Thursday, August 9, 2018

RM1.3 Million Savings by Enabling Debt Collection Team with Mobile Workforce Capability

Lately, our team in Kuala Lumpur learnt an encouraging news from one of our flagship clients in the financial services sector. Over the past 12 months period, the mobile debt collection system we implemented to the financial services company has recorded a total of RM1.3 million (appx. USD 320K) savings to the operations!

"Sometime, encouraging comment like this is what makes us feel achieving at our jobs," said Ken Wei our CTO to the team in a daily stand-up meeting. 

We did not reinvent the wheel of loan collection core system, which was present in the infrastructure prior to our implementation. By integrating with the loan collection core system, our solution extends modern mobile workforce capability to the client's debt collection operations. Some capabilities are aimed at improving operational efficiency, while some are targeted at curbing expense wastage.

  1. Real-time statement of account. No longer does the debt collection team relies on printed copies for debtor's statement of account. Real-time and on-demand information are available at fingertips to suit the real-life use cases of mobile workforce. 
  2. Swift assignment of jobs. In today's agile world, pre-planned job assignments may not be entirely relevant to be followed-through, and it's becoming challenging for the traditional job scheduling method. With mobile workforce capability, collection personnel's tasks can be swiftly adapted to arising changes and needs. Personnel can also grab a new job nearby on ad-hoc basis, thanks to the GPS.
  3. Paperless digitization. From job plan to statement of account and visitation report, everything is recorded and presented paperless. Most importantly, data is digitized for real-time reporting and analytics.
  4. Automation-assisted mileage claims. Collection personnel's travel mileage is automatically calculated from the map, simplifying daunting, non-value added task, and at the same time mitigating frauds.
Digital transformation is often being presented in a multi-year and huge roadmap. What's important, is modernization and digitisation in operational efficiency and customer journey which translate to one or combination of these positive outcomes - happier customer, higher revenue, lower cost.

For this client, aside from improvement in debt collection, the million of Ringgit savings captured in the first 12 months is impactful. 

On a related note, we have another Japanese MNC client in the manufacturing industry who used to pour in USD 12K every month, on office printing! Which includes leasing of photocopier and cost of paper. Through digitisation of office workflows, the need for hand-drawn signature and request approval are eliminated, and thus greatly minimising paper printing needs within the office which ultimately derives into clearly visible cost savings.

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