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# Collections Management Software
AI prioritized worklist for the top 20% delinquent customers. Automated collections for 80% of long-tail customers.
!
Reduce past due by **20%**
Increase FTE productivity by **30%**
Book a Personalized Demo
Download Solution Brief
## Collections Management Software Modules
### AI Prioritized Worklist
**Collect Proactively.** Predict customer delinquency 30 days in advance. More
### In-App Dialer
**2X Calls.** One-click call, auto-transcription, and automatic follow-up email. More
### Advanced Dunning
**10X Outreach.** Automate emails for long-tail customers with smart payment links. More
### Intelligent Email Inbox
**3X Email Productivity.** Email from the app without switching applications. More
### Generative AI via FreedaGPT
**AR Co-Pilot.** Auto-draft emails, call summaries, and chat prompt responses. More
### AP Portal Automation
**Automate E-Invoicing & Tracking.** Direct integration with 100+ AP portals. More
### Additional Modules |  |  |  |  | 
Product
### Key Modules
* AI Prioritized Worklist
* In-App Dialer
* Intelligent Email Inbox
* Advanced Dunning
Value
### Improve Operational KPIs
* **2X** Collection Calls
* **3X** Collection Emails
* **10X** Automated Emails
* **4X** Weekly Past Due Coverage
### Deliver Business Outcomes
* Reduce Past Due by **20%**
* Increase FTE productivity by **30%**
* Increase Productivity by **30%**
## Value Creation at 1100+ Enterprises
### 46% Reduction in Past-Dues
Ryan Murphy
Chief Financial Officer
### 46% Reduction
Past-Dues
### 54% Improvement
Collections Efficicncy
### 20-Day DSO Reduction
with 40% Boost
in Collector Productivity
Kent Yee
SVP &
### $20 Mn Added in Cash Flows
40% Working Capital Improvenemt
### 90% Straight Through Processing
Auto-Posting 600K+ Invoices Annually
## Market Leader in Office of the CFO Software
×
## FAQs: AI-Powered Collections Management Software Solutions
* ### Why do you need Collections Management Software?
* ### Why HighRadius for Collections Management?
#### What is the process of cash collection?
The process of cash collection in collections management involves several key steps. First, send accurate invoices promptly, including clear payment terms. Follow up with automated payment reminders before and after the due date to ensure timely payments.
Regularly monitor accounts receivable to identify and address overdue invoices. Engage with customers to understand any payment delays and negotiate payment plans if necessary. If payments remain unpaid, escalate the issue by sending formal notices or involving a collections agency. Finally, accurately record payments in the accounting system and update account statuses accordingly.
#### How do you automate the collections process?
Automating payment collection through collection software involves several steps to ensure a smooth and efficient process.
1. Choose the Right Software: Select the software that prioritizes the right customers, manages reminders, tracks payments, and handles customer interactions in one place.
2. Automate Payment Reminders: Set reminders for due dates to ensure timely communication and reduce late payments.
3. Integrate with ERP systems: Link software with ERP system to update payment statuses and ensure real-time tracking.
4. Establish Workflow Rules: Automate workflows for various stages, like escalating overdue accounts.
5. Monitor and Adjust: Regularly review and optimize the process using software analytics.
#### What are the three C's of a successful collections strategy?
The three C’s of a successful collections strategy are communication, consistency, and customer focus. Communication involves maintaining clear & consistent contact with customers. Consistency means applying collection policies and procedures uniformly to all customers. Customer focus involves addressing the customer’s challenges.
This approach helps establish a reliable and predictable collection process. Implementing these three C’s can enhance the effectiveness of your collections strategy and improve cash flow.
#### Can the HighRadius Credit and Collections Software integrate with my ERP?
Yes, our Cloud Based Credit and Collections Software seamlessly integrates with your ERP. It offers out-of-the-box connectivity with major ERPs like SAP, Oracle NetSuite, Microsoft Dynamics, and Sage Intacct. Additionally, it supports API integration for Quickbooks, Sage Intacct, and Microsoft Business Central.
#### How much time does it take to implement HighRadius Collections Management Software?
The implementation time for HighRadius Collections Management Software varies based on the complexity of your organization’s requirements. However, our Speed to Value methodology guarantees swift implementation and ROI realization within 3 to 6 months, setting an industry benchmark.
#### How much IT involvement is needed to maintain HighRadius Collections Management Software?
The Collections Management Software requires minimal IT involvement. With seamless plug-and-play integration into ERPs using real-time APIs and Hex (SFTP) connectors, along with pre-built modules and industry-specific best practices, customers can deploy it remotely with ease, reducing heavy IT dependencies.
#### Why consider AI-powered collections automation software for Collections Management?
HighRadius AI-powered Collections Automation Management software offers significant advantages for efficiency and effectiveness in handling accounts receivable. It leverages AI algorithms to prioritize tasks, optimize collector workload, & automate routine processes. FreedaGPT simplifies and enhances business processes with its suite of features. It auto-drafts personalized collection email responses, generates intuitive reports and dashboards from simple prompts, captures call details, and provides quick issue resolution through self-service prompts. These features collectively improve collector efficiency by over 30%, and reduce past-due accounts by 20%, resulting in faster collections and improved cash flow.
#### How does the Collections Management Software assign different customers to various collectors?
The Collections Management Software assigns different customers to various collectors using the AI Prioritized Worklist. This system predicts future delinquencies and calculates a Collections score for each customer based on factors like past due amounts, credit risk, and payment history. The software then creates a prioritized worklist for each collector, ensuring a balanced workload based on collector bandwidth. Suggested actions, such as calls or emails, are assigned to collectors, enabling efficient and targeted collection efforts. This AI-driven approach optimizes collector productivity and improves overall collection performance.
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We have seen financial services costs decline by $2.5M while the volume, quality, and
productivity increase.
Colleen Zdrojewski
Vice President – Financial Services
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