Companies that are using debt collections software may be able to get even better results when looking at analytics via their program. One company said it is using software to boost segment accounts, calibrate scores and increase response times via performance updates, all of which should promote a quicker turnaround from customers that owe a business money.
InsideARM reported on one process that, after being improved, allowed users to get results from analytics reduced from three days to 15 minutes, which can help protect brands and create more leeway to how a company does business. One major client of this process said it collected an additional $265,000 from the advanced model and is seeing even better results.
“Our [programs using this system] have enabled me to compile a large volume of data in a short time, to analyze performance over time and to evaluate trends,” one professional said. “This methodology has saved me hours of compilation time and IT resources.”
A previous story on InsideARM said that with a larger pool to collect from, there is more need for businesses to use analytics to their advantage to be sure to get the maximum results from money owed. Having collections software with these capabilities can be a great step in the right direction.