Receivables Management

Receivables Management

coAction Receivables Management provides an advanced platform that allows you to dramatically improve your order-to-cash process. Receivables Management combines the best of collection processes, customer collaboration and automation to manage collections-related activities and improve DSO.

Process based Collection Management

For too long, collections and receivables departments have been using vanilla software systems to manage collections. Even with the best of collection process and strategies in place, the rigid and inflexible software environments used by many collections departments lack the breadth and depth of functionality needed in today’s real time world. The lack of advanced collection management software has led to inadequate management of business workflow, more paper than needed floating around, lack of auditing & history and patch work systems based on spread sheets.

coAction.com interfaces with your accounts receivable system. Employees can pull specific pieces of account data such as balance owed and notes on the account directly from multiple databases using drag and drop technology. Workloads can be prioritized by user-defined categories and other criteria that direct data flows and tasks to the appropriate employee or manager. coAction.com is focused on ways to boost end-user productivity. coAction.com integrates collections software with power dialers and call centers to more effectively manage inbound and outbound calls.

Laptop Displaying Receivables Management

Simple to Use. Boost Productivity

coAction.com makes it easier for collections personnel to exchange information with credit grantors, account executives, sales teams and managers via the Web, receive debtor payments via the Internet, and boost employee productivity. The platform uses analytical expertise, reporting, and data mining tools to understand and interpret customer behavior and key trends that change customer behavior. coAction.com uses the most predictive combination of models to measure risk, response, revenue or any other objective that is to be measured.

Features

PRIORITIZE COLLECTOR PORTFOLIOS LEVERAGING RISK DATA, ACCOUNT HISTORY, AND OTHER CRITERIA
POWERFUL AUTOMATION, ALERT AND TASK ENGINES ALLOW AGENTS TO FOCUS THEIR EFFORTS MORE EFFICIENTLY
INTEGRATES WITH POWER DIALERS, IVRS, AND CALL CENTERS
CUSTOMIZABLE EMAIL AND CALL TEMPLATES PROVIDE STANDARDIZED COMMUNICATIONS INCLUDING ATTACHMENT OF ACCOUNT STATEMENTS AND INVOICES
RECEIVABLES ROUTING AND PRIORITIZATION ALLOWS FOR RAPID ESCALATION OF ISSUES
REAL-TIME MONITORING AND ANALYTICS TOOLS PROVIDE INSIGHT INTO OUTSTANDING PORTFOLIOS

Benefits

COLLABORATIVE PLATFORM FOR INTERNAL AND EXTERNAL PARTNERS IMPROVES COMMUNICATION
PROCESS DEBTOR PAYMENTS VIA THE WEB
BOOST EMPLOYEE PRODUCTIVITY THROUGH INTELLIGENT COLLECTIONS
REDUCTION IN DSO
EXCHANGE INFORMATION WITH CREDIT GRANTORS VIA THE WEB
MANAGE INBOUND AND OUTBOUND CALLS EFFECTIVELY
UNDERSTAND AND INTERPRET CUSTOMER BEHAVIOR AND KEY TRENDS
NO SOFTWARE TO INSTALL OR MAINTAIN

Strategy Engine

Effective receivables management consists of engaging your customers through targeted communication processes, classifying account responses at each stage, and offering solutions at each level. Each account & transaction is different, requiring different methods and levels of collection, effective use of which reduces the time for collecting receivables.

coAction’s receivables platform aids in effective collection of receivables on due-date through defining and automating collections life-cycles, account/transaction prioritization, contact management, establishing follow-up procedures and intelligent analysis and reporting. Following consistent and timely collection strategies with the coAction platform ensures key issues are pro-actively addressed before the due-date & achieve a high rate for cash conversion.

Objectives

AUTOMATE RECEIVABLES SEGMENTATION TO IMPROVE WORKLOAD BALANCE
PRO-ACTIVE COLLECTION MANAGEMENT FOR RECEIVABLES
DEFINE COLLECTION STRATEGIES FOR DIFFERENT SEGMENTS OF RECEIVABLES
REDUCE THE LOST OPPORTUNITIES IN THE COLLECTIONS LIFE-CYCLE
RAPIDLY IDENTIFY AND RESPOND TO ISSUES IMPEDING COLLECTIONS SUCH AS DISPUTES
STANDARDIZE COMMUNICATIONS TO IMPROVE CUSTOMER SERVICE
PRO-ACTIVE COLLECTION MANAGEMENT FOR RECEIVABLES
DEFINE COLLECTION STRATEGIES FOR DIFFERENT SEGMENTS OF RECEIVABLES
REDUCE THE LOST OPPORTUNITIES IN THE COLLECTIONS LIFE-CYCLE
RAPIDLY IDENTIFY AND RESPOND TO ISSUES IMPEDING COLLECTIONS SUCH AS DISPUTES
STANDARDIZE COMMUNICATIONS TO IMPROVE CUSTOMER SERVICE

Key Strategy Elements

 SEGMENTATION OF RECEIVABLES BASED UPON EXITING WORKLOAD AND SEGMENT TYPE
ACCOUNT SPECIFIC COLLECTION STRATEGY
PREDEFINED TEMPLATES FOR ACCOUNT/TYPE
RISK IDENTIFICATION & MANAGEMENT
SOLUTION CENTER FOR DIFFERENT ISSUE TYPES
MULTI-LEVEL COLLECTIONS PROCESSES
TIME-FRAME FOR EACH COLLECTION LEVEL INCLUDING ESCALATIONS