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  • Writer's pictureCaroline Lyons

Innovation In Detail: New Year-New Collections System

Updated: Feb 20, 2023

Happy New Year and welcome to 2021. Just like you we are hoping this year brings much brightness and positivity. Now more than ever, it is vital that you ensure the right tools are enabled within your organisation to help maintain a healthy cashflow. At Innovation Software we have made it our business to help you do just that. We provide an end-to-end solution that focuses on cash generation, rapid query resolution and intelligent workflows. Your business will benefit from improved customer satisfaction, DSO reduction by over 30%, and productivity gains of 50% and more.

People celebrating at a new year's party

CreditForce - The AI-Powered & Fully Automated Collections System

CreditForce uses algorithms to create prioritised task lists that will optimise the use of your Collectors time and ensure you have the best financial intelligence about you clients available. It also offers the best range of tools to streamline and maximise the productivity and effectiveness of your work. Optimise working capital and preserve cash with AI-based collections across all industries:

  • Intelligent Algorithms to Prioritise Task List

  • Stay on top of your high-risk customers with AI-based alerts and workflow triggers

  • Leverage AI-based payment date predictions to auto-prioritise at-risk customers and ensure faster past-due recovery

  • Customise collections strategies with AI-recommended actions and promise to pay analysis

  • Email Tracker for Intelligent Email Analysis

  • WIP Management for Intelligent Revenue Forecasting and e-mail Bill Management

  • Automated Cash to Invoice Matching & Application

  • Comprehensive CRM to help Build & Manage Financial Relationships

  • Comprehensive Document Management System

  • Intelligent "Chasing" via Email, Voicemail, WhatsApp & Text

CreditForce is a highly advanced, exceptionally richly featured and automated collections management system, proven time and time again to reduce DSO and ensure invoices get paid quicker. The latest version, V6 is revolutionising Collections and Working Capital Management Teams’ productivity with its extensive range of intelligent and RTA (Repetitive Task Automation) tools.

Features include intelligent algorithms which prioritise user task lists so that collectors can focus on chasing invoices that optimise collections. We analyse payment patterns, bill values and can incorporate your own custom rules to increase productivity, reduce: DSO, risk, your order-to-cash cycle time, and improve the strength of your balance sheet.

One of the most recent features, saving our clients an average of 35 minutes per collector per day, is Email Tracker. It’s clever. It stores and saves a copy of each email sent, together with every reply, fully indexed and contextualised in relation to the underlying financial data to which related, as well as, where required, creating a task from email replies. Gone are the days when users wasted time jumping from CreditForce to their email inbox (CreditForce supports Outlook, Gmail, and IBM Notes) to monitor replies, we’ve designed the system to enable users to “live within” CreditForce, by doing this for them.

CreditForce integration with other systems is world class. We invented the concept of massive integration over 25 years ago, and are technology leaders with GLƱEON, which uses Common Data Model and PowerApps Technology. Regardless of how many ERP or Data Sources you may have, CreditForce integrates them all. Your Team may “live within CreditForce”; they only need to know CreditForce to work seamlessly with all your other systems. CreditForce includes an extensive CRM for users to manage financial relationships as well as a Document and File Management System (DMS) to manage documents and files, with instant retrieval of required information, tracking new or changing content and avoiding the need to jump from program to program to keep track of events and new information within your business, and associated businesses. The DMS features pre-defined templates with your company's brand assets to enable these to be used in conjunction with Intelligent, Automated Workflows, as well as tracking responses. Everything has been thought of to make your collectors lives easier and their days more productive. Have a CRM and DMS already? No problem. GLƱEON, CreditForce’s intelligent database, will map to it, sharing your information assets and data, fully focused on what the collections team need, and for them to share with the wider business. While on the subject of automation, dialling clients takes time and saps concentration. So we do this for you as well, with CreditForce CTI (Computer Telephony Integration) and VOIP (Voice Over Internet Protocol) integration. Collectors’ call lists are dialled automatically, and inbound calls identified, and routed to the correct collector, who also does not have to search for the caller’s account; it’s popped to screen automatically. Result? Yet more time saving. And because we love automation, CreditForce-Allocate enables yet another area of financial administration effort to be reduced – dramatically. Gone are the days when you need to pore over lists of payments from your customers and apply these to their open A/R transactions. Up to 95% of your transactions have this process work is automated using intelligent algorithms to do this for you. Intelligent invoice dispute and query management starts with automated routing to the most appropriate resolution team members, and with the correct level of oversight. This is complemented with comprehensive analysis and calculation of the average, and dispersion about the mean, resolution days, as well as the probability of disputes occurring. The likely impact is fed into CreditForce’s Intelligent cashflow forecasts. The cashflow forecasts are available for different time buckets, visually on dashboards, and with instant drill-down from accounting period level to daily. You can visualise, as well as see the detail on, the impact of:-

  • Payment promises

  • Payments by instalment

  • Payment method

  • Invoice queries and disputes

  • Payment terms

  • Risk rating

  • Customer group

  • Product / service group

  • Currency

  • Geographical analysis (region, country, ZIP / post code, sales territory etc.)

The slicing and dicing list is endless. “What if?” sensitivity analysis tools are provided, but also “mean” and “probability” distribution to enable this to be much more scientific. Depending upon the industry sector, CreditForce typically enables between 10 and up to as much as 40 days of receivables to be released from lock-up. For businesses with a turnover of £100m that’s a bank balance boost of between £2.7 and up to £10.8 million. Think what that money could be invested in! Not to mention the cost of servicing that debt and the hours of time that could be saved each week. The longer receivables are outstanding, the longer the collector and management review time that needs to be invested in their collection. For a collections system you can rely on to improve the health of your cashflow in 2021 - choose CreditForce V6.

Contact us today to arrange a demonstration: +44 1634 812 300 and ask for Caroline.

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