In a quarterly survey by Deloitte, the CFOs of Fortune 500 companies placed attracting and retaining the right people above all else on the agenda for 2022. The balance of office and home working, the need to keep people motivated, engaged and productive and the fact that there are more vacancies than candidates are making CFOs think harder about getting the best from their teams.
This, on top of the fact that the number of company insolvencies is rising, credit risk is soaring, and inflation is stepping up monthly, means that CFOs face a harsher credit risk outlook with potentially fewer people. Getting the right people and getting them to do the right thing is ever more essential.
Know your goals, reach your goals
Corrivo helps teams and individuals be productive by setting out the daily tasks: the number of calls to make or letters to approve, or the number of open queries to pursue. It also shows your team’s achievements so individuals can see how their work is contributing to the team effort throughout the day.
Insight from Reports
Corrivo holds a wealth of data that can be used to gain insights, track progress against objectives and measure the performance of teams and individuals. There are three levels of reporting in Corrivo – users can click to view charts and reports of unretrieved documents and reminder emails to customers asking them to collect their documents. They can also create a report and download it to model the data themselves. Thirdly, users can define reports they want Corrivo to create regularly and send them by email.
Queries, claims and credit notes
Queries are not usually a problem for Corrivo users; it’s the claims against promotions and offers, the raising of credit notes or the processing or credit invoices that take the time.
Productivity, Engagement, Job Satisfaction
At Data Interconnect, we’ve seen many companies come on board with Corrivo during lockdowns. Some companies accelerated their plans because, without Corrivo, their business would have ground to a halt. Corrivo enables productive working, wherever you are. It promotes team thinking and goal-focused action, and it provides credit controllers with a sense of achievement and job satisfaction. Here’s what we heard from our clients.
“Some of our customers had on-premise ERP systems – they could not log in remotely, or they didn’t have the bandwidth to work in the ERP. We had to function, come what may, because all our jobs would be at risk without bringing money in. It was easy to stay on top of the workload with Corrivo because so much of the communication is already automated.”
“We would not have got through lockdown without Corrivo. Previously we turned our warehouse into an invoice production site once a month, and everyone helped print and post invoices. Now everything is digital, and customers love it.”
Easy to focus
When you log on, you can see your work for the day, your tasks and your team’s tasks. It makes it really easy to focus on what needs to be done. And if I have any time, I like to help other teams with their workload. As long as the tasks get done, I feel I can be
“Our KPIs are set per team and per department. We can track our progress in Corrivo and everyone pulls together when we are close to the goal. The system is updating all the time so you can see that what other team members have done. It feels like we are still working as a team, even though we are not in the same building.”
The number of invoices paid by card shot up during lockdown – especially from small businesses. I’m glad we had that facility because some clients couldn’t log into their company bank accounts from home, so that we would have had a much higher DSO without it.