How can bad debt impact your telecom business?

 By: Omar Abdul-Hafiz

 Vector created by pikisuperstar - Freepik

In telecom, as in any other business, bad debt can become a very dangerous matter if not dealt with in a systematic and effective fashion. The image gets even darker if we learn that some cases of bad debt may actually be cases of disguised fraud. In fact, according to statistics, about 5-20% of bad debt is, in essence, fraud. Furthermore, according to Gartner, research showed that bad debt has increased by 26% in 2020 alone amid the height of the COVID pandemic.

But what exactly does bad debt do to your business if left untreated? In this article, we will focus on 3 major effects bad debt can have on your telecom business.

How a powerful CRM system can enhance your collection process

By: Omar Abdul-Hafiz

In a previous article, we talked about the 6 components of resilient collections management system. In particular, we discussed the 3 main systems: the dunning and collection system, the dispute management system, and the legal management system. We also touched upon three essential elements in powerful collections management: personalized collections scenarios, automatic action reversal, and the ability to integrate easily with 3rd party systems.

In this article, we will discuss in some detail the question: How does the Customer Relationship Management (CRM) system help in enhancing your collection process?

6 essential components of a resilient telecom collection management system

By: Omar Abdul-Hafiz

In the business world, there’s a general rule that must be obeyed for any company to survive and grow. It is quite simple. As a business, just as it is important for you to produce high-quality products and offer customers a great user experience and support, so should your customers pay their dues so you can continue to make them happy!

Failing to collect customers’ payments is what is generally known as bad debt.

Bad debt is a very major problem in business at large. According to Gartner’s finance research, the year 2020 witnessed a 26% increase in bad debt cases. This should give you an idea of how this is a very serious matter.

The telecom industry is no exception from this serious dilemma. And to overcome it, you should look for a powerful collections management system. Therefore, in this article, we will take a detailed look at the major components that you should look for in a resilient collections management system.

So, here we go!

How effective system collaboration can improve your collection process

 By: Omar Abdul-Hafiz

After spending a lot of effort planning the perfect product catalog, marketing it, and then selling it, it is now time to collect on your customers’ dues. Typically, the collection process begins with classifying customers and assuring their awareness of their dues through notification. Following that, they would be sent automated or manual reminders to persuade them to pay within the timeframe.

Ideally, the customer would receive a notification about their bill and proceed to pay within the given timeframe. Unfortunately, however, this is not always the case, and this is when the collection lifecycle can easily start to get quite cumbersome.

The 8 pillars of a complete Customer Relationship Management System

By: Omar Abdul-Hafiz

Over the years, customer-centricity has proven to be a highly effective approach to running your business, in fact even much more so than product-centricity. And this exactly how things should be since after all, no matter how great your products or services are, you will unlikely be able to market them to an unhappy customer. For this reason, you must obtain a deep and accurate understanding of your customer’s persona, their needs, wants, and even pet peeves. Afterwards, you should also plan your entire CRM strategy so as to accommodate all these details. And this fact is no less true in the telecom sector. 

In an article earlier this year, we explored in some detail what it means to have a customer-centric business strategy. One of the points mentioned briefly is the use of high-end CRM software to help facilitate your Customer Relationship Management process. And in this article, we will take a look at the main features that you should look for when choosing a CRM system that suits your telecom business, or any company in general.

Accounts Receivable in Financial Management Systems

By: Ola Azzouqa

Financial software is at the core of today’s business organizations. Companies need to ensure that their financial flows are well-established and will not cause any disruption, which is why many companies are moving towards digitalization.

A financial management software system enables companies to quickly assemble financial statements and balance sheets. It eliminates long and complicated manual processes and provides the necessary data to make important business decisions. Moreover, it can break down departmental barriers and enable employees to gather data quickly from both inside and outside their departments.

Authorized employees can access information immediately after it is entered in the system, rather than waiting for data update. This reduces settlement cycle time, lowers administrative costs and frees resources so they can spend more time on value-added activities.