Does it seem like your collectors are always busy, but they don’t achieve their collection goals?
It could be that your collectors are caught in productivity traps that waste valuable time they should spend contacting customers to collect accounts receivable and increase cash flow. Productivity traps are the things collectors get hung up on when trying to complete their daily activities. They are the busy work that collectors are comfortable doing when they are not focused on collection activities that will maximize customer contact to collect accounts receivable.
Here are some productivity traps that your collectors need to avoid to achieve their collection goals.
Collectors need to prepare for customer contact, but preparation should be a productive review of notes on prior conversations and account information, not busy work spent on clerical tasks that waste time and don’t increase collections and cash flow.
An example is the time wasted by collectors trying to find the right customer contact. If you have a good onboarding process, this information should be readily available, and hopefully someone in your customer service team will update it if it changes.
If you are manually maintaining customer contacts, a good alternative to consider is LinkedIn contacts. LinkedIn can be used to maintain and automatically update contacts. Customer profile information and email history can be accessed, and every time your customer changes information in LinkedIn, your contact information is also updated.
Manual retrieval of account information and documents before a call can be a major productivity trap. Pulling customer files and document copies so collectors can review notes and account history diverts collection time to clerical tasks instead of customer contact.
Online Notes and Inquiry User technology can make this a much more efficient process and provide stakeholders access to customer collection information.
Transcribing notes from customer conversations and other collection discussions is a redundant activity that wastes time that otherwise could be spent contacting customers to collect accounts receivable and increase cash flow.
Online Notes and Call Transcription technology can reduce time spent manually transcribing notes, freeing up collectors to focus on high priority activities.
Low Priority Collections
Some accounts are easier and more pleasant to collect than others. However, they may not be the accounts collectors should be spending time on to achieve collection goals. Collectors should focus on high priority collections to avoid the productivity trap caused by pursuing low value collections.
Smart Activities technology can automate prioritization so collectors avoid wasting time chasing low priority collections.
Productivity traps can tie up your collectors in clerical and low priority tasks reducing customer contacts and cash flow. Cloud-based accounts receivable automation solutions with activity management technology can give your team the technology it needs to achieve collection goals.
Lockstep Collect is a leader in cloud-based credit and collection platforms. Lockstep Collect can help you take advantage of accounts receivable solutions with activity management features to maximize the effectiveness of your collection team.
If you would like to learn more about how you can benefit from accounts receivable automation with activity management features, please contact Lockstep Collect at www.lockstep.io.