Managing the steady increase of customer data and information is a significant hurdle in collections, but making sure said data is of high-quality is even more important. As soon as a customer’s data is out-of-date, processes and strategies based on that information become obsolete.
Fortunately, a configurable platform not only makes the management of data simpler, but they include a range of automated processes that ensure it is of high-quality. Read on to find out why high-quality data is so important and why a configurable platform is the solution.
What is meant by data quality in collections?
At each step of collections, a vast amount of data is shared between your customers, your team and your systems. This can range from an update on their employment, a date of when they can make a repayment or simply the offers that they have previously received. As your customer volume grows so your data, and it can be challenging to keep it all up-to-date.
High-quality data in collections describes information that is up-to-date and correct inline with your customer’s situations, processes and your operations. This data feeds into the rest of your processes, strategies and analytics, and needs to be of high quality to ensure they are all well informed.
Why is data quality important?
Data quality is what drives the integrations and systems throughout your customer’s collections journey. This is especially the case with data-driven processes, as low quality data can lead to a domino effect of incorrect strategies and processes; if one system has low quality data, then integrated workflows and other systems will receive incorrect or out-of-date information.
Say a customer is on the phone about their current financial situation with your team. They tell your colleague that they have received a job offer, which means they’ll be able to start repayment in the coming months. After the call, that information needs to be uploaded into your system to ensure a high-quality of data for the rest of your processes.
Maintaining this standard of high-quality data means the customer will receive automated payment offers that relate to their updated situation. This directly results in a higher chance of debt resolution and a more consistent collections experience, a win win for everyone both parties.
How a configurable collections platform ensures high-quality data
Configurable platforms make the process of ensuring high-quality data simple. They record every point of engagement between your team and your customers, keeping a record of each update to their situation.
This data is then stored as a Single Source of Truth (SSoT), which integrates with every system that requires the same customer information. This is all automated, so as your customer volume grows, you don’t need to invest more time in refining data quality.
Configurable platforms also seamlessly integrate with external systems, such as chat bots, that operate based on high-quality data. These data flows are fully automated and configurable, letting your team decide the details whilst leaving the hard work to the platform. This enhances efficiency, improves the customer experience and lets you focus on guiding them to financial health.
Guarantee high-quality data with Debt Manager
Data quality is pivotal in ensuring each of your customers receives the right guidance and support depending on their individual situation. By ensuring your information is up-to-date, your customers are far more likely to resolve based on strategies that are well informed.
C&R Software’s industry leading Debt Manager hosts a range of configurable and automated processes to guarantee all of your data is of the highest quality. It automatically stores customer data and ensures every system has real-time updates to refine the quality of information. And the best part is you don’t have to do anything, it’s all automated.
To find out more about Debt Manager and how it can guarantee your data is of high-quality, contact a member of our team today.
