Even if you’ve got the order-to-cash cycle figured out, there will always be customers who have trouble paying their bills. Collecting these open receivables should be as straightforward as possible with a minimal drag on your team.
In this eBook, Increase Your Collections Success, we present five steps to increase your collections success.
1. Centralize your communications
Collections is all about communication with your customers and has a broader role within your company. You try to find out why certain customers have trouble paying, and try to find a way around this.
2. Get full transparency into every account
A good collections solution significantly enhances transparency into where your receivables are, suggests the best actions to take to collect them and lets you stay ahead of potential cash flow issues.
3. Introduce the power of AI in your debt collections
Artificial Intelligence (AI) can take your cash forecasting to the next level. Garnering data from a variety of parameters, you can gain a real-time overview of your cash flow.
4. Automate what you can
With automated collections management you can spend most of your time on personal contact. Repetitive tasks go on autopilot, and teams can focus on qualitative interactions, investigating irregularities or more complex tasks.
5. A collections process your customers will love
If you can approach the customer directly and communicate in a consistent and personalized way, this can greatly simplify the entire collection process and optimize customer relationships.
Implementing these five steps will take you a long way towards success. You can reach more customers with less effort, strengthen customer relationships and address the lack of visibility—all while getting paid faster.
