Title
Why Inversiones SIMCO Automated Collections Management & How It’s Paying Off
Inversiones SIMCO is the real estate arm of Grupo SIMAN, a Salvadorian conglomerate of companies, that has diversified in the Central American region in the sectors of retail, industry, distribution, finance and real estate, among others. Since its conception in 1959, SIMCO Investments has developed housing estates, housing, apartments, offices, distribution centers and warehouses, as well as shopping centers and mix use developments.
Like many real estate businesses, SIMCO wasn’t immune to the detrimental effects relating to the COVID-19 crisis. The company found itself facing countless new obstacles as its highly manual collections management processes struggled to keep up with evolving challenges like:
- Economic instability generated by the pandemic
- Long quarantines
- Cash demands for new investments
- Banks toughening politics
To mitigate the mounting collections process inefficiencies, SIMCO decided to automate its collections management process with Esker’s AI-driven automation solution.
By automating the collections process, Esker’s Collections Management solution has helped free up SIMCO’s team to focus on more customer-related activities and gain new efficiencies that contribute to optimizing cashflow in a time where bottom-line health is more crucial than ever. The solution easily integrated with SIMCO’s SAP® system and provides functionalities that make it quick and simple to:
- Manage processes in batches
- View important collections KPIs all on one screen in real time
- Generate time-sensitive reports
- Send payment reminders to speed up collection times
- Allow clients to check their balances and invoices
“The most valuable thing for us is to be able to have a visibility of daily collections management activities, in comparison to being able to check it only at the end of the month,” said SIMCO Business Unit Administrative Manager Silvia Molina. “We have managed to systematically lower our accounts receivable and increase our IEC, which has gone from 40% to more than 80%, and it’s continuing to improve daily.”
The collections team has been able to align work based on KPIs and set dynamic goals to evolve with the business’s changing needs. As for the future, SIMCO already has its sights set on e-invoicing. “We are in the process of issuing digital invoices,” said Molina. “And Esker is the perfect tool for the initiative.”
Want to automate your collections management processes like SIMCO? Our team is here to help! Learn more at esker.com.
Subscribe to new posts