The recovery of debt can be a very time consuming and labour-intensive task. And it has become even more challenging in recent times. Having an effective credit management system will be the means by which your company or organisation can successfully negotiate the challenges of COVID-19. So here we outline our top 5 credit management tips!
Whether you’re a small law firm or a large local authority or governmental organisation, insight into the management of your operations should sit among the top priorities of your agenda. Case management system software is a collection of digital tools that allows organisations to handle case management. And in order to meet the goals efficiently, local governments and law firms need a case management reporting system to help them implement their strategies. A good reporting system is the foundation for any successful strategy execution. And here we outline the top 5 benefits of optimised reporting and analytics in case management software.
Single Customer View of Debtors is the aggregation, in a single system, of all the information related to debtor. When it comes to local council and local authority debt recovery and debt collection, there is, quite simply, no better source of information than a Single Customer View. Here we outline how a Single Customer View of Debtors can power councils and local authorities to improve their collection rates.
In recent years AI (Artificial Intelligence) and Machine Learning have transformed countless digital processes, making business more efficient and having a direct impact on profit margins. But arguably their greatest impact can be felt in the world of credit control. Here we offer up a guide of how to harness the immense power of AI and Machine Learning to enact effective credit control processes.
Time Tracking is an important procedure in the daily life of lawyers and solicitors. It holds fee earners accountable and eliminates wasteful procedures. But time tracking is also one of the biggest administrative challenges that lawyers can face, and many lawyers fill in timesheets ineffectively, reconstructing their time from calendars and emails. Here we outline the top 5 ways lawyers can track their time digitally with automated software, relieving them from remembering to press ‘start’ and ‘stop’ on their earnings!
All business owners know that good cash flow is vital to their success. The impact of late payments can be severe, sometimes resulting in insolvency. The process of Credit Control is about businesses only giving credit to customers who are able to pay. It also encompasses the enforcement process; making sure they pay on time. With a recent study illustrating that SMEs in the UK are owed £14.2 billion in late payments, our 5 best practice credit control tips are a must read:
Matter Management is defined as the means by which you manage the process of a legal matter and its entire matter information (type of case, the fee payer working on the case, documents, budgets, calendar and bills) are managed and tracked. In recent years matter management software, powered by Artificial Intelligence (AI), has provided automation, control, and efficiency to law firms. Gartner states that “Legal matter management can optimise, even transform, core legal operations, while providing a basis for other investments in legal technology.” But what are the top five matter management tips legal teams should be looking to 2021.
Preparing succinct court bundles is arguably the number one administrative headache effecting solicitors today. What if instead you could collate, sort, auto-index and paginate thousands of legal documents in mere moments? Electronic court bundling is a powerful tool, and here we outline its top five benefits.
Customer relationship management software (or CRM) is one of the most in-demand pieces of software available. It helps organisations build their customer relationships, streamline processes so they can increase sales, and improve customer service. The result is an increase in profitability. Before implementing CRM into your business, however, it’s prudent to consider some tips and best practices when it comes to CRM implementation.
As the full impact of the COVID-19 crisis unfolds before us, many sectors are facing unprecedented strain. A pro-active approach to debt collection is more important than ever for local authorities, government agencies and organisations of all sizes. Being pro-active is about creating or controlling a situation rather than just responding to it after it’s happened. So when it comes to taking a pro-active approach to debt collection, what are the top tips?
According to recent research by Bacs Payment Schemes Limited, 47% of SMEs surveyed are paid late by their customers on a regular basis. And the average small business is owed £32,185 in late payments. This equates to debts of £26.3 billion across the UK. The research also revealed that this resulted in a third of SMEs struggling financially, with 29% using their own overdraft facilities in a bid to manage any cash flow shortages. To reduce debtor days and keep cash flow strong, diligent credit management is undoubtedly needed. So what tactics can be applied to prevent these late payments, and recoup cash flow shortages? It’s time to turn to the power of automation.
Artificial Intelligence (AI) is arguably the greatest tool at the disposal of local government as it aims to deliver strong public services during challenging times. If you can understand the technology and its benefits, local government processes can be revolutionised — transformed into proactive, low-friction, ethical projects. Nowhere is this more true than in the pursuit of debt recovery and debt collection — namely the management of council tax, business rates, housing rents, sundry income or parking fines. Here we explain the power of AI, and how its simple tools can optimise and personalise the process of local government.
The COVID-19 pandemic has ushered in a remote working evolution. Companies, local councils and government agencies have been forced to examine and implement “home working” for the safety of their staff. Interestingly, studies show that remote workers are more productive. According to Tech Republic, France has seen total productivity increase by 113% this year, Italy by 100%, and the Netherlands by 52%. Staff get more work done. They perform better, and take fewer sick days. Cloud-based debt collection and debt recovery software are the perfect tool to boost the performance of your remote teams during these challenging times.
Establishing strong personal relationships with customers should be a top priority for all businesses. And this is where a CRM (Client Relationship Manager) comes into play. CRM solutions provide owners of small enterprises with countless incredible benefits. Here we outline the top five.
1. Full Business Integration
A strong CRM solution works to integrate all facets of a business. Finance, sales, customer support and marketing and can work together on one platform. And this fully-integrated CRM can provide a complete, vital picture of how your business operates.
In 2021 a “single view of debt” or “single customer view” will be selected by all those working to optimise and improve their collections process. Let’s take a deep dive.
Single customer view (SCV). What is it and how does it work?
A single customer view, also known as propensity modelling is an holistic representation of the data held by an organisation about its customers. Also known as a ‘360’, ‘360 degree’ or ‘unified’ customer view, it is a method for gathering all the data about your customers and prospects and merging it into a single, unified record. It is a profile of each citizen or customer, so you can get a clear overview of their full situation in regards to your business or enterprise. SCV takes into account all the available data on an individual. Often different channels are run by different departments within an organisation. Data is aggregated from different streams, and the SCV unites all available data to construct a clear, unified picture of each individual.
LATERAL is thrilled announce that they’ve been selected as a FINALIST in the Digital Business Transformation category at the 2020 Credit & Collection Technology Awards. Ian McManus, Lateral Co-founder and CTO, spoke positively of the recognition recently: “we’re delighted to be a finalist in this covered category. It’s a testament to our innovative approach, and how we’ve harnessed AI and machine learning models to thrive in the competitive credit and collections marketplace”. Ian appreciates the value of the Credit & Collection Technology Awards, “their focus on celebrating technology at a time when all businesses face extra pressure and scrutiny is so commendable and appreciated” he continued. “Being a finalist for such a great award allows us to distinguishes Lateral from other competitors and ensures prospective clients know how innovative and powerful our software tools are. We’re excited!”.
