Maintaining a regular cash flow and keeping your days sales outstanding number (DSO) as low as possible are key elements to running a healthy business. Automating your accounts receivable collection is an exceedingly popular way to speed up your AR turnover rate, and enhance the brand experience of your customers at the same time. Here’s why!
1. AR Collection with Automated Mobile Communication is Immensely Efficient
As we have mentioned before, concerning cost-efficiency, our Mobile Communication Platform outperforms a human caller by a ratio of one to 2,500. The same efficiency applies to AR collection calls. Going automatic in AR collection is the right way in the context of your whole business.
When the AR turnover rate increases and the DSO number drops, your whole cash management is in a better position, and your debt-related risks reduce, for example. That is a solid foundation from which to grow your business and look to the future.
2. Better Customer Experience Leads to Better Brand Experience
Contrary to a popular belief, people don’t find robocalls intrusive in debt collection – if the calls are designed and executed properly.
We have extensive experience in call automation, and according to the data we have compiled from our cases, the customer experience with well-planned collection calls is mostly very positive. Those positive experiences are a key for a more positive brand experience overall.
(BTW, we have also learned that although a caller robot 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.)
3. Automated Collection Means Fewer Mistakes
Humans are prone to errors, and that’s alright. Making a call after call is a tedious task for which a robot is much better suited.
A call robot is in no means a perfect employee, but it makes a lot less errors than a human.
AR collection automation reduces errors both related to the calls themselves and to the data compiled from them.
On-Time Mobile Communication Platform constantly analyses the last million calls it has placed, so it is also a machine that learns and thus makes even fewer mistakes in the future.
4. You Can Free Up Workforce for More Productive Tasks
Like we just said, most people are much more productive and more content with doing something else than making endless collection calls.
Even in collections, robocalls can never completely replace human professionals, and automated communication can never be the only customer interface of an organisation. But freeing up professionals for other tasks than collection calls is only beneficial for every party involved.
5. Automated AR Collection Will Soon Be the New Normal
It is no wonder that automation in the field of AR 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 from reduced collection costs, faster AR turnover, 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 AR collection game. But don’t worry, now that you are aware of the benefits, you can start making decisions on how to implement an automated solution for your business!
Do you want to automate your Accounts Receivable Collection process? Book a free 15-minute remote presentation and we’ll tell you how to!Book a free 15-minute demo