The end of financial year is closing in and businesses will begin the annual rush to hit revenue targets and collect outstanding debt. This Q4 push often signals a flurry of activity, but with wildly varying results.
Lack of customer data is only part of the equation when it comes to succeeding or failing to recover payment from customers. How you use the data can often be far more important. Have you ensured it’s accurate? Are you targeting the right customers? Do you know which customers are most likely to pay? Are you communicating with customers in a way and at a time most likely to have a positive result? All of these issues can be solved by asking one question before kicking off a collections campaign.
Have you verified, analysed and drawn insights from the customer data you have?
Too often the collections approach at this time of year involves blanket campaigns, trying to work through an impossibly long list of targets ranked from highest to lowest, and outsourcing whatever is left over. In an ideal world a business uses the data it has to target customers who are both likely and in a position to pay, maximising resources to recover the highest possible amount in the shortest period of time.
illion’s Collector 360 solution takes a data-driven, analytical approach to the collections process.
illion recently launched Collector 360, a platform which is specifically targeted at providing data to Receivables Management and Debt Collection companies to enhance contact information for outbound contact efforts, and data to assist in collections segmentation.
This begins by washing your data to ensure it is accurate as possible. We then enhance it by appending information from our unparalleled consumer database, before analysing, scoring and drawing insights from your data set.
Ultimately this process will provide you with options, insights and the confidence to make informed decisions on the smartest, most efficient and successful approach to collections – want to learn more? Contact us today.