Digital transformation is
high on your agenda
This one isn’t really a choice. The business
sector is prone to disruption. There are
estimates that new business models could
impact up to 80% of existing business
revenues by 2020. To compete, companies
have to transform their business from
the top down. Collection, as a central
pillar of modern business, is not immune.
Software makes your debt recovery easier,
cheaper and more effective, while keeping
customers happy and away from the
amorous attentions of newcomers.
You operate across different
cultures
As we said earlier, consumers aren’t all
the same. They have different debts,
requirements, needs and cultures. And if
your organization is operating somewhere
like the Middle East, cultural attitudes
to debt play a big role. In Saudi Arabia,
for instance, interest on late payments is
prohibited under Sharia Law, and legal
costs relating to enforcement proceedings
are not always recoverable. In territories
like Saudi Arabia, an inflexible approach
to debt recovery won’t work. Cultural
considerations take precedence over the
debts owed to you, all without damaging
your performance and efficiency.
You want to introduce
Artificial Intelligence into
your collections
Artificial Intelligence has already had
an enormous impact in organizations,
with applications ranging from fraud
detection to customer service. Going
forward, analysts expect Artificial
Intelligence to save the business sector
a lot of money by 2030. It is an exciting
time, and for collections teams, there is a
big opportunity, too. Collections software
with Artificial Intelligence and machine
learning elements can sift through
mountains of data, spotting patterns and
enabling smarter decisions by agents.
It’s not just about software
Of course, software isn’t the sole answer
to efficiency. But collections software can
help address the many issues we have
identified in this article. With the right
software and strategy operating in tandem,
organizations can operate more efficiently
and economically with improved customer
service.
For collections managers, effective
software eliminates many of the
frustrations inherent to the debt recovery
process. No more cavernous spreadsheets
or cumbersome CRMs, just peak
performance for you and your collections
team.
Wasilwa Miriongi is a Certified
Credit
Professional
currently
working as the Managing Director,
Del Creder Credit Management
Limited. You can engage him on
this or related matters via email at:
[email protected].