Kronos Recovery Management

Kronos Recovery Management streamlines its debt collection activity with Charisma Collection, the reference solution for receivables management

Besides TotalSoft’s vast expertise on the Romanian and international IT market, the company also considered the undisputed advantage brought by TotalSoft’s status as Partner of Microsoft Business Solutions: “There was no other solution, that covered completely our needs and requirements.”

Borislav Hristov, Chief Executive Officer


Kronos Recovery Management is a company providing specialized financial services and consulting. Its main competencies are in the area of consumer loan portfolio, management, restructuring and recovery of NPL accounts. The Company`s team consists of experienced sales, risk and collection managers. Kronos Recovery Management has established a call center with capacity of over 160 call agents and a national network of site collection agents and direct sales specialists. In addition, it works with lawyers and bailiffs who have actively operated in the market for more than 5 years. It provides full range of collection services with national coverage; has extensive experience in loan origination, portfolio management and recovery; maintains transparent operations and information flow; has a solid capital base and highly supportive shareholders.
The Company aims at improving the risk profile of the Clients` existing and potential customers. The ultimate goal it pursues is to maintain sound profitability through excelling in operations and cost control and bidding on fair valuations. The Company wants to ensure they demonstrate sustainable and reliable presence on the market in the foreseeable future. They believe that any modern banking market needs the infrastructure of NPL acquisition companies to absorb the qualified loans and to enhance the financial institutions’ focus on their core business activities.
Kronos Recovery Management stresses on the importance of technology in maintaining any consumer/retail transaction. The Company strives to keep its technology investments based on a simple premise: to help results in a manner that is accurate, traceable, scalable, auditable, flexible and timely. 
The core business activities require gathering, storing, processing and protecting vast data sets, including operation with personal data. In order to support and manage such information database, the Company needed an adequate software solution that covered all the processes of data processing, analyses for employee and scenario effectiveness, tracing cases history etc. Another crucial requirement was the solution’s ability to integrate with Asterix BPX, the solution used by the company for the optimization of the call center activity.
Last, but not least, the choice of a software to support the business management was determined by the Management`s striving for costs optimization.
Following a thorough market research that was conducted over 3 months, Kronos Recovery Management decided to implement Charisma Collection, the debt recovery solution developed by TotalSoft on Microsoft Dynamics CRM platform. Kronos Recovery Management took into consideration several major aspects when it came to choosing the right software solution. Besides TotalSoft’s vast expertise on the Romanian and international IT market, the company also considered the undisputed advantage brought by TotalSoft’s status as Partner of Microsoft Business Solutions, so that Borislav Hristov, Chief Executive Officer, Kronos Recovery Management stated “There was no other solution, that covered completely our needs and requirements.”
By utilizing a common and centralized platform, such as Charisma Collection, companies can better manage and significantly reduce debt accounts, along with increasing efficiency and transparency between departments and overall cash receipt procedures. It is imperative for companies to utilize a solution that significantly aids in ensuring cash and debt collection is followed through. Charisma Collection is an integrated and comprehensive vertical solution, based on MS Dynamics CRM  for all major activities involved in managing debt collection, reposession and remarketing procedures. 
Charisma Collection provides an efficient ticketing system, automation and querying specialized reports of the collection process, allowing Kronos to ultimately increase its cash balance and decrease the costs of managing customer receivables. In addition, the solution was integrated seamlessly with the call center solution used by the company, namely Asterix BPX.
The practice of Kronos Recovery Management confirms that, when a company chooses an adequate software solution to manage its business with, and implements it correctly, the information solution supports its evolution. 
The main benefits the Company points out following the implementation of Charisma Collection are the reduced time for data analysis and increased efficiency of the collection activity through processes automation.
Another beneficial dimension of the solution is the optimization of the operational effort and reduced internal costs via the elimination of manual labor, access to a centralized information database with customers, contracts, invoices, associated payments, guarantees, calculated penalties, access to a quick and unitary view on overdue accounts, information on the interaction with customers, contract conclusion, account distribution etc.
Another aspect that the Management points out is the optimal use of resources- besides the potential to support other business areas. As for the future, Kronos Recovery Management sees the opportunity to continue the collaboration with TotalSoft for the development of additional activities, such as tele- marketing and door- to- door sales.  
Case study revised in 2012.

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