Author: Luke Darbyshire, Order to Cash Senior Consultant, Namos Solutions
2023 is off to a fantastic start, at least as far as Oracle quarterly updates are concerned.
One of the most exciting changes to Advanced Collections functionality in recent years was the introduction of Transaction Level dunning in 19A. For those with a requirement to send dunning letters for individual delinquent transactions, this was a game changer.
Now, in 23A, Oracle are introducing another major overhaul to Collections Strategies to grant greater flexibility in how you chase overdue payments. This again will be very beneficial. Indeed, Oracle’s timing here is impeccable; in the current economic climate ensuring our organisations are paid in full and on time is more important than ever, and this functionality can help achieve that.
This blog will outline the new ‘Flexible Wait Time Settings For Collections Strategy by Transaction Type’ functionality and discuss some potential use cases.
If you’re as excited as we are about this functionality, or any other new 23A features listed on the below link, please get in touch on the contact details below to discuss how Namos can support you in utilising this functionality.
Oracle Fusion Cloud Financials 23A What’s New
Flexible wait times on transaction level strategies
Currently, transaction level strategy tasks can only be configured based on the number of days the transaction is past due. For example, a dunning letter can be generated when the transaction is 14 days late.
From 23A it will be possible to utilise the strategy task wait time fields for transaction tasks, in the same way, that you already can for customer, account, or site-level tasks. This allows you to configure your sequence of tasks based on a wait time since the previous task was executed rather than just on the age of the transaction. This grants greater flexibility, and allows for greater complexity, in how you design your tasks.
Strategy assignment based on Transaction Type
Once you have created your Strategy Tasks using the new flexible wait times, these can be grouped into separate methods within a strategy group assigned to specific transaction types.
This allows for not only additional flexibility at the task level, but for different wait times to be assigned to different types of transactions.
How could this functionality be used?
Transaction level dunning can be used in a number of scenarios where you need to issue chases on a per transaction basis, rather than letters being issued for multiple overdue debts at once. For example:
- You need to escalate debts very quickly through your collections process, but are concerned about the customer experience of a newly delinquent invoice being included for the first time on a late-stage severe dunning letter.
- Legal or legislative requirements necessitate including specific text in each stage of your letters for every transaction, so cannot have a newly delinquent debt picked up on a strategy that is already part way through.
Transaction level dunning can avoid these issues, by ensuring each transaction flows through all stages of the strategy.
Combining transaction level dunning with these new features opens up even more opportunities to tailor the collections process to your organisation. Strategies with flexible wait times based on transaction types could prove useful for you where:
- Your organisation has multiple lines of business, or particular product or service categories, that would require dunning on different timelines.
- Your dunning letters need to include different text or notices that are specific to the different types of goods or services you supply.
- You need to tailor your collections process to the different groups of customers with which you do business
About Namos Solutions
Namos Solutions are an award-winning Oracle OPN Modernised Partner specialising in the implementation and support of ERP, EPM and HCM business solutions, both in the Cloud and on-premise.
Although based in central London, we work wherever our clients need us to be. Many leading organisations located all over the world trust and rely on our expertise to deliver industry-leading business solutions. Namos customers can currently be found in the UK, Europe, Middle East, Asia Pacific, North America and Africa.
For more information, please visit www.namossolutions.com or email info@namossolutions.com.
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