Integrated Collections Management Solution (ICMS)
The financial strength of any organization depends on how well it can maintain its position within the marketplace. Specifically, a company must continuously focus on two crucial areas:
Timely accounts receivable and debt collection systems must include:
Bevertec CST’s Integrated Collections Management Solution (ICMS) has been designed to solve the above problems, and more.
Built on state-of-the-art web technologies, ICMS employs a Graphical User Interface (GUI) and operates in industry-standard environments. Designed to drive quality collection activities that are both timely and accurate, ICMS is supported by a knowledge-based system that guides Collectors through pre-determined collection scripts, resulting in precise outcomes based on the severity of the case.
ICMS consolidates a customer’s accounts receivable activity, provides up-to-date information, and empowers Collectors to perform at the highest levels. ICMS streamlines the entire collection process, leading to an integrated, efficient, and effective collection environment.
By matching ICMS technology to an appropriate collection model for your business, debt Collectors become more efficient, resulting in greater cost control and a reduction in debt ratios.
Collectors are provided with a work queue consisting of accounts prioritized by user-defined organizational parameters. Collectors can:
ICMS provides extensive reporting features to allow management and support staff to monitor collections performance. System-defined reports include:
The key to having customers pay on a timely basis is letting them know you are closely monitoring the relationship. ICMS incorporates our credit collection philosophy, based on the principles of five Rs:
ICMS is an online, real-time system that controls the process of debt collection. Features include user-controlled options and parameters, online security limiting access to specific accounts, an extensive online help facility, and an online letter writing tool.
ICMS is easily customized to interface with your current system for uploading or downloading data. Daily delinquent accounts can be selected and extracted from loan/debt systems using pre-determined criteria and downloaded to the ICMS client/server platform. The system then analyzes new delinquent data and generates appropriate Collector queues based on your parameters, typically consisting of new delinquent loans/debts, aged A/R, broken-promise debts, or accounts requiring escalation due to the length of time spent in recovery.
Collectors benefit from ICMS ease of use. Logging onto the system requires a unique identity and password. ICMS then delivers a delinquent account queue that can be managed in a number of ways. The Collector can browse the list or search using alpha-name selection criteria. As each account is browsed, relevant demographic and loan/debt information is displayed on screen.
At any time, an account can be pulled up for complete review, and specific loan/debt records can be managed. ICMS automatically displays an additional screen providing more in-depth information on any account. The Collector has options to review account history, including previous calls and promises made by the customer.
On contacting the customer, ICMS automatically delivers a unique set of knowledge-based questions to be posed, depending on the severity of the debt, these can be customized by your organization. ICMS also provides possible response scenarios for the Collector, creating a conversation that determines when and how much the customer will pay. ICMS logs all customer responses, which can be reviewed at any time, and delivers a summary screen of all contact and transaction activities in the order they occurred. The end result is a consistent collection management system throughout the enterprise.
ICMS calendars all “promise to pay” dates and automatically retrieves customer accounts on the due date, verifying whether the account is paid or cured. If a payment is outstanding, ICMS assigns the delinquent account to a Collector queue for follow-up.
ICMS is web technology-based, employing a Graphical User Interface (GUI) that operates in industry-standard environments.
Finance teams can evaluate overdue duration, outstanding value, payment history, broken payment commitments, previous contact attempts, and unresolved account issues. A collection management system can organize this information to help teams prioritize follow-ups. The most appropriate prioritization method depends on the organization’s credit policy, portfolio risk, and recovery objectives.
Businesses should evaluate workflow configuration, account prioritization, promise-to-pay tracking, collection reporting, usability, scalability, data security, integration requirements, and implementation support. They should also determine whether the system can accommodate their existing collection policies and reporting needs without creating unnecessary manual work or disrupting established finance processes.
Collector productivity can be assessed through several indicators, including accounts worked, completed follow-ups, promises to pay secured and fulfilled, overdue balances recovered, collection effectiveness, and changes in receivables aging. Reviewing these metrics together provides a more complete picture than call volume alone. Performance measures should account for portfolio complexity and differences in account assignment.