Activity Management reporting summarizes collection activities completed by each team member, and the impact of those activities on accounts receivable. With Activity Management reporting you know where you stand by individual collector, so you can set benchmarks and measure collection effectiveness to increase collections and cash flow.
Activity Management reporting can also be used to energize and incentivize team performance. People like competition, whether it’s with someone else or themselves. People also like quantifiable goals and measurements instead of subjective estimates and evaluations. Activity Management reporting gives you the tools to set “stretch” goals for your collection team based on quantifiable data, and objectively measured performance.
Here are some ideas on using Activity Management to incentivize and energize your team, and have some fun doing it.
Most people are competitive by nature. You can harness that human trait to incentivize your collection team. You can use Activity Management reporting to review performance for individual collectors, designated teams or your department in total, and measure performance. You can set goals based on historical data that are a “stretch” but achievable. The net result can be friendly, energizing competition and an increase in performance.
Make sure that you explain how the goals were established and the way that performance will be measured. Include rewards and recognition for top performers, and make it lively with public posting of results, announcements and rewards ceremonies. People love recognition from their peers and management.
Another way to energize your team and increase performance is to gamify collection activities. The results of the competition to win a game can be amazing and fun. It can be a welcome way to constructively release some of the tension created by the stresses of the new normal.
Activity Management reporting can be used to benchmark and measure results of the collection activities you want to target for improvement. Be sure to include all the elements of game playing with clearly explained rules, prizes and awards ceremonies.
Activity Management reporting can be used to incentivize and energize your collection team to increase performance, build team spirit and have some fun. It gives you the ability to benchmark and measure performance by individual collector and the impact of collection activities on accounts receivable. There is no limit to the creative incentive programs and games that you can develop to increase performance.
Lockstep Collect, a leader in cloud-based credit and collection platforms, provides Activity Management solutions to benchmark and measure collection effectiveness. Lockstep Collect is an experienced software partner that can help you maximize the effectiveness of your collections team and procedures.
If you would like to learn more about how you can benefit from Activity Management reporting, please contact Lockstep Collect at www.lockstep.io.