Innovation is replacing legacy systems and processes. Phone calls are consistent with legacy processes. People don't answer their phones & it costs a lot. Good thing this process is easy to modernize. When is the last time your legacy A/R management process has been updated?
Decline is participation of phone for surveys from 36% to 9% (1997 to 2016) indicates communication trend of declining phones usage.
Customers hate it! It’s outdated to think "nudging" people by calling is the best way to get them to pay.
Talking to a live person creates shame and stress for customers. Calls are ignored crippling effectiveness & continuous calls are perceived as badgering. Customers don't expect helpful, positive interactions. The thought of calling you is met with dread since customers expect long hold times, inconsistent information, & lack of empathy.
Get better results:
- Remove people from the process
- Increased engagement leads to better cash flow
- Introduce self-serve capabilities
- Proactively offer customized payment options
Costs are very high
Manual processes are costly. There is a lot of waste generated from call centers. People sitting in cubicles listening to voicemail greetings day after day is insane. How many calls are made before a customer answers? When a customer eventually answers, is the bill paid? How many people do you have sitting around, and what’s the cost? How much revenue goes unpaid?
- Stick to dynamic, electronic communications
- Let AI tackle manual processes
- Create partnership between A/R staff and AI to increase efficiency
- Improve finance department's ROI