Like universities trying to understand where to use ChatGPT/Artificial Intelligence (AI) in writing, collection entities seek similar understanding for various mediums of communication in collections.
Certainly, when implementing a new technology, we often will see results that are exciting. When college students first figured out the ability of ChatGPT to write papers for them, they were pumped with the results and still are, but what happens when the honeymoon phase of a technology dissipates?
In the collection industry space, dialers made a huge impact on the quantity of calls that could be handled in a day. Dialers made it cheaper to reach more people, but once things were implemented and the gains of the new technology became normal collections, it became apparent that analytics, understanding of accounts (score), and operational strategy still needed to be used to continue to see profitable gains.
Technology will continue to make strides and perhaps someday it will be able to dictate when or where it is to be used profitably, but until that time it is a tool that must be managed. This is mostly because multiple technologies now run our businesses and they all need to work together.
Intelligent management requires knowledge that can be gained through score, analytics, and operational analysis. Account scores and analysis give you understanding of an account, how to optimally work it, what communication medium would be best, and they supply intelligence that can be profitably used when new technologies fail or reach a plateau in gains.
Often, we see new technology as a silver bullet, and it can be for a period. Like the dialer, we are now seeing texting and AI enable more contacts at a cheaper rate (sound familiar), but when to use texting vs AI vs email vs. phone profitably will likely be similar to the paper we all work, different in every business. Be sure you have the right tech in place to understand your business and what is and isn’t working.
As we look at our businesses and implement new communication mediums, it is important to know how each of these technologies will affect our business and what’s available after they hopefully show their initial positive results.
For questions surrounding a solution that can show you what is and isn’t working in your business, ask The Intelitech Group about LEVERAGE at email@example.com.