Ahead of the Credit Today Utilities and Telecoms Conference, which will be chaired by collections industry consultancy Arum, the managing director of Arum, Aleks Tomczyk, has written of the 3, 7, 11 method for debt recovery and payment collection.
In a Credit Today blog, he explains that there are three main outcomes to successful collection operations; seven attributes that can help companies to be successful in their pursuit of payments; and 11 functions that must all work together to support collections and recovery.
These variables, in full, are:
The three target outcomes:
- strong revenues from collections;
- good satisfaction from stakeholders;
- optimisation of operating costs.
The seven key attributes:
- intelligent and insightful;
- lean, effective and efficient;
- flexible, agile and progressive;
- right first time.
The 11 contributing functions:
- the organisation itself;
- stakeholder assurance;
- analytics and insight;
- segmentation and prioritisation;
- communications optimisation;
- operational delivery;
- IT platforms;
- continuous improvement.
“The focus is on creating future value and advantage,” the author explains. “An organisation cannot build an appropriate operational strategy on a foundation of quicksand.”
Working based on this 3, 7, 11 framework can have positive impacts for credit control and debt recovery companies and for their clients alike – in essence, it is an opportunity for recovery firms to practise what they preach.
In turn, by bringing together all the different contributing functions from across the organisation, performing those functions with the correct attributes, and pursuing the main, most favourable outcomes, recovery specialists and those who hire them can help to ensure funds are released from overdue invoices and outstanding debts.
This in turn supports investment, innovation and expansion – and could have an important role to play in ensuring the continued recovery of the UK economy as a whole.
Credit Today’s Utilities and Telecoms Conference 2013 is scheduled to take place in Nottingham on September 19th, with a focus on industry issues including welfare reform, effective data management, and tracing customers for the purpose of more successful collections.