Collectors need more time in the new normal to contact customers and build relationships that can help increase collections and cash flow. The more time your collection team spends trying to figure out who to call, reviewing notes, transcribing call notes, and scheduling follow-up activities, the less time they will have to contact customers and build relationships.
You can give your collection team the time they need to spend with customers by providing them with Activity Management solutions with Smart Activities features. Smart Activities can create more time by relieving your collectors of the clerical tasks they need to do before and after customer calls.
Prioritization
Smart Activities prioritize the accounts that your collectors should call. Instead of reviewing reports to figure out who to call next, your collectors will automatically have a list of the customers they should call. This saves time and directs collection efforts to high priority accounts.
Preparation
If your collectors don’t have to spend time sifting through notes and reviewing accounts, the extra time created can be spent making customer contact. Smart Activities provide the information collectors need to prepare for customer calls. More customer contact can build better relationships, and increase collections and cash flow.
Recording
Automated recording of customer conversations eliminates manual transcription of notes, creates more time for customer contact, and provides a timely and accurate record of what was discussed. The automated notes are available online for quick and easy reference. Collectors may not get around to transcribing call notes until later or the next day, which can make manual transcription more difficult, and prone to errors and incomplete information.
Monitoring and Follow-Up
Monitoring and follow-up of collection activity can be time consuming and distracting for collectors. Automating these activities can help your team focus on priority collections and spend more time building customer relationships.
Activity Management Reporting
Automated Activity Management reporting summarizes activities completed by each team member, and the impact of those activities on accounts receivable. It helps to identify opportunities for improvement, and provides benchmarks for measuring performance. Knowing how your collection team is performing, and identifying opportunities for improving collections can increase efficiency and effectiveness, and create more time to spend on customer contact.
Activity Management solutions with Smart Activities features can create more time for your collection team to spend contacting customers and building customer relationships, which can help to increase collections and cash flow.
Lockstep Collect, a leader in cloud-based credit and collection platforms, provides Activity Management solutions with Smart Activities features that automate prioritization, preparation, recording, monitoring, follow-up and reporting of collection activities. Lockstep Collect is an experienced software partner that can help you take advantage of Activity Management and Smart Activities to maximize the efficiency and effectiveness 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.
