Credit Management Made Easy!
The Collections Management Workbench delivers a user friendly tool that enables efficient management of the Financial Supply Chain through efficient collections and dispute management.
Following-up with debtors and managing disputes in-effectively carries a high cost. A process which is not optimised and managed effectively can lead to an unpredictable cash flow, high days sales outstanding (DSO) and a high percentage of disputed invoices.
The Collections Management Workbench is based on best practice financial supply chain processes with web-based workflow technologies. Data is imported from one or many source systems, to give companies with multiple systems an opportunity to gain a clear view of the company. A background job is scheduled to run on a periodic basis to extract all debtor data from the source system/s, including a master data extraction, an open item extract and a payments/cleared items extract.
The Workbench will show a true representation of the debtor account within SAP and other source systems, which will allow the clerks to manage accounts effectively and pre-empt accounts going further into arrears.
Once data is imported in to the Workbench, a worklist is created, to which individual clerks are assigned. This coupled with the diary functionality within the solution, creates a daily task list for the clerk. The list of credit calls to be made is updated daily and is scheduled as an activity for the credit controller.
The debtor items both due and overdue can be included in a ‘case’ - a case may represent a promise to pay or a dispute. All actions and activities that take place in relation to the case are recorded within the workbench; remaining open until the issue has been resolved.
Queries raised from within the workbench can be sent to users within the business regarding disputes or outstanding items. The business user will receive an email with a web link allowing them to access the case details within the solution.
Where an invoice is disputed by the customer, the workbench enables you to leverage web technologies to store an activity log of what the dispute is about, who is taking action, what your response is etc. This information is stored by the workbench and allows the disputed items to be managed through the process until they can be resolved and moved out of the worklist.
Functionality includes the ability to drill down in to the activity to see previous history, to record the outcome of the call and schedule further actions. Further actions may be to check for payment received or to make a further call.
The benefits of implementing this solution include:
Structured approach to credit management.
Reduction in operating (transaction) costs.
End to end integration of business processes.
Diary functionality for follow up activities.
Controller can record outcome of activity and schedule further activity if required.
Be aware when customers are approaching their credit limit.
Scheduling facility for calls and activities.
Help reduce Day Sales Outstanding (DSO).
Ease of use.
Improve customer service through comprehensive dispute management.