Collections in the new normal need to be as efficient and effective as possible to overcome the impacts of short staffing and remote work on collection teams, and the difficulty collecting past due accounts from customers that are struggling to survive until the economy recovers. You need your collectors to work smart, and you need to enable them to offer customized payment solutions to customers with cash flow problems.
Automated accounts receivable solutions with Activity Management tools including Smart Activities can help your collectors efficiently utilize their time so they can maximize customer contact and increase collections.
Smart Activities automate prioritization, preparation, recording, monitoring, and follow up of collection activities. With Smart Activities collectors avoid the productivity trap created by manual call prioritization, preparation, recording, monitoring and follow up. Instead of reviewing reports to decide who to contact, preparing for calls, recording notes about calls, and manually monitoring accounts for follow up, your collectors can be contacting customers to collect accounts receivable.
Smart Activities minimize the busy work that saps productivity. With Smart Activities your collectors can hit the ground running at the start of the day making calls and collecting accounts receivable.
Smart Activities will make your collectors more efficient, but they also need to be enabled to offer customized payment solutions to be effective.
In the new normal many customers are having cash flow problems as they struggle to survive until the economy recovers. Smart Activities get collectors to their customers efficiently, but to actually make collections your collectors need to know that they have the authority to work out custom tailored payment plans with customers that need help. Otherwise the time and effort to get your collectors in contact with customers may be wasted.
Providing Smart Activities tools will take the time consuming prioritization, preparation, recording, monitoring and follow up out of your collectors’ daily routine so they can make more customer contacts. Enabling your collectors to customize payment plans will make the contacts more effective.
The most effective Smart Activities tools allow for automated recording, monitoring and follow up of collection activities in addition to automating prioritization and preparation. If you want to maximize collection efficiency, make sure that the Smart Activities tools you select include functionality for automated recording, monitoring, and follow up in addition to prioritization and preparation.
Lockstep Collect, a leader in cloud-based credit and collection platforms, provides comprehensive Smart Activities tools that automate prioritization, preparation, recording, monitoring and follow up of collection activities. Lockstep Collect is an experienced software partner that can help you take advantage of Activity Management solutions with Smart Activities features to maximize the efficiency of your collection team.
If you would like to learn more about how you can benefit from Activity Management solutions with Smart Activities features, please contact Lockstep Collect at www.lockstep.io.