An actionable summary of how collectors can work closely with their customers to recover past-dues faster during the COVID-19 outbreak.
Due to the sudden outbreak, CFOs & Treasurers are focusing on stabilizing the cash flows. Reduction of DSO is one way A/R teams are able to contribute towards this goal. However, a recent Gartner survey indicates that 60% of the CFOs on the buyer end are planning to increase their DPO in order to have more available cash. In this tricky situation, how will the collection teams ensure faster recovery?
‘Dunning via collection calls’ – this is one of the legacy methods used to recover past dues, and over the decades, the success rates have remained significant. Especially, during the complete global lockdown where people are working from home, a collection call adds a personal touch, enhancing the customer relationship.