Do you ever feel overwhelmed or intimidated by the vast array of automation tools available on your collection system? If so, you’re not alone. In working with different organizations across the country, I have seen that many agencies not only neglect to take advantage of the tools available, but in many cases aren’t even aware that they exist.
Process automation tools both establish structure and consistency while also redirecting much of the manual effort being expended towards accounts with greater potential. This increases your return on investment while also mitigating risk and human error.
Additionally, automation can help with other areas including letter management, account throughput, and other actions taken throughout the account lifecycle. Specific criteria can be established for which accounts should receive which letters and at what time. Or you can identify how often you’ll be working each segment of accounts and for how long. By analyzing your current trends you can work your accounts with greater efficacy and have your collectors dedicated to those accounts that match the criteria you establish.
Many agencies today are asking their collectors to be a jack-of-all-trades instead of asking them to just focus on collecting money. As a result, many accounts that only need simple skip tracing or other minor modifications never make it out of the bottom of the collectors’ queues until those collectors have some extra time to spend working them. How much revenue is being sacrificed due to these types of inefficiencies? What kind of opportunity could you take advantage of if these ‘lower’ priority accounts went through an automated process and were not being left to a collector’s time availability and discretion?
Different agencies will obviously differ in the way they take advantage of these tools. While some organizations will seek to employ them at every opportunity, at the other end of the spectrum are those that don’t even scratch the surface. An organization doesn’t need to take all of their accounts from cradle to grave to make these tools effective; however, the lack of utility for many organizations represents significant expense, time, and resource that could otherwise be saved or redirected.
As highlighted in our newsletter last month, perhaps the biggest differentiator of successful agencies is not only having, but also seeking to understand and leveraging the latest technologies available. These tools that help you to automate your processes are a big step towards taking advantage of that technology, and by extension, a big step for your agency moving forward.