Page 6 - NEXUM Information Pack

"We selected NEXUM to integrate within our collections operation as
part of our drive to continually improve business efficiency.
NEXUM's knowhow and approach ensured that the project was
delivered to our high expectations"
How NEXUM can help?
The process of managing receivables is split into three main categories:-
1. Awareness
Being aware of changes in information is crucially important and very difficult to management. For example a customer promises to pay by a certain date, this is the second time in succession he has failed to meet a promise. Furthermore the first time he failed to pay the amount of the invoice was only £500, since then he has raised additional orders and the value now stands at £1,500.
NEXUM benefit
Being aware of ‘changes’ is a key benefit delivered by NEXUM. You simply instruct NEXUM to monitor accounts daily and to keep an eye on an endless list of data, if there are any changes then you need to know and NEXUM notifies you.
2. Action
Using the above example, you now need to act. Here is what you may need to do:
Call customer to discuss
The customer is not available, so you must send an email, fax, letter or a text message to the contacts mobile (or maybe all four).
Don’t forget to also send a copy of the correspondence to the customer service team and salesperson/ account owner ma king them aware of the problem (as there could be orders in the pipeline).
Schedule a follow-up call to the customer contact
Wait x days for the customer to respond before escalation
Make sure you update the system and log the activity
Total actions required by you at this stage = 11
Total time taken to action this one account at this stage = 30 minutes Total cost for the actions as above = £25
NEXUM benefit cost & time reduction of 86%
The action above entails much manual activity, NEXUM enables you to automate most of
the administration, leaving the ‘user’ to focus on the call/ discussion with the customer.
Total time taken to action this one account at this stage = 4 minutes, Total cost for the actions as above = £3.50
www.nexumsoftware.com Tel: +44 (0) 845 226 8184 Email: info@nexumsoftware.com