The Challenge of Modernizing Collections for Traditional Businesses
As large corporations embrace cutting-edge technologies, traditional businesses grapple with the dilemma of modernizing their collections without inflating operational costs.
Inefficient Manual Processes and High Moralidad Rates
Fernando Pinedo, Co-Founder of Quentli, explains that morosidad (delinquency) is often a result of inefficient manual processes and lack of follow-through, rather than a lack of willingness to pay.
Quentli’s AI-Powered Collections Solution
Quentli automates business collections by implementing Artificial Intelligence (AI) and other advanced technologies. Integrating technology is a crucial step for any industry.
“AI is already transforming key areas across multiple industries, and collections, being critical to operations, should not be left behind. Applying AI allows for improved liquidity, reduced morosidad, and time savings by eliminating manual processes,” said Pinedo.
Traditional Business Collections: A Costly and Error-Prone Model
In traditional businesses, collections often rely on phone calls, manual WhatsApp messages, and spreadsheets. This model is prone to human error and is expensive.
AI-Driven Digital Agents for Personalized and Efficient Collections
AI enables a digital collections agent to function as an integral team member, providing personalized and humanized attention to each client through proactive reminders and real-time resolution of basic queries.
Quantifiable Benefits: Time and Resource Savings
One of the most revealing aspects of data analysis in modern collections is the tangible time and resource savings through automation. By eliminating manual labor in tasks such as invoice tracking, payment failure management, and bank reconciliation, costs are reduced.
- In small teams, automation can save up to 7 business days per month.
- In larger structures, AI implementation equates to freeing up the workload of 1-2 individuals dedicated solely to collections, allowing them to focus on higher-value strategic tasks.
Beyond Messaging: AI’s Capability for Automatic Retries
The effectiveness of AI lies not only in sending messages but also in its ability to execute “automatic retries” when a payment fails, eliminating obstacles before they turn into uncollectible debts.
Key Questions and Answers
- What is the main issue traditional businesses face when modernizing their collections? Traditional businesses struggle to modernize their collections without increasing operational costs.
- Who is Fernando Pinedo and why is he relevant? Fernando Pinedo is the Co-Founder of Quentli, a company that automates business collections using AI and other advanced technologies.
- How does Quentli’s AI-powered solution improve traditional business collections? Quentli’s solution provides personalized and efficient collections through digital agents, reducing manual labor, human error, and costs.
- What are the quantifiable benefits of implementing AI in collections? AI can save up to 7 business days per month in small teams and free up the workload of 1-2 individuals in larger structures, allowing them to focus on higher-value tasks.
- How does AI contribute to reducing uncollectible debts? AI enables automatic retries when payments fail, eliminating obstacles before they turn into uncollectible debts.
