Receivables Platform
Effective receivables management consists of engaging your customers through effective 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 helps in reducing the time for collecting receivables.
coAction's receivables platform aids in effective collection of receivables on due-date through defining and automating a collections life-cycle, account/transaction prioritization, contact management, establishing follow-up procedures and intelligent analysis and reporting. Following consistent and timely collection strategies with the coAction platform ensure key issues are pro-actively addressed before the due-date & achieve a high rate for cash conversion.
Objectives:
- Pro-active collection management for receivables
- Define collection strategies for different segments of receivables
- Automate receivables segmentation to improve workload balance
- Reduce the lost opportunities in the collections life-cycle
Certain key elements of collection strategies:
- Account specific collection strategy
- Segmentation of receivables
- Levels of collection process
- Time-frame for each collection level
- Pre-defined templates for account/type
- Solution center for different issue types
- Risk Identification & Management
- Escalation process
- Allocation based upon exiting workload and segment type