AR automation are well documented, we’ve found that many organizations are still dependent on expensive manual processes. We attribute much of this failure to the limitations of the AR modules incorporated in Enterprise Resource Planning (ERP) or accounting software. Such systems have a transactional accounting focus and tend to not address collection challenges like risk mitigation and compliance to regulations. Hence it’s becoming more and more apparent that new solutions are needed to bridge the gap between existing ERP systems and newer CET.

In our upcoming webinar featuring FICO on January 20, 1pm, Henry Ijams, founder and managing director at PayStream Advisors, reviews best practices in collections automation as revealed by recent survey results and analyst research. PayStream’s lead analyst will discuss:

• • Innovations in AR Automation
• • Automation of Segmentation Strategies
• • Making your Automation Business Case
• • Calculating ROI

Interested in learning how to enhance your collections process, cut costs and increase customer satisfaction?