£20,000 cash back to a client from a previously charged off ledger via Zinc Recoveries
Against a back drop of tight budgets, Zinc Group is working with the public sector to take away the burden of debt collection
The public sector is being asked to ensure overdue debt is collected in a timely fashion and queries are resolved efficiently, whilst managing the increasing demands from the public. What’s more, this is done in an environment of having to reduce costs, improve productivity, and maintain service quality, all with less staff. The public sector needs innovation to rise to these challenges. So what approach will be taken? In most cases, when considering an outsource solution, the client wants a better service at less cost. Rather than cost as a starting point, why not consider collaboration? What are the core competencies you want to protect? What are the activities you are prepared to share? Allow a partner to be an extension of your own in-house activity. Accept that the partnership has to deliver value for money and concentrate on the whole life costs.
WHAT TO CONSIDER?
Consider the choices available in an outsource proposition. The outsourcer may bring innovation or speciﬁc learning experiences.
Accept that there are two parties involved that want different things. And ask what challenges lay ahead. A reoccurring theme was that public sector managers need to make it more attractive to work with the public sector. Both parties need to align their roles and responsibilities to be more effective and avoid data overload that gives misinformation, leading to bad decisions. Focus on being accountable and results driven. Let’s look speciﬁcally at receivables management and debt collection within the public sector. Zinc commercial, part of the award winning Zinc Group, has been wrestling with this dilemma for several months. The company has been told time and time again that in the current climate, it is imperative that you maximise the cash owed to you. That most valuable asset, cash ﬂow, needs protecting at all costs.
Doing more with less is not going to go away for the forseeable future. Knowledge is power in this current environment. SLM turns data into insights that, with the right people with the right skills and focus, delivers results
WORKING WITH THE PUBLIC SECTOR
After winning plaudits in the private sector and adapting its functionality for the public sector, Zinc Group is launching its product SLM (Sales Ledger Management).
The SLM team asks for the owed sum of money on your behalf in a prompt, professional, and compliant manner. It delivers a best value for money product concentrating on whole-life costs and quality. It is ﬂexible and responsive to private and public sector demands. SLM gives a good-to-go rating on key sales prospects, allowing you to deal with the right suppliers on the right terms of business. It can evaluate, monitor and manage key suppliers in real time; the SLM team will give you a constant eyes and ears in the market place.
If you are looking to maximise cash at the year end, SLM can conduct a ledger review of your aged debt portfolio. The company recently delivered over £20,000 back to a client on what was perceived to be a charge off ledger. Zinc identiﬁed it by using its data engine, Zinc Alert, to see gaps in how the ledger had been proﬁled and subsequently worked. The company’s SLM team is some of the most experienced in the industry, and recognised opportunities that had not been apparent to its competitors. In a recent head-to-head with a competitor, Zinc delivered £70,000 more back to the client by using SLM ethos and methodology. Having Identiﬁed a situation that was impacting the performance of the ledger, the SLM team instigated a number of actions and remedies that positively impacted the working capital and subsequent net return for its client. The SLM team sets plans, priorities, and allocates resource in collaboration with its partner client. Public sector managers will have a high proﬁle visible impact on the SLM programme.
The company aligns the roles and the team’s roles to compliment what the SLM team is doing. Zinc’s success hinges on the competence of the workforce on both sides. Both teams become accountable and results oriented. When considering any technology solutions, sometimes the most effective has to give way to the most secure solution. SLM assists at any stage of the business cycle offering: telephone, letter, Litigation, asset recovery, and dividend collections. In early stage receivables management, the aim is to bring the ledger back to terms. In the collection cycle, the aim is maximising the cash and net return. In an aged ledger, the aim is looking for any ‘nuggets’ to collect before considering charging off the debt. The company keeps a constant watch for any emerging threats. It tries to make informed choices and is not afraid to act and respond in collaboration with its partners. Doing more with less is not going to go away for the forseeable future. Knowledge is power in this current environment. SLM turns data into insights that with the right people, with the right skills and focus, delivers results.