INSIGHTS FROM THE DEVELOPERS OF CONTRACTSPHERE®

Monday, 17 May 2010 15:04

iMANY COLLECTIONS

What does Collections do?

iMANY Collections enables companies to effectively track, monitor, and obtain prompt payment on invoices while also managing and expediting the associated internal invoice dispute resolution process. iMANY Collections supports end users throughout the invoice lifecycle, from origin to researching to tracking and customer follow-up via either payment or for dispute resolution.

Why is Collections important?

Critical for the better management of cash flow and working capital is reducing DSO (Days Sales Outstanding); lowering bad debt provisions; containing revenue leakage caused by improving collections; and reducing invoice processing and reconciliation costs. Aligning collections and disputer processes improves staff efficiency and effectiveness and enhances customer satisfaction through faster dispute respolution.

For whom is Collections designed?

iMANY Collections is designed for credit managers, collectors / collections teams, dispute resolvers and customer service that that need effective tracking, monitoring and control of collections and dispute resolution processing throughout the invoice lifecycle.

KEY BENEFITS

Resolution and root cause analysis

Uncover trends in frequent disputes and implement appropriate controls on individual customer behavior. Guide users through the entire resolution process while operating within corporate policies.

Gain control of collections receivables

Monitor and maintain all collections and dispute details through a recorded collections and dispute -history database for governance and compliance reporting, future follow-up, and post-audits. Track “rogue” sales personnel and contracting. Ensure that debit and credit memos are auto-reconciled accurately and rapidly through business rules.

Reduce Days Sales Outstanding (DSO)

iMANY Collections provides the ability to uncover DSO period-to-period customer trends and identify collection -related issues through a series of automated checks that generate actionable alerts to discrepancies provides the ability uncover dispute-related problems through a series of automated checks. User-defined workflows enables to-do list generation based on company and customer priorities; application of payments through flexible auto- matching via integrated Alloc8 (cash allocation software) processes eliminating thousands of mismatches and automated follow-up correspondence that streamline the dispute resolution process and promise to pay workflows

KEY FEATURES

Promise to Pay Monitoring

iMANY Collections provides the ability to automate the monitoring and exception reporting of accounts that fail to meet their Promise to Pay obligations and returning them to the To Do list.

To Do / Follow-up

iMANY Collections provides a To Do / Follow Up capability that functions as a actionable alert to ensure research and follow-ups in a timely manner. Leveraging user-defined workflows defined for each collection strategy or dispute type ensures that notifications and alerts are assigned to pre-determined users for each step of the Action Profile to prevent any misplaced or overlooked deductions.

Robust Reporting

By leveraging the detailed collections and dispute data, IMANY Collections provides deep insight with robust static and dynamic reporting including pre-defined reports for promises to pay, disputes raised, and subsequent resolutions.

KEY CAPABILITES

Promise To Pay Recording

iMANY Collections enables users to record and automatically track Promise to Pay offers at the account or individual invoice level with auto prompting on broken/failed promises.

Workflow-based Collections & Dispute Resolution

iMANY Collections provides the ability for user-defined workflow for each type of collection and dispute management activity including identifying individuals responsible for each step of the collection or dispute process; time-period before the customer will be contacted again; and communication channel (call, email, fax, or correspondence) to be used.