Quantforce Software B.V.
Prins Mauritsplein 1a, 2582 NA Den Haag
How do you work now?
Do you browse through your file from A to Z, from the oldest invoice to the latest one, or do you first hunt for the highest amount? This can be logical, but not the most effective method. Actually, it is the customer with the highest risk of non-payment, which needs the earliest attention.
Diversify your portfolio
Through QuantQollect, a file is created with a score for each customer, which ranges from 1 to 7. A score of 1 indicates a high risk of delayed payment, a score of 7 means very low risk of delayed payment. Customers in risk class 1 require yours or your team’s immediate attention. Customers in risk class 7 may just require no action, or are clients to grow your business.
What is the benefit ?
You can act at once, and even before the due date is passed. Under the traditional methods, you work on the basis of re-active triggers. I.e. the customer is late in paying (so after the due date) or does not honour payment agreements.
What are your options?
Using QuantQollect you can really orientate yourself to the future. Even before the due date of the invoice, you can determine your strategy: which actions do I take when I do not receive the payment as expected:
- adjust the credit limit
- put current and future orders on hold until payment is received on the overdue invoice
- take internal proactive discussions
- decide which collections actions will be most effective for a given customer (*)
For more information, check QuantQollect.com or Quantforce.net.
(*) a specific predictive model can be built for determining the best action for a given customer. If you have the data, then we have the machine learning predictive modelling tools and expertise. If you combine the predictive score with the best predicted action, you will be a data science super user.
Wed, 30 May