AgreeYa Solutions, which provides software, solutions and services to businesses of all sizes, has introduced its CogentCollect internet-based collection management and automation offering that lets companies and agencies harness telecommuting, according to an announcement.
Cogent, which came before CogentCollect, was developed to serve as software that would be used by large companies in offices to handle all parts of their accounts receivable (AR) collections. By contrast, CogentCollect was especially made to concentrate on handling collections and associated work completely through the web from any location, the announcement stated.
The offering digitizes the daily collections work and actions that take the most time. As a result, workers can concentrate on strategy and interfacing with clients. CogentCollect also showcases a one-window interface for payment scheduling, account status management and consumer information management. Moreover, the offering connects with third-party vendors, according to the announcement.
“CogentCollect integrates seamlessly with third-party vendors and clients to allow for easy data flow and system integration,” said AgreeYa Solutions Managing Partner Ajay Kaul in the announcement. “Additionally, its workflow design supports the ability to scale by swiftly addressing evolving business needs without the need to write a single line of code — ultimately enabling financial savings and concurrently lowering operational costs.”
Beyond CogentCollent and Cogent, AgreeYa’s collection of software includes Recovery Manager, Site Administrator, QuickApps, BeatBlip and AgreeYa Chatbot, the announcement stated.
As PYMNTS previously reported, companies that still depend upon non-automated AR processes hamper their collections processes. This is particularly the case for companies that operate in the healthcare and construction sector, which depend more on non-automated collection methods that bring about lengthier collection cycles.
Healthcare businesses take an average of 25.3 days to follow up on late payments, and construction companies take an average of 22 days to do so.
Industries that have been more progressive about using automated technology enjoy the rewards of smoother collection workflows.
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