Strategy Hunter Warfield

CFOs Need an Integrated Revenue Recovery Plan Now


Sponsored by Hunter Warfield

Deploying an integrated approach to revenue recovery, businesses and their collection agencies are better equipped to address, meet, and deliver results in an increasingly complex collections environment, forging an impactful partnership.

In an increasingly sophisticated market burgeoning with technological advancements, integrated solutions have become the new status quo in order to bring about an improvement in collection and recovery rates without changing debt collection agencies. This integration involves a concentrated, collaborative effort on behalf of both client company and collection agency that necessitates each works in accordance with the other, creating a harmonious and productive flow among proper workflows, communication, automation, and predictive analytics. This approach is essential to address the business challenges surrounding debt collection as well as to bring greater value to overall recovery operations in terms of increased dollars recovered and bottom-line profits. Accelerated results are recognized due to the multiple strategies being applied on both ends (creditor and collection agency) to impact collections and recovery efforts. Now more than ever, the approach to recovering lost revenue has to be done in unison, with the creditor and the collection agency working as a team.

By deploying an integrated approach to revenue recovery, businesses and their collection agencies are better equipped to address, meet, and deliver results in an increasingly complex collections environment, forging an impactful partnership. This point can further be made when looking at the results of successful collaborations in other industries. In a study on the results of supply chain collaboration published in The International Journal of Logistics Management, it showed positive collaboration related outcomes include enhancements to efficiency, effectiveness, and market positions for the respondents’ firms.1

In order for an integrated approach to deliver, the work must be done to move beyond tactical activities and into more strategic initiatives. Working together, creditor and agency can control the process and manipulate it with effective actions to ensure greater results in a shorter timeframe and for reduced expense.

How a workflow is developed and managed is important. Bad debt prevention and management has to be fully integrated into the workflow strategy for optimum results. Customized measures have to be strategically in place along the complete customer lifecycle projection to have a clear view of receivables. How that information is shared with the collection agency also matters. The creation and diligent execution of an effective workflow enables a business to better manage and control accounts receivables and to more efficiently deliver accounts to the collection agency. This work puts the collection agency in a much stronger position to collect more of the lost revenue faster. Working together, it’s easier and much faster to determine which accounts are most solvent, spot growing trends, and monitor which strategies are performing optimally.

To download this white paper, visit the FEI Learning Center.