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Analytics Simplify Collection Communications

Technology has allowed us to shortcut some aspects of learning consumer behavior and their inclinations.


Whether you are motivating a team, applying new communication tools, or building a sophisticated workflow, profitable communication trends can be identified to better utilize your understanding of people and their preferences.



Collections is done one communication at a time. Crunching those communications with applied analytics can assist you in identifying your typical consumer/s and determine the way they would most likely like to communicate with your agency and their preference of the whole collection process.


Crunching numbers on what client, balance, and type of paper a collector is best at can be advantageous to your organization and the collector.


Similarly identifying what motivates most of your team and then working with the individuals that don’t fit the motivated mold can be more profitable than a very individual approach.

Tracking your communication findings in each of the above scenarios and applying those analytics to determine trends, allows you to then take the commonalities of your accounts and people and use them for future incremental changes.


Small studied out adjustments can then play a huge part in improving margins on both sides of the profit scale. Whether it is cutting costs or finding more revenue.


Collections is the business of communications and with all the new tools and various personalities, it is important to remember that our best approach is to listen to the people we work with and then apply analytics for an easier more profitable approach.

 

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