3 Ways to Unlock Operational Excellence with Business Analytics
- April 14, 2022
- Category: Business Intelligence
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Strategic planning is crucial to improve any collection business’ performance, especially in the post-COVID economy. Business analytics is one such strategic tool that can help leaders formulate highly effective strategies to reach consumers more effectively, predict consumer activity, and enhance overall business performance. Once you embed data intelligence into every workflow, process, and business application, you can fuel your collection operations for growth. In this blog, we will share some tips that will help you use business analytics as a tool to improve key performance indicators across your operations and achieve optimal productivity.
By analyzing historic payment behavior, it is possible to identify risks associated with different consumer profiles and calculate contact effort for each account. A historical data trend goes further by anticipating how different consumer profiles will behave. If you use the historic data effectively to amend your collection strategy, you can optimize consumer contact costs by up to 30%.
How to make this data work for you:
- Use historical data trends to understand which accounts to prioritize for self-service or discounts on repayments.
- Track accounts flowing through different process routes to conduct risk-based assessments.
By segmenting the consumers according to specific criteria, you can speed up and tailor the communication as per their profile and optimize your debt collection strategy. Segmenting like-minded consumers into groups according to their payment behaviors can help you plan operations accordingly to achieve maximum resolutions in the shortest timeframe.
How to make this data work for you:
- Get accounts assigned to homogeneous behavioral buckets for better targeting, using structured data such as debt amount, time of debt overdue, and perhaps whether previous collections attempts were successful.
- Sketch out the propensity to pay models on account behavior data and first-call response information to optimize early collection efforts.
In legacy contact centers, agents are typically assigned based on pre-defined, static rules for all outbound debt-collection campaigns. This approach does not take advantage of current consumer profile information available and any past interaction data to connect the right agent to the right consumer. You can use business analytics to connect consumer behavior trends with your call center operations to make agent-consumer communications more effective.
How to make this data work for you:
- Have your service provider integrate your speech analytics and business analytics platform to inform your contact center strategies and help you do more with fewer agents.
- Create a streamlined process to ensure the most-experienced agents are only assigned to consumers that face complex issues.
If you’re struggling to interpret business data, it could be because you have too many disparate systems to integrate and many sources to pull your data from. We recently created an eBook that lists out a step-by-step process to use business analytics to unify your organization and drive operational efficiency. If you want to unlock the power of your business data to support better decision-making in your business, download the eBook here.