[FRAMEWORKS] Customer Experience and Collections

Ideas to generate improved customer experience from the collections process

THE CUSTOMER LIFECYCLE

Effective management of Accounts Receivable (AR) requires process management and control across multiple elements of the customer lifecycle. 

Together these elements represent the Risk Operations lifecycle. Managing each is critical to drive results, maintain controls, and balance with customer satisfaction.

Fig 1:  Risk Operations Lifecycle

One key element in this control process is Collections which exists downstream, at the end of the customer lifecycle.   

Its primary role is to recover unpaid revenue and minimize loss to the company.  However it also plays an often overlooked, but pivotal role in increasing customer satisfaction and improving the customer experience.

In order to understand this we must first consider in more detail the collections process.

THE COLLECTIONS LIFECYCLE

Fig 2:  Collections Lifecycle

The Collecti...