As the full impact of the COVID-19 crisis unfolds before us, many sectors are facing unprecedented strain. A pro-active approach to debt collection is more important than ever for local authorities, government agencies and organisations of all sizes. Being pro-active is about creating or controlling a situation rather than just responding to it after it’s happened. So when it comes to taking a pro-active approach to debt collection, what are the top tips?

According to recent research by Bacs Payment Schemes Limited, 47% of SMEs surveyed are paid late by their customers on a regular basis. And the average small business is owed £32,185 in late payments. This equates to debts of £26.3 billion across the UK. The research also revealed that this resulted in a third of SMEs struggling financially, with 29% using their own overdraft facilities in a bid to manage any cash flow shortages. To reduce debtor days and keep cash flow strong, diligent credit management is undoubtedly needed. So what tactics can be applied to prevent these late payments, and recoup cash flow shortages? It’s time to turn to the power of automation.

Artificial Intelligence (AI) is arguably the greatest tool at the disposal of local government as it aims to deliver strong public services during challenging times. If you can understand the technology and its benefits, local government processes can be revolutionised — transformed into proactive, low-friction, ethical projects. Nowhere is this more true than in the pursuit of debt recovery and debt collection — namely the management of council tax, business rates, housing rents, sundry income or parking fines. Here we explain the power of AI, and how its simple tools can optimise and personalise the process of local government.

The COVID-19 pandemic has ushered in a remote working evolution. Companies, local councils and government agencies have been forced to examine and implement “home working” for the safety of their staff. Interestingly, studies show that remote workers are more productive. According to Tech Republic, France has seen total productivity increase by 113% this year, Italy by 100%, and the Netherlands by 52%. Staff get more work done. They perform better, and take fewer sick days. Cloud-based debt collection and debt recovery software are the perfect tool to boost the performance of your remote teams during these challenging times.

Establishing strong personal relationships with customers should be a top priority for all businesses. And this is where a CRM (Client Relationship Manager) comes into play. CRM solutions provide owners of small enterprises with countless incredible benefits. Here we outline the top five.

1. Full Business Integration

A strong CRM solution works to integrate all facets of a business. Finance, sales, customer support and marketing and can work together on one platform. And this fully-integrated CRM can provide a complete, vital picture of how your business operates.

In 2021 a “single view of debt” or “single customer view” will be selected by all those working to optimise and improve their collections process. Let’s take a deep dive.

Single customer view (SCV). What is it and how does it work?

A single customer view, also known as propensity modelling is an holistic representation of the data held by an organisation about its customers. Also known as a ‘360’, ‘360 degree’ or ‘unified’ customer view, it is a method for gathering all the data about your customers and prospects and merging it into a single, unified record. It is a profile of each citizen or customer, so you can get a clear overview of their full situation in regards to your business or enterprise. SCV takes into account all the available data on an individual. Often different channels are run by different departments within an organisation. Data is aggregated from different streams, and the SCV unites all available data to construct a clear, unified picture of each individual.

LATERAL is thrilled announce that they’ve been selected as a FINALIST in the Digital Business Transformation category at the 2020 Credit & Collection Technology Awards. Ian McManus, Lateral Co-founder and CTO, spoke positively of the recognition recently: “we’re delighted to be a finalist in this covered category. It’s a testament to our innovative approach, and how we’ve harnessed AI and machine learning models to thrive in the competitive credit and collections marketplace”. Ian appreciates the value of the Credit & Collection Technology Awards, “their focus on celebrating technology at a time when all businesses face extra pressure and scrutiny is so commendable and appreciated” he continued. “Being a finalist for such a great award allows us to distinguishes Lateral from other competitors and ensures prospective clients know how innovative and powerful our software tools are. We’re excited!”.

Matter management refers to the activities relating to managing legal work. It encompasses many sub practices within it, including contract management and document management. Matter management is the process by which a legal firm gathers data, tracks and assigns its work. And this includes all legal services including budgeting and invoicing. A “matter” is defined broadly. It can be a simple legal task, or a more broad, complex legal project. The purpose of matter management is to provide a more organised, collaborative, interconnected administrative and logistical basis from which a legal firm can function.

