Omni channel debt collection methods have become increasingly popular in recent years as they offer an integrated approach to debt recovery. This approach combines different channels such as email, text messages, voice calls, and social media platforms to create a seamless and personalized communication experience for debtors. By utilizing multiple channels, debt collection agencies can improve their reach and enhance their chances of recovering debt.
Artificial Intelligence (AI) is revolutionizing the way debt collection agencies operate. With AI-powered debt collection methods, agencies can now leverage data and automation to streamline their operations, increase efficiency, and improve the overall effectiveness of their debt collection efforts.
It’s a challenging time for small businesses. More than £75 billion has been borrowed by businesses through Covid loan schemes, and many are now standing on a cliff-edge as the governmental COVID-19 support winds down. Managing the impact of late payments and corresponding debt collection efforts is now a way of life for the thousands of UK small business and local councils, so here are the top five ways to improve collections efforts and boost your credit control.
You’ve probably heard of open banking, but understanding it in precise detail can be challenging. Open banking provides banks and lenders with access to consumers’ data, as long as they consent. Regulated by the Financial Conduct Authority (FCA), the aims of open banking are to give consumers increased power over their investments and it also empowers lenders to provide for specific services, tailored to their needs. As a relatively new financial service, open banking has huge implications for debt recovery and debt collection processes.
Economic, social and environmental sustainability is a prime focus of today's business environment. In fact environmental sustainability is inextricably linked with business success. So how can cloud computing reap positive environmental benefits for businesses, local councils and law firms? Let’s get to the bottom of this important question.
Late payments are an increasing problem for UK businesses, local councils and government authorities. But with the advent of digital technology, debt collections can now be modernised via a multitude of methods. Here we outline 5 top ways to modernise collections process and improve your overall credit control.
CRM stands for Customer Relationship Management. It’s a form of technology which empowers its users to manage interactions with their customers and potential customers. The CRM system serves to increase profitability and improve customer service through streamlining operations. It’s a powerful tool that helps businesses build stronger relationships. But what are the top 5 essential elements of a thriving CRM system?
If you want to improve your credit control procedures then effective Key Performance Indicators (KPI) metrics can help you reach your goals. For business owners, local councils and law firms, measuring the right KPIs can lead to actionable strategies and an improved cash flow management. The fact is, you need your customers to pay on time, so here are our top 5 best KPIs for measuring credit control.
Small businesses are the lifeblood of the UK economy. SMEs constitute 99.9% of all private businesses in the UK and they employ 14.4 million people. With an annual turnover of £1.6 billion (18% of total turnover in the UK), their financial health impacts the whole economy. During the pandemic half of the UK’s SMEs took out some form of Covid-19 related loan, leaving them with an average additional debt of £173,000 each. And now small businesses need revenue to repay these loans. So how can they improve their own credit control and cash flow? Here are five top debt recovery tips for small business owners!
On 4 May 2021 the Debt Respite Scheme (Breathing Space) comes into force. This important legislation means individuals can have “breathing space” from their creditors. This scheme provides citizens with new and important procedural protection when it comes to their debts, but equally it may be challenging for landlords and local councils to implement. So here is our guide on the best practices for navigating breathing space.
CRM stands for Customer Relationship Management. It is technology which empowers businesses to cut their operating costs and increase profits by managing interactions with their customers and potential customers. Advanced CRM software provides its users with better knowledge of their customers, better segmentation, speedier communication and improved data privacy. It’s a vital tool for any organisation, so with that in mind here are our top 5 strategies to optimise your CRM.
Debtor Days are of paramount importance to the success of any company, and they’re a highly effective way to measure the health of your enterprise. Debtor days is a commonly-used term to measure how long your customers are taking to pay you on average. But to understand how you can reduce debtor days, we must first understand them in more detail.
The cybersecurity landscape is constantly shifting and every law firm is at the risk of an attack. Protecting sensitive data pertaining to personal information, intellectual property and governmental and industry information systems from theft and damage is an important and challenging task. In fact cyber attacks cost the UK economy over £10 billion per year. With many law firms looking to implement cost effective yet robust security controls, here are Lateral Technology’s top 5 cybersecurity tips for law firms.
API stands for Application Programming Interface. It is an integral part of software development. If your organisation is considering investing in a new software solution, then it’s more than likely that the term API has been thrown around. An API is best understood as a translator between software programs. It is the means by which one software program can communicate with another, and reap benefits, with neither program needing to perform the actions of the other.
The recovery of debt can be a very time consuming and labour-intensive task. And it has become even more challenging in recent times. Having an effective credit management system will be the means by which your company or organisation can successfully negotiate the challenges of COVID-19. So here we outline our top 5 credit management tips!
Whether you’re a small law firm or a large local authority or governmental organisation, insight into the management of your operations should sit among the top priorities of your agenda. Case management system software is a collection of digital tools that allows organisations to handle case management. And in order to meet the goals efficiently, local governments and law firms need a case management reporting system to help them implement their strategies. A good reporting system is the foundation for any successful strategy execution. And here we outline the top 5 benefits of optimised reporting and analytics in case management software.
