Any improvements to your collections process will not only reduce operational expenses, but also lead to considerable improvement in your collection KPI’s leading to reducing days sales outstanding (DSO).
Don’t use automation blindly. Measuring and continuously improving your automation processes is often neglected but it is essential if you want to reap real benefits of technology. Moreover, measuring the performance of an automation system is easier than you imagine. In this blog, our technology expert highlights the three steps to follow while measuring the performance of your cash application automation solution.
These seven steps must be incorporated into any automated remittance algorithm to ensure remittance details captured from both the lockbox and other electronic payment channels are matched correctly to the receivables database.