In 2010, most print and mail managers are making plans to switch over to the new Intelligent Mail® barcode as the postal savings alone could represent hundreds of thousands of dollars. Your company’s transition to Intelligent Mail® will generate millions of data points that can help you improve marketing, enhance customer service and streamline billing and collections. Last week, we looked at how this data could improve marketing and customer care. Today, we explore the value in operations and billing.
Operations: Make Smarter Decisions
Reduce Cancellations. Every week, utilities, telecoms and others spend thousands of dollars turning off service, only to reinstate customers a few days later when payment is received. These costs—including the corresponding strain on customer relationships—can be avoided in many cases, because you can gain visibility of incoming payments up to three or more days in advance.
Manage Risks and Decrease Fraud. When high-value mail such as checks and credit cards do not reach their intended destination, that could signal theft or fraud. The ability to trace delivery from beginning to end offers companies a powerful tool that can help manage risk and identify issues before they become a liability.
Save Millions on Returned Mail. The true cost is far greater than many executives care to admit. When you add up the print and mail costs for the initial mailer, the increased call volumes, handling of returned mail, and the subsequent remailing costs, you could find yourself spending between $3.00 and $11.00 per piece. And that’s not counting the lost sales opportunities, communication delays, customer dissatisfaction and delayed revenue. With Intelligent Mail®, the data needed to update addresses and reduce undeliverable mail is already in-house.
Billing: Follow the Money
Expedite Invoicing. When an invoice reaches its intended recipient late – or not at all – your revenue stream may suffer. The United States Postal Service estimates that 34 percent of mail contains address errors that could delay or prevent proper delivery. With this new barcode, you’ll receive address corrections and can update records before the next invoice is sent.
Improve Lockbox Performance. Time is money, and the time it takes for your lockbox service to process and post remittance checks can cost thousands of dollars in interest revenue. By monitoring the flow of payments from the time they leave your customers’ hands to the time revenue is posted to your account, you can identify potential gaps in the process and take the necessary corrective action.
Collect More Effectively. With precise knowledge of when customer remittances enter the postal system, you can eliminate excuses (“the check is in the mail”) and prioritize who and who not to contact—saving five dollars or more for every call you can avert. You can also suppress production of unnecessary dunning notices, which leads to big savings.
The new Intelligent Mail® barcode is required under postal regulations in order to qualify for the lowest postal rates, but the value outside of the mailroom is even greater. Bridging the gap between the mailroom and critical business operations, solutions such as MAIL360TM and AuraTM software turn barcode data into actionable information. If you have other ideas on how this new event-based intelligence can drive business results, please add to the conversation!