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The Customer Value Group has launched a collaborative software solution for
customer service and credit collection teams.
ValueFlow, the Collections and Dispute Management Workflow Engine, enables
businesses to target the causes of customer non-payment created by disjointed
internal practices, procedures and systems.
Failure to tackle this problem results in Europe’s top 1,000 businesses losing
€76.1 million in profits every day, a staggering €27.8 billion a year.
Analysis of financial data by The Customer Value Group revealed that Europe’s
top 1,000 companies collectively have a cashflow problem of €291.1 billion
caused by overdue customer debt.
This means that on average a company carries 36% of its accounts receivable as
overdue payments of which nearly half result from customer service issues.
Customer disputes due to poor service result in €161.7 billion in unpaid
invoices. €129.4 billion of accounts receivable goes uncollected because of
customer queries and service issues that have not yet been identified by
suppliers because of poor account administration.
The Customer Value Group’s solution enables businesses, for the first time, to
address payment and service issues in a holistic, cross-functional way using a
single collaborative platform.
Users can create sophisticated workflows using a drag & drop tool to manage
customer disputes and queries that result in non-payment.
This approach not only helps identify the root cause of non-payment earlier, but
also enables faster resolution of service issues which results in increased
customer satisfaction and reduced levels of outstanding debt.
ValueFlow provides full ticketing and alert functionality, and can integrate
with all existing CRM, ERP, financial and sales force automation systems. It
effectively introduces a ‘workflow layer’ that connects these systems together
to create a joined-up collaborative platform.
Dickie Bielenberg, Managing Director of The Customer Value Group, explained:
“Traditionally, customer service and credit collection teams have worked in
silos meaning no single stakeholder group, including the board-level management
team, can gain a complete joined-up picture of all customer activities.
"Cross-functional sharing of information, if it happens at all, is often nothing
more than an exchange of bits of paper and spreadsheets – and customer issues
simply fall through the cracks.
“This means companies are simply unable to coordinate customer interactions to
deliver an experience of optimal value to both parties.
"For example, how can one part of the organisation ask for payment of invoices
if another part is resolving an administrative error that prevents payment?
"At best, potential process synergies and internal collaborative opportunities
to enhance customer value slip by. At worst, companies risk damaging
relationships resulting in unfulfilled revenue opportunities and higher churn.”
Source:
Credit
Control Journal
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