Debt Reduction

Debt reduction is critical for any business that accrues customer debt from a contracted service.

Our debt reduction initiatives ensure debt management strategies are in place and effective to rectify and avoid large values of bad debt. We use data and analytics to understand your debt book, implement tactical and strategic initiatives, and combine this with a deep dive to understand the ‘as is’ process. We then implement the ‘should be’ process to transform your business and improve debt levels.

Discovering your unique challenges

Our engagements often begin with clients having a problem with debt that they cannot solve themselves. We utilise our Consulting capabilities to identify the issues through discovery by analysing systems, resources, processes and governance. Once discovery has concluded, we can recommend improvement initiatives and manage this implementation end-to-end.

Using data and analytics

By using data and comprehensive analytics capabilities, we often uncover multiple versions of truth and siloed departments and reporting, that usually contribute to the problem. Our teams can conduct full root cause analysis where required. Our productised data and analytics solutions include:

Linked Accounts

In water companies, linkage is often not being created in the ‘home move journey’ between accounts being finalled and new accounts being set up when both are for the same customer supplied by the same company.

This leads to customers moving out of a property, leaving unpaid bills, and contributing to growing debt. Our solution links final and live accounts associated to the same customer, allowing you to transfer balances accurately to help settle left debt, and benefit from increased collections, reduced bad debt, and missing forwarding addresses provided.

Unallocated Payments

When making payments, customers may not provide the correct reference number which means a payment cannot be successfully allocated to their account. This results in payments in suspense increasing whilst debt builds on the customer’s account.

Our solution utilises our analytical expertise to identify customers, to allocate payments that are stuck in suspense and assign unrecognised payments to the correct accounts. This enables organisations to benefit from an increased ability to resolve payments in suspense, reduce debt/credit on customer accounts, and appropriately apply customer refunds.

Our debt improvement initiatives

We can introduce a combination of both strategic and tactical initiatives to improve your debt position and ensure the provision of tailored treatment for your customers.