In their efforts to improve cash flow and mitigate risks, companies are increasingly looking at their management of accounts receivable. However, they frequently lack timely customer information and are unable to proactively monitor risk. They also are concerned with limited resources, low productivity, disparate systems, and time-consuming manual processes.
Many of these organizations turn to business service providers to help them improve effectiveness and efficiency. A global study conducted by EXL and SunGard found that while cost reduction is the main driver behind the automation of accounts receivable, customer service is the area that benefits the most from this technology. In the study — which surveyed more than 200 people from 25 industries, including manufacturing, technology and financial services — 67% of respondents cited customer experience as a top concern in selecting a provider and 44% identified poor communication as the main challenge in working with a credit and collections provider.
The study was especially important because collections functions typically are less frequently evaluated. The results confirmed that those involved in business-to-business collections can and should expect more from service providers.