How Companies Are Improving Cash Flow and Reducing Costs With Credit & Collections Automation

by SunGard, 16 October 2009

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topics:
Cash and Liquidity Management

tags:
automation AvantGard collection credit SunGard

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The single clearest benefit to an automated collection system is the ability to collect receivables faster, which is vital to the success of any company. By employing a system to manage and prioritize calls, send correspondence and track the results, companies can become proactive in their approaches.

Collectors and analysts should be spending their time with the customers, or with the data, using their knowledge and skills to reduce DSO and increase the cash collected. However, all too often, their time is wasted as they wade through a sea of clerical tasks such as faxing, letter writing, and the practice of gathering data.

Imagine a system where collectors will be able to schedule appointments, maintain records of contact, prioritize contacts, set reminders and faxes, email or post mail right from their desktops while talking with the customer. This is possible, and many companies have instituted systems to make this happen.

These companies report tremendous results immediately after implementing the systems. An automated collection system works as an organizational, scheduling and clerical tool for collectors and analysts. If the tool is designed specifically for credit departments, it will be able to easily integrate with the company’s workflow and business model.

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