ContactPoint 360 was engaged by a major publicly traded US energy supply company providing electricity and natural gas to residential and commercial customers in 90 different deregulated markets across the US.
Contactpoint 360’s was tasked with enhancing the client’s overall collections operations and to develop and implement intelligent data segmentation and outbound dialer strategy to increase recovery rates and improve customer interactions. Our strategy and guidance helped the company realize significant cost savings across all collection buckets resulting in a reduction to bad debt of $2.8 million and a cost savings of $1.1 million annually The program was rolled out across various company brands and enabled the collections team to outperform all previous historical levels.
The collections department was underperforming and relied on obsolete technology & out-dated reporting. During the CP360 discovery and analysis process, it was determined that the client needed an intelligent reporting framework to measure outbound call efforts, inbound and outbound volume intervals, and other critical KPIs.
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We were tasked with improving cash application processes reducing balance discrepancies, bad debt reversals, and credit balances for major energy clients. We worked our magic with the right people, training, processes, and measurement metrics. We got them a 91.4% reduction in credit balances, a 92% reduction in accounts needing verification for bad debt reversal, and more.
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