Manage your Collections Process like L&T Finance
The World economy runs on only one oil — Money! Businesses have vendors and clients to whom they always have an “I Owe You”. Where there is money, challenges mount like Everest! Collections management can be quite a daunting task if not aided by the right set of tools to aid agents. L&T Finance as any other company in the space was fraught with defaults, visibility to money coming into the organisation and a complete disarray on collections mgmt.
About L & T Finance:
L&T Finance is a subsidiary of L&T — the multinational conglomerate. Since, 1994 L&T Finance has been incorporated as Non-Banking Financial Company.
L&T finance offers a spectrum of financial products and services for trade, industry and agriculture. The company’s, focus segments for providing financial services includes corporate products, construction equipment, commercial vehicles and tractors.
With more than 30 lakh customers, they are one of the top NBFCs in India. Managing such a huge customer base with multiple services, requires an efficient field workforce who can cater to their needs on time. But, managing all the activities and ensuring and efficient collection led them to our most flexible and dynamic platform — EFFORTPlus.
Field Workforce Management Challenges faced by L&T Finance
L&T Finance has a huge force of field executives who are engaged in collections against various forms of loans. Erstwhile methods did not allow managers to track and monitor the performance of field agents thereby increasing their ability to plan forward.
Lot might go wrong if you don’t have a visibility of your field workforce!
And we are not saying this to make anyone paranoid about their field workforce. Just imagine, what your field employee might possibly be doing right now, and can you spoor their current activity to gain insight into their productivity levels?
If your answer is NO! Welcome on-board, make your first move by clicking here to schedule a demo.
L&T Finance faced challenges which are similar in nature, managing their field workforce was quite a task and getting them to be more productive was just near impossible. The company relied on an age-old paper pen process, receipts & a list of customers to visit for the day. This required field staff to collect work orders from the office and then head out into the field. Meaning the field-time was drastically reduced.
Manual processes pose the troubles of disparate and disconnected set of data that are not readily available for back office or mgmt to take further actions. The worst being, managers had zero visibility on their field executives and their activities, so it was hard to measure the performance and push towards ensuring greater productivity — meaning more client visits.
Won’t it be such a pain to manually fill and maintain a large number of collection forms moving from place to place whole day. And you expect that too without any human error?
L&T finance Field Executives are doing the same until they were introduced to our EFFORTPlus enterprise activity management software for mobile workforce management. Prior to this they used to visit the customer place to collect the loan amount and if customer was available and ready to pay, their field executives used to collect the loan amount & hand over a receipt copy to customer, but if customer was not available or asked to visit later then the field executives would note down in their calendar & visit next time as requested by customer.
Easy isn’t it? But, lets observe carefully and take a superficial example of what all problems may arise in the process
Let’s assume, customer is available and want to pay the EMI for loan. Now field executives will have to take a note of it and provide a receipt. If you think the process is an easy one than you might not be looking at certain aspects which I had put down below:
How much time will it take to print the receipts and take a note of it on his paper?
And how will he be able to manage the ’n’ number of visits and their deposits in a day?
Will the manager, sitting miles away, be able to instantly check out the number of forms filled at any point of time?
Will he know, how many customer visits were successful and how many were not?
Can managers verify if their field executives are at the place where they should be, or having a sunbath by the beach?
All this and beyond was addressed by integrating our field force automation software EFFORTPlus with L&T Finance core systems ensuring absolute transparency of field data and also empowering the field staff to do more at any given time, any place!
Let’s take a look how our efficient team helped to achieve such feat!
Field Work Force Management Solutions Provided by EFFORTPlus
Our team carefully introduced the field workforce management solution through our field force management app of EFFORTPlus. Field Executives of L&T used our customer facing field force management app which has inbuilt forms for providing following solutions:
1) To Record details of collected amount and visit details.
If customer is available and ready to pay then Field Executives will collect the loan amount. They will create a receipt form in their customer facing field force management app. We have also provided a function to automatically trigger an Email and SMS to customer as an acknowledgement of receipt.
2) Deposit form with all the details of depositing collected amount to the nearest branch
L&T Finance field executives can now fill the details of depositing the collected amount in the bank. This has become very helpful for managers as they are able to instantly check the amount collected and deposited. These in turn has helped to take strategic decisions by the management by providing all time access to data.
3) Feedback form to fill in case of an unsuccessful visit, and note reschedule date and time.
Imaging how hard it can be to check out all the rescheduled visits or unproductive visits, whose details are lost in some column of your file or a piece of paper. And that’s where our field workforce management solution come in use. We have provided a separate form where field executives of L&T Finance can fill the details of their unproductive visits.
4) A complete visibility to managers on their field executives.
Take a look at this map below, which shows how transparent it will be for a manager to spoor out their field executives. With the help of our field force management app with geo tagging and geo stamping facility, every manager can now spoor out their employee activities and places they had been.
5) Instant access to number of Form Submissions or collections made by their field executives at any point of time
With our EFFORTPlus platform field executives can understand the performance of all their field executives at a glance in any point of time. With an all-time access to number of collections made, can help the managers keep a trace of bad debts and take necessary actions against it.
Outcomes of our Field Workforce Management Software:
With our Field Workforce Management Software, L&T Finance have automate their paper pen process and magnificently improved their collection process.
We recently had a research on the changes we brought for L&T Finance, and they turnout jaw dropping. In just few months of implementation they could optimize their efforts and push their field executive for doing more number of customer visits.
This led to a collection of more than 300 crore Rupees in just 6 months. Now, L & T Finance has 4283 active users of our field force management app — EFFORTPlus, who has filled 2,65,519 forms in last 6 months. A clean digital technology is not just a solution to minimize your effort and maximize your productivity but also a way to save our mother earth. By digitalizing and automating the paper pen process we have successfully saved 35 trees and helped L & T Finance to go green.
A Look into the Future:
Have you ever questioned yourself, why do we keep looking for latest technologies to help us? In short, it is to increase our efficiency and accuracy but at the same time the most important factor is to minimize the work load and use our precious time to do more productive things.
Field activities are considered as most challenging tasks and to manage such activity, often managers don’t get the luxury to trace activities of all employees working in different locations. Which is why you should immediately schedule a demo with us. So that, our experts in enterprise activity management solution can walk you through the process to maximize your productivity driven by data.