Thursday unveiled Oracle Collections, a collections software enhanced Customer Relationship Management (CRM) features.
The Redwood Shores, Calif.-based business software giant says the new software is part of its Oracle E-Business Suite and is now available as traditional software on CD-ROM or as an online service.
“The distinction between traditional CRM and ERP functions are becoming less important, as companies are realizing they can provide better customer service by putting information traditionally kept in the back office applications into the hands of customer service representatives,” says Oracle Applications Development senior vice president Mark Barrenechea. “Customer relationship management does not happen only in marketing, sales and service departments, and companies that extend the skills and knowledge of CRM practices into other areas of their business will benefit by improving efficiencies and increasing customer satisfaction.”
Companies usually track collections manually, which is a labor-intensive and costly process. But using Oracle Collections, Barrenechea says companies can automatically identify delinquent customers and take appropriate action based on customer account history and status. For example, a company may plan a collection campaign differently for delinquent customers with outstanding orders or service requests, or for long-term profitable customers.
With the CRM additions, Oracle says Collections also provides companies a complete view of the customer, including detailed history on calls, payments, promises to pay, disputes and reversals.
Armed with the information, collection agents can appropriately make nice with customers answering questions about service issues or orders before collecting payment, thus making collection calls more productive.
The Collections software also mixes with Oracle Accounts Receivable to allow for better reconciliation of outstanding debt and to track customer payment history.