A new beginning for Novuna Business Cash Flow was automating their collections process with Esker’s Collections Management solution. As a result they have successfully boosted employee morale and client relationships.
2023 is already in full swing with the weeks flying by, and small signs that Spring is on the way. I do enjoy the changing of the seasons, and that it brings a different mood and outlook to life. New Year and then Spring always feel like a new start, a clean page in life to make what you want of it. Like so many, I always start a new year with all good intentions. My New Year’s Resolutions (New Beginnings as I prefer to call them) were not so different to previous years, with the annual intent of consuming fewer sweet treats being the first on the list! After admitting to myself that my New Beginnings had not been successful so far, I’m now giving up sweet treats for Lent!
I always find it bizarre that in the working environment I’m constantly reviewing my progress against my targets, (can you tell I’m in Sales?), but in my personal life this is not something I prioritise. Each week at Esker we meet as a team to discuss how the previous week has progressed, what had worked well, and areas that need improving or need more attention in the future. We also have our monthly company meeting with reflection time, celebrating the wins in each team and as a company, then looking forward to how we can strengthen each area. So why do I not do this with my personal New Beginnings?
One of our customers, Novuna Business Cash Flow, found that the system they used for collections was challenging, difficult to navigate, and that the ability to run reports was particularly frustrating. Team morale was low due to how time consuming the way of working was and the potential for mistakes. And so Novuna Business Cash Flow set off on a journey to find a new way of working – a new beginning. After looking at several different systems they implemented Esker’s Collections solution. A great example of reviewing their processes, highlighting an area for improvement, and then finding the best resolution for the issue.
When embarking on a project like automation, it’s understandably a time of apprehension and trepidation. We so easily stick to the routines we know, building up daily habits, whether these be good or bad. In my case with my sweet treats, bad habits! It’s harder at times to implement a new beginning, but often once we have changed our routine and then embraced the change we know we want or need to make, the results speak for themselves.
Credit Manager at Novuna Business Cash Flow, said:
“We have seen benefits to our clients as well as ourselves. Strategically, we can liaise with them to help them make better business decisions by giving them detailed information about their supplier queries.”
Esker’s Collections Management solution can bring numerous benefits to your business including:
- Increased collections efficiency by automating low value tasks such as daily reminders, prioritisation and giving collectors one system to access all invoice related information and documents
- Improvements in collaboration and dispute resolution by easily assigning tasks to stakeholders, and sharing reports to make the dispute or invoice related issue easier to achieve and monitor.
- Better visibility on process and performance with customisable dashboards and reports displaying real-time KPI’s to monitor collections performance and therefore be able to adjust strategy accordingly for even greater efficiency.
- Improved customer relationships via a customer portal with 24/7 access enabling customers to retrieve all the information they need.
- Reduced DSO/optimised working capital with all the above contributing to accelerate the cash collections cycle.
When embarking upon their automation journey, Novuna Business Cash Flow had set out a number of objectives they wanted to achieve:
- Increase flexibility
- Facilitate reporting for clients
- Invest in market-leading AI technology
- Provide multiple access both internally and for clients
And since the implementation, they have seen the following highlights:
- Immense boost in team morale
- Control over the solution to create bespoke filters
- Excellent KPI analysis
- In system messaging – full audit trail of activity
- Controlling bounced emails via standard reports
- Ease of solution navigation, workload distribution & escalation
The team at Novuna Business Cash Flow have said that they feel they are at the start of a journey, and although the process is greatly improved they are still learning about functions within Esker’s Collections solution, reviewing the progress, and adjusting where they feel they can benefit with further opportunities.
“Motivation of my team is through the roof — Esker is very simple to understand. It also empowers them to make decisions based on each of their clients rather than a top-down approach. This is making them much more self-sufficient giving me the opportunity to look at a more strategic view of the business.”
Credit Manager, Novuna Business Cash Flow
And so, they have a new beginning, that is creating new routines and habits to improve in so many different areas. Results are being seen, which helps to make the transition from old routines and habits that much easier. The research that Novuna Business Cash Flow put in at the start of the journey has paid off, and for us here at Esker we are thrilled at the difference our solution has made to the whole team at Novuna Business Cash Flow. We will still reflect though to make sure we can learn from the process for our future clients.
And so finally for me, as we enter Spring and the new shoots of new beginnings are starting to appear in the garden, I need to set my personal objectives. Then research the best system to achieve my objectives, and then record the highlights to keep me on track. I’m sure each week there will be areas for improvement and old habits are going to be hard to break. But if I sow the seeds now, who knows what might grow over the summer – or in my case shrink with less sweet treats! Let’s just hope I don’t have a poor performing weekend in April with the temptation of Easter Eggs!
