On a compelling exchange hosted by Forums International<\/a> on the 22nd<\/sup> of June 2021, Order to Cash (O2C) challenges in a remote team environment were discussed by a prominent Panel consisting of:<\/p>\n\n\n\n Gail Armstrong<\/a>:<\/em> Head of invoice cash at Siemens Plc.<\/p>\n\n\n\n Sue Chapel<\/a>:<\/em> CEO of the Chartered Institute of Credit Management<\/p>\n\n\n\n Madalina Filipoiu<\/em><\/a>: <\/em> Senior Director, Credit, Collections & Cash Application \u2013 EMEA, Oracle Finance<\/p>\n\n\n\n Peter Kovacs<\/a>:<\/em> Head of Credit, Collection, Cash & Banking, BP<\/p>\n\n\n\n Gary Steadman<\/a>:<\/em> Head of SharedServices, Associated British Ports<\/p>\n\n\n\n John Swan<\/a>:<\/em> Ex Head of Credit Services, Hachette \/ Director Credit Management Solutions<\/p>\n\n\n\n The discussion was moderated by Klara Boor<\/em><\/a>,<\/span> Founder of Klass Academy and Martyn Brooke<\/span><\/em><\/a> Consultant Partner at Forums International.<\/p>\n\n\n\n The key outcomes of the exchange, which are expanded below, were:<\/p>\n\n\n\n In response to Covid, companies have rapidly created virtual teams. Overall, these teams have effectively managed risks and proved that it is possible to collect cash from home. Many have even<\/strong> reduced their past due receivables<\/strong> during the lock down. <\/p>\n\n\n\n Gaps <\/strong>however do exist<\/strong>; Integrating people into the culture; monitoring individual wellbeing; providing standard office equipment; communicating effectively and motivating people required attention from management. <\/p>\n\n\n\n Creating new habits, Communication and Motivation were<\/strong> the three concepts all the experts have built on, to conquer the challenge of the disrupted workplace. <\/p>\n\n\n\n \u201cThe most dangerous words in the English Language are \u2013 we have always done it that way. Last year showed the importance of adaptability<\/strong>. People who have done it the same way, were not as successful as those who adapted to new ways.\u201d \u2013 said Gary<\/a><\/em>.<\/p>\n\n\n\n \u201cAutomation was a key element<\/strong> for moving forward. Investment into a bespoke cash collection tool gave us a great return during the lockdown. \u201d- agreed Gail<\/a>.<\/em><\/p>\n\n\n\n Building on custom designed credit systems, companies had full visibility<\/strong> about what their employees and customers were doing. Visibility created trust<\/strong> within the remote teams.<\/p>\n\n\n\n \u201cUsing virtual dashboards <\/strong>combined with daily 15 minute stand up meetings <\/strong>allowed us to see specific issues and quickly resolve them, as a team.\u201d \u2013 added Gary<\/a><\/span><\/u><\/em>.<\/p>\n\n\n\n Creation of focused operational excellence<\/strong> teams<\/strong> and streamlining the process was a key element of productivity. \u201cWe have reduced invoicing steps from 42 to 4.” Gary<\/a><\/span><\/em> gave as an example.<\/p>\n\n\n\n Technology allowed companies to send reminders, tag availability of clients, produced reports within seconds and permitted collection agents to focus on relationship building calls with customers.<\/p>\n\n\n\n Human interactions were key in succeeding in the virtual environment. Collection agents listened to the personal issues of customers\u2019 first; then they asked about the payments, second.<\/p>\n\n\n\n Understanding the client’s situation with humanity<\/strong>, working on personal relationships and creating covid support deals created a stronger customer bond.<\/p>\n\n\n\n We are not robots\u201d; we are human beings who love to talk, love to hug and to be together…don\u2019t lose that human element in cash collection.\u201d – emphasized Gail<\/a><\/u><\/em>.<\/p>\n\n\n\n \u201cBe smart and kind\u201d added Madalina<\/span><\/em><\/a>.<\/p>\n\n\n\n \u201cKnow your customers\u201d complemented Sue<\/a><\/span><\/em>.<\/p>\n\n\n\n Panellists agreed that empathy was key in achieving<\/strong> outstanding cash collection results. <\/p>\n\n\n\n Communication has greatly changed during the lock down. Calls and virtual meetings have intensified.<\/p>\n\n\n\n Communication<\/strong>; senior leadership to employees has changed in scope<\/strong>. \u201cOur CEO sent casual weekly emails to employees to bring virtual teams together.\u201d Mentioned Peter<\/span><\/em><\/a>.<\/p>\n\n\n\n Web-based platforms Teams and Zoom prevailed. Companies, in general, benefitted from these tools as meeting productivity has increased. Yet, many felt overwhelmed by the intensity of virtual interactions and by being available all the time.<\/p>\n\n\n\n \u201cHow to communicate effectively from a distance, when 80% of communication is body language?\u201d \u2013 challenged the new reality Klara<\/a><\/em><\/span>.<\/p>\n\n\n\n Panellists admitted that focused listening, attention to individual contributors and one to one discussions<\/strong> were crucial within the virtual environment. <\/p>\n\n\n\n \u201cNot speaking up \u2013 does not mean that a person does not have something to say.\u201d – said Madalina<\/span><\/a> <\/em>explaining that they trained managers on how to get the most out of virtual calls.<\/strong><\/p>\n\n\n\n To compensate the \u201cZoom\u201d fatigue companies have shortened their calls<\/strong>, often to 15 or 30 minutes. This worked well for operational discussions, less well for project calls. Some have introduced \u201cwithout zoom days<\/strong>\u201d and \u201cfocus\u201d times. Declining meetings was also more accepted.<\/p>\n\n\n\nCash Flow improved during Covid19<\/h2>\n\n\n\n
Smart Technology is Inevitable<\/h2>\n\n\n\n
Talking to Customers with Empathy is Essential<\/h2>\n\n\n\n
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<\/figure>\n\n\n\nAdopting Novel Ways in Communication is Expected<\/h2>\n\n\n\n
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