While your collections team will be the ones who use collections and recovery software the most, the decision to adopt a new solution will fall on the C-suite: your CEO, CRO, CIO or other.
Use the following tips to pitch top executives on the need for collections and recovery software.
1. Identify Your Goals
Assess the professional needs of internal teams and company leadership. Determine the impact collections technology could have at both a micro and macro level—and use those details to build your case for a C&R solution.
Structure your argument as a pyramid that addresses the needs of the largest employee group (commonly your collectors) first and then builds up to the big-picture needs of executives. Under this approach, your plan of attack might be outlined as follows:
- Collections teams will benefit from improved production efficiencies and faster portfolio recoveries.
- Time saved within these departments frees up resources for more important, strategic and/or creative projects.
- The above help position the organization to achieve high-level goals, such as decreasing non-performing loans or improving delinquent-to-recovered portfolio ratios.
2. Bring Decision-Makers Solutions
Once you’ve identified the “why” for a C&R solution, follow it up with the “what.” Executives don’t have time to vet opportunities, so do the research for them.
Compare several different collections options in advance. Look for those that offer end-to-end debt management, including early warning signals, risk segmentation, visual tools, and ability for rapid deployment. Seek expert consultation and perform scenario based Proof Of Concept sessions to evaluate each solution’s potential.
Explain to executives how specific features support company collection goals, and come prepared with your top solution recommendation.
3. Support with Insights and Examples
Executives may hear what you’re saying about C&R software possibilities, but need social proof to truly believe it.
Do a bit of digging, and find example companies or industry statistics to back up software benefits. The closer the case study or statistic relates to your own company, the better. Work this information into the conversation to shape your closing argument:
- Share how businesses like your own had similar problems with too many NPLs, bad debts, poor risk assessments, etc.
- Describe briefly how they came to the decision to try out a C&R solution.
- Validate their decisions with information on how teams improved or goals were achieved, putting the organization on the path to better collections operations.
Above all, remember to put yourself in your C-suite executive’s shoes. Translate your pain points and need for a robust C&R solution into an argument that hits right at what your boss cares about most—bottom-line revenue.
Start Your Research Now: Collections Software Case Study
Does your bank need sophisticated tools, insights and processes to better manage the entire credit risk cycle? Mauritius Commercial Bank did—so, they turned to EXUS. Learn how a software implementation was able to revolutionize the bank’s collections and recovery operations.
What challenges have you experienced convincing C-Suite executives to adopt new technology? Share with us in the comment section below.
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