With a 65% – 75% success rate on 90-day debt recovery, Milton Graham has secured a longstanding relationship with GS1 Australia.
About GS1 Australia:
GS1 Australia is the leader in global supply chain standards, the global language of business. A membership based organisation that provides access to the global GS1 standards and services helping its members to deliver fast, efficient and accurate flow of information with their trading partners all over the world.
Solution: Milton Graham
Finding the opportunity in challenge
GS1 Australia and illion have a working relationship that spans over a decade. From the outset they had a recurring issue that required a solution. Increased customer activity meant that resources were having to be focused on managing billables and account payments removing focus from its core business.
With an in-house collections team at their disposal, GS1 Australia managed much of their late payments work load internally for accounts where outstanding invoices were within a 60 days late period.
GS1 Australia’s diversity of its membership base, large corporates to small businesses resulted in sporadic payment cycles from client accounts, and managing outstanding payments meant finding a more efficient means of following up outstanding payments.
“Our primary aim is to support our customer’s engagement with GS1 Australia. We understand and appreciate that businesses are managing multiple challenges in their daily business and we are always looking to find ways to ensure effective ways to ensure our customers are well communicated to with regards to their bill payments. We continue to work closely with illion to ensure this process is representative of the GS1 Australia values towards its membership base.” Sue Schmid, Head of Customer Relations and Standards Office, GS1 Australia
How GS1 Australia leveraged Milton Graham
Initially, GS1 used illion’s debt collections service, Milton Graham , once a year to manage accounts that had late payments past the 60 day period.
However, over the course of the last ten years, as their operations scaled up, so too did their need for an outsourced debt collections service, which boasted a larger capacity than their in-house team.
GS1 went from using Milton Graham once per year to a regular campaign every quarter, with added one-off campaigns as required.
Milton Graham uses proprietary machine learning-based recovery models to consolidate and acquire outstanding debts. This enables targeted and tailored collections treatments based on the individual debts attributes.
By tailoring GS1’s clients into targeted lists, the Milton Graham team can approach each list with a focused strategy primed to deliver the best results and ROI.
With results-based pricing, our receivable optimisation delivers industry-leading recovery rates and net returns.
Milton Graham offers GS1:
- Streamlined collections decision-making processes
- Regular debt collections resulting in better cash flow
- Help managing legal and regulatory risks
- Minimisation of bad-debt write-offs
The evolution of illion's relationship with GS1 Australia
By taking the opportunity Milton Graham offers GS1, the company routinely manages their payments collection strategy, enabling them to ensure they receive the highest ROI from their clients and ultimately, a significant increase in collection rates.
Due to the success of GS1 Australia’s relationship with Milton Graham the client has sought to leverage more of illion’s capabilities. In conjunction with Milton Graham, GS1 Australia now employs the insights provided within Portfolio insight.
GS1 Australia now has greater insight into their customers via extensive reporting and credit scoring which allows GS1 to segment and monitor behaviours which better inform their decision making ability.
“Our evolving relationship with illion has meant that we have been able to diversify our engagement to support the ongoing engagement with our membership base constantly tailoring the service deliverable”. Sue Schmid, Head of Customer Relations and Standards Office, GS1 Australia
Want to learn more about Milton Graham or how we can help your business with debt collections? Contact us today.