In the United Kingdom there is an estimated £5.2 billion of debt remaining uncollected by local authorities. Of course because of the impact of the COVID-19 pandemic, this figure is likely to rise. A ‘single customer view’ of debtors is a powerful way for government agencies and local authorities to collect debt in a fair, productive and efficient manner. And when combined with innovative omnichannel text and email communications, the collections process is expedited and streamlined for all parties.

Leveraging the power of Artificial Intelligence (AI) in rent recovery operations is the most intelligent, cost-effective and productive process available. AI can act as a vital bridge between organisations and debtors. Here we outline the top five ways that AI is transforming the rent recovery process for landlords, local authorities and government agencies.

Did you know that almost 75% of all CRM projects fail? The reason for this high failure rate is most often down to poor user adoption. So here we outline some top tips to ensure the CRM you invest in is implemented successfully.

The truth is a solid Customer Relationship Manager (CRM) has never been more important. The ideal CRM should improve productivity, whilst also creating a stronger relationships with customers. When implemented correctly it can be an incredibly powerful asset.

What is Single Customer View?

A single customer view refers to the process of bringing together all the associated data that you have about one customer, and consolidating into a single record. When it is used to refer to debt recovery or debt collection it can also be called a ‘Single View of Debt’, a ‘360 Degree View’, or a ‘Unified View’. For government agencies, local councils or businesses who face the logistical challenges of complex data sets, multiple databases, and large amounts of outstanding debt, the process of consolidating and organising a customer’s whole debt portfolio can be incredibly useful.

Taking a digital approach to debt collection is becoming more mainstream across the world. By harnessing the powers of software which is powered by Artificial Intelligence (AI) and Machine Learning (ML), the overall debt collections performance can be improved, and creditors and customers alike reap rewards. Here we outline the top five ways debt collection uses AI and machine learning.

Powering a single view of debt is the most innovative and useful way to optimise the collections process. Here we outline the many benefits of this strategic approach to collection management.

Lateral is thrilled to announce its new partnership with Crawley Borough Council, who will be adopting Lateral’s leading collections platform which unifies all debt streams associated one with customer into a single view of debt.

Developing successful Customer Relationship Management (CRM) software is a vital requirement for large and growing enterprises operating in today’s competitive marketplace. According to Gartner, the global CRM market is predicted to grow at 13.7 percent Compound Annual Growth Rate (CAGR) by 2021. And in the next few years artificial intelligence is certainly set to play an increasingly vital role in the context of CRMs. Here we outline the top five ways you can leverage the power of AI to enhance your CRM.

CRM software (customer relationship management software), empowers businesses track, record manage customer interactions in a single system. A CRM is designed to store interactions between a business, its prospects, and its existing customers. It also manages and eases communications, through the concise live data it provides its users with. Lateral’s industry-leading CRM is undoubtedly the most innovative, flexible and robust product on the market. And here we will outline what the Lateral difference consists of. The strengths of Lateral’s software is proof positive that our award-winning CRM can help accelerate the growth of businesses of all sizes, through Lateral’s smart decision making processes, and powerful automation tools.

CRM stands for Customer Relationship Management Software. In recent years CRMs have evolved and developed at a rapid pace. And today CRMs allow businesses of all sizes to reap better rewards in terms of profits and long term growth. CRMs can improve customer service, increase sales, provide businesses with improved analytics and also increase business efficiency. But what are the best practices to adopt in order to get the most out of your CRM? Here Lateral offers up some tips.

Chasing customers to collect payments you’re owed used to be a laborious task. The labour costs of communicating with debtors via dialling, sending letters and emails, was both time-consuming and expensive. But with the rise of live chats, chatbots and related messaging tools, the debt collection process has been considerably advanced. And chatbots are beginning to entirely revolutionise the collections process.

During a pandemic cash flow management is critical and is the key to your success and longevity as a business. As they say, “cash is king”, but during this recent COVID-19 pandemic, many businesses have experienced testing times. Late payments have become commonplace and cash is often in short supply. So here are some vital tips to help strengthen the cash flow of your business during these testing times.