Upcoming Webinar

illion CEO Simon Bligh will be delving into the latest commercial insights and discussing how the best businesses are getting ahead, along with sharing strategies to help you take control of rising risk.

Wed, Aug 12, 2020 11:00 AM -12:00 PM AEST

In our last blog, we covered five strategies to help you manage risk in these challenging times. Remembering that the companies that take pre-emptive action now will increase their chances of beating volatility, here are five more ways you can act now to manage rising risk.

1) Be strategic

In this economy, your collection efforts need to be well thought out. Deploy your people where they can add the most value. That is not on low-risk customers who are paying on time – use technology to collect this debt.

We know it pays for businesses to allocate their collection efforts to two key customer groups:

The first include low-risk customers who pay late. Use your people to chase them or to resolve disputes, as these customers are paying the rest of the market on time.

The second group includes hidden risk customers – they are paying you on time but are slow to pay others in the market.

You need to know who these customers are and focus your collection efforts on them.   If this group aren’t addressed they will become a bad debt.

2) Seek help

A third-party collections agency is an effective way to collect payments from customers who are consistently exhibiting slow payment behaviour with you and the market.

Many businesses don’t have the time or internal resources to chase overdue accounts. Collections agencies can do that work for you and use best-in-class technology to be more effective.

3) Check your data

When was the last time you checked whether your customer and supplier information and data is up to date?

Has the entity you are trading with changed names or hands in recent years? These kinds of changes can have a material impact on risk so make sure your information is correct.

4) Shop around

If you are looking to reduce costs, going out to tender might be a good way to get a better deal.

In this environment, many suppliers are offering better value for money than this time last year.

5) Be responsive

Don’t miss an opportunity to fill your order book by responding to a tender.

We’ve seen the number of public tenders return to normal levels so there are plenty of opportunities to secure future work by responding to tenders.

We are also seeing increasing numbers of businesses turning to tendering to help them secure work in these challenging times.

About illion

As the leading independent provider of trusted data and analytics products and services in Australia, illion is your perfect partner in these uncertain times. We leverage consumer and commercial credit registries, which comprise data on over 24 million individuals and over 2 million commercial entities, to provide end-to-end customer management solutions to clients in the financial services, telecommunications, utilities and government sectors.

Upcoming Webinar

illion CEO Simon Bligh will be delving into the latest commercial insights and discussing how the best businesses are getting ahead, along with sharing strategies to help you take control of rising risk.

Wed, Aug 12, 2020 11:00 AM -12:00 PM AEST