Forums International are well known for their forums and bringing the credit and finance community together to address current challenges and opportunities.
The survey was created from discussions across several sectors where it was obvious that it was not a ‘one single sector’ issue
Dispute management – how many disputes do you receive each month, on average?
Dispute management – what is the average time it takes to resolve a dispute? (Lapsed Time)
Debt collection – How does your debt recovery process currently work?
Probably the most significant results of the survey are the amount of time consumed on simple and repetitive tasks each month. For example, take dispute management. Also, in reviewing and building new best practices.
As you can see this is not just about volume, it is also about time to resolve. the time consumed here is quite staggering across business that operates in so many differing sectors.
Sovran AI is renowned for reducing cost and optimising business process by using their own unique Voice-Powered Automation (VPA) to increase revenue opportunity and provide increased customer experience (CX).
The cost to these businesses in time, loss of revenue, poor job satisfaction, attrition, sickness, and reduced customer experience is very evident.
Another area where automation will pay dividends is debt collection.
Installing voice powered automation VPA enables companies to let this do all the lengthy and numerous chasing calls and focus more on where debt can be collected.
This was not just another survey, but an opportunity to identify processes across business areas which can potentially streamline or eliminate mundane or time- consuming tasks, to either reduce cost or optimise functionality.
We developed a similar solution for a bank where defaulted loans were difficult to get back on track due to the embarrassment of dealing with humans.
The survey covered: Dispute management, Online payments, Onboarding, Credit Limit setting and Reviews, Changing order details, Debt collection, Out of Hours communication, Internal Booking System and Cash Collection. We have provided the graphic results on two key areas.
We slotted in VPA, and suddenly we got a 46% uplift on payment agreements. Whatever the cognitive reason, it worked using VPA.
The survey was created from discussions across several sectors where it was obvious that it was not a ‘one single sector’ issue, or was it linked to company size, it effects the smallest to the largest.
The overall responses all from credit or risk directors showed extremely worrying findings in terms of the whole Order to Cash (O2C) process where it consumes days of work, each month, often by skilled team members, who could have much higher job satisfaction opposed to just trawling a debtors list for example.
In the O2C, its often thought that this type of process could not be aided by automation until now, and by using Natural Language Processing (NLP) we are able to converse over any type of process, especially complex ones.
For any business, establishing VPA has an immediate impact to supporting Onboarding, OOO communications, Credit limits, and Payments. Think of any department including Compliance to Sales.
CCR May 2021
Laurie Beagle, Managing director, Forums International email@example.com
Clive Elleforde CRO firstname.lastname@example.org