Get the most from your Credit Team
The key resource for any business is the people we employ to achieve the results we want. One common challenge for almost every manager of a business and or department is managing their time and, at the same time, motivating our people to continually achieve better results.
Technology can now be leveraged to give credit managers the right tools and information to maximise both staff productivity and increase the value, and reduce the repetitiveness, of the work they do.
Rimilia's Alloc8 Collect credit management solution incorporates an easy to use, dynamic diary system which gives full visibility of the work that needs to be performed and an overhead view of what has to be done. This alone allows a team leader or manager the visibility to distribute and allocate work quickly and in a fair manner.
- Credit controllers workload can be updated based on either intelligence or events
- Clear visibility and reporting of what actions are being taken
- Works alongside strategies that have been created and produces initial workflow for credit controllers.
- Works alongside a forecasting engine based on customer payment behaviour.
- Any customer failure. i.e. a promise to pay not fulfilled is flagged in the appropriate credit controllers diary system including escalation to senior.
- Managers can view any bottlenecks and plan accordingly
The Right Decisions At The Right Time
Studies have shown that 25% of credit controllers’ time is spent working out what to do and a further 10% or more is spent checking that a customer has done what was promised. The dynamic diary system along side the deployment of strategies allows focus on the tasks in hand, greatly reducing wasted time.
If we add to this the intelligence of the customer payment behaviours from Alloc8 Collect’s artificial intelligence system, which can forecast when customer pays, you can add a lot of capacity back into a Credit Controllers working day.
Excel spreadsheets (and their time consuming maintenance and updating) can also be removed and all activities for the entire team kept in the Alloc8 Collect solution so they can be seen by all, at a glance, and in real-time.
One of the regular challenges in managing a credit department is to be fair and to be seen as fair when distributing work across the team. Collect solves this challenge by giving managers the information they need to do their job.
Staff cannot manage themselves and see how their performance contributes to the team if they don’t have the right tools to allow them to do that.
Alloc8 Collect can be used to see what actions need to be actioned and performed to improve performance. Staff can also use the inbuilt intelligence to try something different and even if it doesn’t work first time it still provides insight on future actions and strategies.
In this way, Alloc8 Collect enables constant improvement by utilising Artificial Intelligence, allowing credit controllers to review information to make the right decisions at the right time.