Modern collections success doesn’t need to be rocket science: A specialized collections software solution helps organizations collect more and improve recovery efficiency. But there’s a catch.
Many of these systems are not configured to be used by everyone. They’re only truly usable by IT specialists. That limits their effectiveness, and prevents collections professionals from getting the most out of them.
That’s why it’s so important to choose a collections software solution that is easy to use, visual and customizable. Why? Because everyone on collections and non-collections teams can use it, improving and centralizing operations across the board.
In industry parlance, this kind of software is called a parameterized collections solution. Here are three reasons why you should invest in one.
1. Ease of Use
Parameterized solutions often include visual interfaces that make performing tasks easy, even if you have no experience with complex software. That means the whole team is able to manage documents, processes and risk analysis throughout each stage of the collections cycle in one central portal, instead of in siloed systems used by different teams.
These systems can be configured and customized by every end user, without involvement from IT. There’s no need to write code or pseudo-code, either. That means fewer bottlenecks during the collections process and greater efficiencies throughout the credit cycle.
When a collections system can be used by all end users, it becomes much easier to scale with your organization. Many systems struggle to scale because they require heavy customization or configuration—meaning new users create new headaches for multiple departments.
With a parameterized solution, however, you can:
- Roll out the solution to your entire team quickly. Once initial training is complete, staff can customize the solution to their needs and get started right away.
- Use the solution in many geographic markets and industries, regardless of locality, regulations, back office IT systems, business expertise levels or data availability.
- Accommodate rapid growth since parameterized solutions handle anywhere from a handful of accounts to several million.
- Coordinate efforts of both in-house and external teams. If you need to hire outside help, the system can handle it.
3. Technological Empowerment
A parameterized collections solution doesn’t just remove inefficiencies. It creates new opportunities for your staff. Because non-IT professionals can use the system, they can leverage its benefits to enhance their own job roles and talents.
How? By providing professionals at every stage of the collections cycle with robust tools that help them do their jobs better and faster, including:
- Early warning system functionality that helps identify and treat at-risk accounts before they become delinquent.
- Risk assessment, analytics and scoring tools to better mitigate risks across portfolios.
- Document management across each collections stage that streamlines operations and improves efficiencies.
In short, a parameterized solution doesn’t just power your collections operations. It empowers your staff.
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Image Source: Stefan Baudy under Creative Commons Attribution 2.0 Generic
About the Author
Marios Siappas is EXUS’ Business Development Engineer and has more than 13 years expertise in the field of debt collection. He has been in EXUS for the past 8 years and has worked as a senior Business Analyst and Project Management in numerous project implementations around the globe.