Smart Activities is a feature of Activity Management software which helps facilitate accounts receivable collections by relieving your collectors of the tedious and time consuming tasks required to prepare for customer calls, transcribe call notes and follow up for payment. Smart Activities automate prioritization, preparation, recording, monitoring and follow up of collection activities. This allows collectors to make more customer calls and spend more time building customer relationships.
Customer relationships have taken on an even greater importance in the new normal. Credit risk has increased significantly. Many businesses are struggling to conserve cash so they can hold on until the economy recovers. This makes the task of collecting past due accounts receivable more difficult. Good customer relationships can be very helpful when it comes to getting payments from cash strapped customers. When cash is tight and customers are stretching accounts payable, skillful use of relationships can get you moved up in the payment line.
Building stronger customer relationships takes time and repeated calls to learn more about the customer and establish a sense of trust. Calling a customer you barely know to ask for preferential payment treatment is less likely to succeed compared to asking a customer you know well on a personal basis.
Smart Activities can give your collectors the extra time they need to foster stronger customer relationships, and provide the technology to make relationship building calls more efficient and effective.
Automated recording of customer conversations not only saves the time required to transcribe customer calls making more calls possible, it also provide a more complete record of what was discussed and makes the notes available online for quick and easy reference. It eliminates the time consuming task of manually transcribing notes, and gives a more complete and accurate record of discussions.
Collectors may be interrupted after a call and not get around to transcribing call notes until later or even the next day. This can make transcription difficult and more prone to errors.
Automated Follow Up
Smart Activities can provide automated follow up to save time and tailor a call program that works best for a given customer. Don’t let your collection team waste time making follow-up calls on a one-size-fits- all schedule. Program follow up calls for dates and times when it works for your customers, so they are more receptive to calls from your collectors. Calls which are well received are more likely to foster stronger customer relationships.
Smart Activities foster stronger customer relationships by making it possible to spend more time on customer calls, automating follow-up calls for the best time and date to contact customers, and automating recording of calls to save time, increase accuracy and make easy to reference.
Lockstep Collect, a leader in cloud-based credit and collection platforms, provides comprehensive Smart Activities 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 Smart Activities features 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.