Summary

As discussed in the previous chapter the accounts in the collections worklist can be classified as Deprioritized, At Risk and Low Hanging Fruit. The actions that the collections team should take for each scenario were also suggested in the previous chapter. In conclusion, the fast-paying customers, the small to medium accounts, the customers with low credit risk who have exhausted more than 90% of their credit limit and the customers who have asked for and been sent invoices come under ?Low Hanging Fruit?. The customers with open dunning notices, unresolved disputes, approaching promise-to-pay or follow update along with those who have a discrepancy in cash application come under ?De-prioritized? accounts. The customers with invalid deductions, multiple dunning notices, broken promise-to-pays or the accounts where customers are habitual late payers are ?At Risk? accounts.

Future of Collections

The first chapter discussed the evolution of collections process into a reactive, semi-automated process which relies heavily on a mismatch of tools like Emails, Excel Spreadsheets, Messenger, Calendar, ERP system, To-do lists, Sticky notes, Notepads, etc. However, are these tools really a necessity in the future of collections? Technology is the future of the collections process where all the data, analysis, strategies, correspondence and information are only a click away. HighRadius Collections Cloud solution provides a complete set of tools to optimize and automate the collections management process. All the information you need like invoices, dispute information, PODs, claims, tracking info, etc. on each case is automatically presented in a collections work-space and ready for use with a single click Key Features Include:

• Rules-based Collections Optimization automatically prioritizes and assigns collections activities to analysts based on predefined business rules.
• Integrated Collections Work-space tracks promises-to-pay and tasks and reminders for every account and collection effort.
• Predictive Risk Scoring Model identifies ?at-risk? customers who might be current on their account and integrates the risk level into prioritization.
• Dunning Correspondence Automation generates and sends out correspondence packages containing needed documentation based on predefined templates.
• Easy integration with ERP, Accounting, and other systems

Collections Worklist