Here is an efficient management process that is motivated or inspired by structure, along with the usual experience and expertise. Talking about ‘experience and expertise’ may have become somewhat blasé for a majority of conscious readers who have had their discerning minds focused on getting things right from the get go. Here then is one example of an efficient management process. It has to do with the businesslike processes of receivables management. Are you at least familiar with the term? Well then, do read on.
The structure established through an efficient management process brings to birth a multi-tiered set of workflow processes. The program managers of these efficient processes conduct a detailed analysis of a client’s portfolio of works. They then segment receivables into groups. These groups will be based on a set of criteria. These criteria include age, balance range and even customer credit scores. After that, each segment created will be distributed to a number of agencies. The result of this distribution is a set of proven or demonstrated records which successfully compare different portfolios with a specific industry.
It takes around six months to complete a first round of collections. Thereafter all outstanding accounts will be placed with a second tier of agencies that specialize in aged debt. Third and fourth tier agencies will deal with advanced stage collection efforts. All this shows off the leveraging of a set of unique capabilities with multiple stakeholders specializing in different stages of a debt or account collection process. Every effort is made to convert clients’ receivables into ready to use cash. The foundations have been laid for clients to enjoy new levels of profitability.
All recoveries are now being maximized whilst minimizing clients’ usual collection responsibilities. Clients can now reduce previously high levels of overheads.