The automation of debt collection and debt recovery can dramatically reduce costs by eliminating wasteful or repetitive actions, and can simplify and re-organise each stage of the collections and recovery cycle. By using debt collection software to automate debt recovery, organisations can reduce bad debts, increase their adherence to compliance requirements, improve their debt recovery rates and streamline their whole management process.
What is Automation?
The automation of debt recovery is when the management and accounting processes of collecting debt are run automatically. Debt collection software and debt recovery software manages the process on your behalf, reducing your labour costs and streamlining your collections process. The best collections software, such as Lateral, utilises a fully online, cloud-based web portal that automatically communicates with those who owe you money via SMS, emails, texts and letters. But what are the many benefits automation can bring to your collections department?
Optimisation
Without debt collection software or debt recovery software the collections process is labour intensive and process heavy. Vast amounts of private data needs to be managed and collated. And when collections tasks are performed manually they’re both time consuming and prone to human error. The strength of your customer relations is of paramount importance, but when your collections process open to error, you risk damaging this.
When you automate your collections process, your labour can be reallocated to areas of the business than actually need human intervention and dedication. While at first it may seem daunting, shifting your clerical and administrative tasks to the power of automation frees up your staff. They can spend more time working directly with customers, for example. Manual tasks regularly performed by collectors include reviewing accounts, prioritizing customers, researching and collecting data, making telephone calls and transmitting documents. The success of these tasks is dependent on the collector’s personal efficiency and levels of productivity. By contrast, debt collection software is always productive and always efficient. It doesn’t need breaks. It isn’t prone to human error.
The Financial Benefits
The greatest reward you will receive from automating your collections department is financial. Improved recovery rates will have a great impact on your credit control and influence your bottom line.
Customer Service
With automated, omni-channel communications (Text, Email, WhatsApp, Chat) you will experience better levels of customer service, which will lead to more future sales. Automated debt collection software provides its users with the ability to access data at their fingertips. Employees can be more responsive. And managers have increased tools by which to track their employees debt collection efforts. The benefits of adopting one secure, accurate and centralized system will make all interactions with debtors more rapid, organized and consistent.
Today leading firm, LATERAL, is home to the most cutting-edge, automated debt recovery software and debt collection software. Our products allow organizations to save costs, increase efficiencies and perfect the collections process. Request a demo today.