In a previous article, we discussed the benefits that automation brings to an organization in relation to its collection processes. These benefits include a significant reduction in costs, an improved experience for employees who no longer have to perform routine and repetitive tasks, allowing them to focus on more meaningful or higher-value activities for the business. Additionally, it results in high levels of efficiency and accuracy in one of the most critical areas for the organization. This includes a decrease in losses due to poorly executed collections, reduced delinquencies, and improved liquidity. The big question that remains is, does any organization that implements RPA in collections magically achieve positive results immediately?
It is often said that automation has no prerequisites, and all it takes is to identify the right processes, integrate them, and digitize them to make them run according to established rules.
While this is true, for all these advantages to materialize in practice, it is essential to “do your homework.” This involves analyzing and understanding the work of people to identify tasks where automation can truly add value to the organization. A second evaluation is also necessary to ensure that these activities can be carried out without human intervention.
The good news is that with the right technological partner who has experience in automation for collections, you gain access to best practices and proven pathways, which minimize risks and increase the likelihood of success in each initiative undertaken.
The value of trust
Another challenge that companies face is that they often do not thoroughly understand their own processes, or these processes are highly inefficient because they span different areas that do not adequately share their information, or they behave as silos. Therefore, analyzing these processes, finding ways to optimize them, and then implementing automation accelerates the project and sets it on the path to success once again.
Change management is another initiative that is often underestimated but has a direct impact on the implementation’s outcome. Transparent communication with all stakeholders, led by leaders, with a clear and honest explanation of the scope of automation, and generating commitment from all areas involved, significantly reduces any resistance that may arise. This also entails a change among leaders whose teams perform tasks that will be automated: they must prepare for this new scenario, redefine the roles of their team members, identify how they can contribute, and create new expectations regarding the expected outcomes. The challenge of change management can be summed up in one word: trust.
Common mistakes and how to avoid them
A common mistake when implementing an RPA solution in the collections environment is urgency. With the desire to progress quickly to achieve theoretical objectives, analysis of how the solution should be implemented, what the infrastructure costs are, or what the control points are and how they should be managed are overlooked. This can lead to the investment not being justified and acting as an obstacle to moving towards organization-wide automation.
The collections area represents a fundamental part of a company’s operation; it is responsible for ensuring revenue. Advancing with its automation could be a key source of benefits and profitability. However, because of its importance, it’s not about automating for the sake of it or in haste. Instead, it’s about taking the time, with the support of the right technological partner, to ensure that the result aligns perfectly with the organization’s purpose.
