Receivables management will be digitalized in the coming years
The companies see automatization and digitalization as the biggest challenges facing the industry.
Budapest – November 29, 2018 – According to EOS Group's study about European payment practices, 46% of companies consider automatization and digitization as the biggest challenges that the debt management profession will face over the coming years. Furthermore, 31% mentioned the big data, 26% said the cybercrime and according to 12%, the implementing of artificial intelligence are the key issues that the profession will have to deal with in the near future, according to the survey of 3400 experts surveyed in 17 countries.
Representatives of Hungarian companies were also asked about the consequences for their companies of late payments and unpaid bills. Respondents mentioned most often loss of profit (47%), payment problems (42%) and higher interest costs (38%). As a result of these consequences, 31% of companies respond by increasing prices, 27% to stop investing and 21% with dismissals and freezing of recruitment. 16% of Hungarian companies feel that their operation is in danger because of everyday payment problems.
Péter Thummerer, Executive Director of EOS Hungary, emphasized that the proper and professional management of claims is an important issue for the whole economy: “It is extremely important that we start dealing with late receivables as early as possible because the prospects are better than in a case of an older claim. Often, we can see that unpaid bills cause circular debt and even a whole chain of suppliers can get in trouble, which could possibly jeopardize hundreds or even thousands of jobs.” – said Peter Thummerer.
About the “European Payment Practices” study 2018 of EOS
In the spring of 2018, by the charge of EOS Group, the independent market researcher, TNS Kantar, asked about 3,400 financial experts in 17 European countries about the payment habits in their country. 200 decision-makers within the receivables management sector in Austria, Belgium, Bulgaria, Greece, the United Kingdom, France, Poland, Romania, Russia, Slovakia, Spain, Croatia, Czech Republic, Switzerland, Germany, Slovenia and Hungary responded the questions about the payments, economic trends and receivables management in the past 8 years.
About EOS Group
The EOS Group is one of the leading international providers of customized financial services. Its main focus is on receivables management, in particular the three segments fiduciary collection, receivables purchasing and business process outsourcing. With its workforce of around 7,000 and more than 55 subsidiaries, EOS offers some 20,000 customers in 26 countries around the world financial security through customized services in the B2C and B2B segments. Working in an international network of partner companies, the EOS Group has resources in more than 180 countries. The company's key target sectors are banking, insurance, utilities, telecommunications, the public sector, real estate and e-commerce.
For more information please go to: www.eos-solutions.com.