Notes

https://highradius.zoom.us/recording/play/x6LQ0UzSBNf1YVBfnib-L6vIBS8lHY81iJo4FxcZ1gACFpFBuETb006As66YkQ8m?continueMode=true


Fast track deduction: ( 3rd video of deduction)
https://www.highradius.com/fast-tracking-deductions-new-year-resolutions-to-save-1-5-million-in-3-years/?hrc=133fc5841a1bccb6d4a1e81577cf4e0c


CM nayak room
https://highradius.zoom.us/recording/play/x6LQ0UzSBNf1YVBfnib-L6vIBS8lHY81iJo4FxcZ1gACFpFBuETb006As66YkQ8m?continueMode=true

(high radius marketing team intro)
https://drive.google.com/file/d/10svjB5fknCIQ-ozAL3l-7FTOBIbTs-sN/view


https://drive.google.com/file/d/1W5bYgijdlJhIAPSC9d1_stMjY8bPQx4G/view
https://drive.google.com/file/d/1eDHJZVWt4cbyko-7nVrtbOOt5rcGHdnq/view
https://drive.google.com/file/d/1vCHEXPYLKPquy8nscXsqxunUNtNyG5t2/view
https://drive.google.com/file/d/1qYHEpAu21f0s-XdW-CSHemf91_A32JgG/view


https://drive.google.com/file/d/1O_VIE6u3maA9Q_LmbKbGfViCCtzWtyDP/view
https://drive.google.com/file/d/1kYyOHWGowNNnv8ZK6wmnfZgZDzTFWpQN/view
https://drive.google.com/file/d/1KpAQl-dGZ_bRa-HHcJBtMubgSSIbRtaa/view


collection:
https://drive.google.com/file/d/1ifYfFtq7FwwmSP-jtqxr_SdHwEkeFktv/view
https://drive.google.com/file/d/1uS1A3xM5LH_0TwzeABvTCeZiyNbOM3QI/view
https://drive.google.com/file/d/1uS1A3xM5LH_0TwzeABvTCeZiyNbOM3QI/view
https://drive.google.com/file/d/10cKJVovpivhMlbxY8s_5OEj2ttvwkoND/view
https://drive.google.com/file/d/1A36zVh6-wDNlQZooOPWoGerBtAXb5LbB/view
https://drive.google.com/file/d/1aNFSjdf3JY397uKqum6ZBJqpO0L8LnD1/view
https://drive.google.com/file/d/1LbYwOS_OHFInOaxiC0jYO-gG_Uuy0xIc/view








Collections Training Ex- 15
All the questions are mandatory.
The maximum word limit for any question is 500 words - there is no minimum word limit for any question. If you can explain the answer in less no. of words - that's fair.
Numbers in the bracket indicate relative marks for each question.
Deadline is fixed.

Your email address ([email protected]) will be recorded when you submit this form. Not you? Switch account
* Required
Emp Id *
10394
HRC Email *
[email protected]
What is skip invoice tracing? (3) *
Skip invoice tracing is the process of tracking down indivisual based on the open account recievebles. It relates to collections and accounts receivable management basically meaning a process to track down individuals. It combines technology and other resources including public records and data to find out the people who haven't paid their invoices . Skip tracing process ensures that you don't have to go through all that trouble .
Why do collections teams need to interact with the deductions teams? Explain the same in the presence of a manual process and with automation. What is the messaging that HRC does around the same? (6) *
Before the collection team approaches for its collection process, they need to have a proper knowledge about any deduction scenerio associated with that account so that the collection process can be approached in an organised manner by avoiding disputes.
Manual Process:
1. Equal focus on both large and small customers although large customers account for most of the business.
2. Manual Correspondence from different sources causes issues in tracking and planning the execution of the collections process.
3. Handling disputes is a long and manual process.
4. Analysts manually need to update payment status, worklist, save payment commitments, etc.

Automated Process:
1. Prioritized collections worklist
2. Automated Correspondence
3. Centralized tracking of all payment commitments, tasks, and correspondence notes for customers.
3. A dispute Management system which captures invoice disputes, create and share pre-deduction information, and initiate workflows for dispute resolution
4. Cash Forecasting system which predicts cash flow based on payment behavior and commitments.
5. Automated Invoice payment status updating system which pulls customer-posted invoice information automatically from customer portals and other related websites to refresh the worklist, save commitments and save time lost in dunning on invoices where payment has been made.
How was traditional collections process ( say 2 decades ago ) different from the collections process today? What are the pain-points that have crept up over time? (4) *
Traditional collections process comprised of seller based marketing compared to what we have now is customer centric marketing.
Traditionally raw materials were used in collections management but now we have automation.
Transnational activities were used in collections but now we have business analysis.
Pain points to look for are
1-- Unavailability of effective data and inefficient use of the available data.
2-- Reaching out to customers for collections without full picture and view of the
customer
3-- Incomplete customer portfolio results in ineffective collections action.

How is a collections priority score calculated? (4) *

Sending correspondace.
Promises to pay creation.
Credit score.
Delayed payment behaviour
Dip in credit score.
Amount past due date.
What is the messaging around Collections Dashboard? (3) *
1.The collections dash board will help tell how much money,will each call make.
2.Collections dashboard help the collectors determine key factors that will help him in the call process.
3.Always know which customer to call first with intelligent prioritized worklists.
How does automated correspondence work in the HighRadius Collections solution? (4) *
1.Sending Correspondence based on the level of collection risk.
2.Send correspondance en-mass, Dispatch 100s of emails at a time.
3. Having a track on all the correspondance.
4. Collaboration with customer via emai, mail, fax, print .
5. Auto capture customer information, attach relevan file and personalized messaging.
Name some collections metrics ( at least 3) you have come to know of so far, their significance and how does automation impact them? (3) *
1. Account Coverage
2. Dollar amount collected
3. Productivity
What does inbound (customer-initiated) correspondence mean? List at least 3 scenarios for the same (3) *
Inbound correpondence is the traditional approach in which the customer calls our company with a service request or an inquiry.
Scenerio:
1. The life of a collector where he/she has to do a huge amount of clerical data collation just to know what to talk abut with the customer.
2. When the collector got all the customer information available right at a single platform.
3. Adding personalized notes about the previous interaction for payment commitments that will help in the future.
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