Collection workflow: what is it and how can it improve your business?

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What is workflows ? “Workflow” is an English word that translates as “work flow”, so the term is used to define the flow that is carried out to achieve a goal.

In the case of collection workflow, the term refers to the set of actions and activities carried out to obtain collection of the portfolio. Consequently, an effective collection flow is necessary for the company to have good financial health.

In this post from Moonflow, the collections software , we will tell you more buy sms list workflow, expand on its definition, tell you about its usefulness, and provide you with an example of an efficient collections flow .

What will you find in this text?

Workflow in collections: what is it?
What is workflow used for in collections?
How to create a collection workflow?
1. Set your goals
2. Make a diagram
3. Implement your workflow
4. Follow up
Workflow in collections: what is it?
Although we can broadly understand it as the workflow in collections, the truth is that it covers much more than this, since it involves the collaboration of “participants” to achieve the established objectives. The reason why we put “participants” in quotation marks is because when we refer to them we are not only counting human collection managers , but also software or technologies such as Artificial Intelligence or AI-powered collection agents .

The goal of this “team” working together is to optimize the process. That is, to make it more productive and efficient. To do this, the key to workflow is to leave manual processes aside and automate everything possible. This does not mean that human resources are dispensed with, but that they make the most of the technology available to them.

By using technologies to serve debt collection managers, it is possible to standardize processes and simplify tasks. For example, if you implement an online debt collection system, you can schedule the automatic sending of payment reminders through channels such as WhatsApp or email. This not only speeds up the process by reducing manual tasks for managers, but also allows messages to be personalized and sending times to be optimized, increasing the effectiveness of communication with customers.