1. Payments Collection with Automated Mobile Communication is Immensely Efficient
Automation can outperforms a human caller by a ratio of 1 to 2,500. The same efficiency applies to automated debt collection calls. Going automatic even in the initial stages of your credit management process with automated payment reminders is the right way in the context of your whole business.
We have also learned that although an automated voice caller is equally efficient as a human, there is a significant difference in overall performance. Our robot makes 18,000 customer calls every hour. You would need 2,500 humans to catch up.
When the accounts receivable turnover rate increases and the days sales outstanding number drops, your whole cash management is in a better position, and your debt-related risks reduce.
2. Better Customer Experience Leads to Better Brand Experience
Contrary to a popular belief, people don’t find automated calls intrusive in payments collection process because its main purpose is to remind them about their dues which in all probability they don’t want to miss. Well, despite that one must make sure that the calls are designed and executed properly.
On-time has extensive experience in calling automation, and according to the data we have compiled from our cases, the customer experience with well-planned collection calls is very positive. Those positive experiences are a key for a more positive brand experience overall.
3. Automated Collection Means Fewer Mistakes
Humans are prone to errors, and that’s alright!
A call robot is in no means a perfect employee, but it ensures accuracy and makes lot less errors than a human. Automation of Payment Reminder in your accounts receivable collection process may seem trivial but can create a huge impact as it reduces errors both related to the calls themselves and to the data compiled from them.
On-time Research Solutions platform constantly analyses the last million calls it has placed. So, our AI can assist in making informed decisions which leads to zero errors in the future.
4. You Can Free Up Workforce for More Productive Tasks
The most prominent benefit of automation is that frees up your time and takes charge on your behalf. So, allow automation to take care of the payment reminders in the initial stages of the payment cycle and free your workforce for more critical case which demands negotiations.
Human agents can be much more productive and focus on decision making rather than endless payment calls.
5. Automated Accounts Receivable Collection Will Soon Be the New Normal
It is no wonder that automation in the field of debt collection is a major interest for finance and accounting executives, and people in the C-level management overall. The first adopters were financial services, banking, and insurance, but soon almost everyone will want to reap the benefits of reduced collection costs, faster cash inflow, and lower DSO numbers.
If everything you have read now is completely new to you, you are probably a bit late to be a front runner in the automated accounts receivable collection game.
But don’t worry, start by fast tracking your payments with automated reminders. It is simplest away to test the benefits of automation for your business because it requires no system integrations, no complicated processes. Just one platform which helps you test and deliver!
With On-time Research Solutions no-code platform you can design, create and operate automated communication bots without any prior coding skills. The platform works as a cloud service and enables fully automated Payment Reminder through different channels that help boost your customer service and enables strategic customer engagement.
So start your journey with automation today!
