During a time of crisis debt collections software can provide a lifeline to collectors, mitigating the devastating impact of COVID-19 and making their long-term operations more efficient too. Here are five reasons why cloud-based collections software is vital in a time of crisis.
1. You’re Away From the Office
During the unprecedented times initiated by the COVID-19 outbreak, large portions of the population have been working from home. This is when the flexible capabilities of cloud-based software are illustrated. When your employees can effectively manage and operate from their homes using software that’s “in the cloud” your organisation can continue to thrive. The application of cloud-based software, which can be accessed from anywhere in the world and at any time, means that in the event of any future lockdown, the wheels of your organisation will continue to turn.
2. A Model For the Future
New research from Citrix has found that businesses have been scrambling to meet the challenge of mass working from home. And interestingly 72% of IT decision-makers believe employees will not want to return to office working in the future. But what might a new working model look like when it comes to the process of debt recovery? Agile collections software is certainly the answer. It provides the latest communication infrastructure, and arms employees with sophisticated tools to support the collections process. Remote working will not be a challenge anymore, but a great way to innovate, interact and improve.
3. Reducing Costs
If organisations can save rent on their premises, they can of course make large savings. Furthermore, debt recovery software and debt collection software provides a strong opportunity to save on labour costs too. COVID-19 will surely usher in the increased rise in automation as organisations attempt to save costs and improve efficiencies. The automation and delivery of credit control processes through letters, emails, SMS around flexible business rules, will be worth investing in. Advanced, flexible cloud based credit control software frees up staff and leads to huge savings.
4. Instant Oversight
In the tumultuous economic times which lie ahead, the ability to monitor and enforce credit control procedures without committing expensive employee resources will be very important. You need data that is timely and accurate, in an all encompassing system which is easy to manage. Simply put: you can oversee and manage your collections process without committing resources.
5. Ensuring You Meet New Regulatory Compliance
In the event of a crisis governments are likely to administer stricter compliance protocols. Another great benefit of automated collections software is that it will never make a compliance mistake. Its communications will always meet the highest standards that are required in any specific territory at any time. No human will ever beat its accuracy.
Computer software has been instrumental in keeping businesses operational during the coronavirus lockdown. Request a demo from LATERAL, and see how we can help you thrive during these challenging times.