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Naeem Abraham | 05 December, 2023

The foundation of advanced analytics: data integrity

Analytics are vital in collections to create strategies for each of your customers that result in resolved debt. But in order to have reliable analytics of your customers, you first need reliable data to base it on. Afterall, how can you compare your customers against historical data if the information you have on your customers is incorrect, out of date or misplaced?

In this article, we dive into the importance of data integrity in collections, and how configurable platforms make it simple for you and your team to ensure it’s at a high level. 

Why is data integrity important in collections?

Data integrity describes the accuracy, consistency and completeness of your customer data. You need to make sure you have a high level of data integrity so that your analytics provide accurate predictions for your customers. Only then can you be sure that you’re equipped with the right information to guide your customers towards good financial health.

Another aspect of data integrity is regulatory compliance. The FDCPA and FCRA set specific requirements for data integrity to avoid the mismanagement of important customer information. Failing to update key facts like customer employment changes or misplacing important documents can impact their experience as well as your processes, hence the need for integrity.

What determines data integrity in collections?

How you record data

Integrity starts with how you record data: the time between a customer telling you something new and it being stored for analytical systems needs to be minimized at best. In an ideal world, this is performed in real-time to guarantee data is up-to-date at all times. The longer this space of time is, the more likely your analytics will be unreliable.

How you store data

The next step is how data is stored once it’s been recorded. Legacy and even some cloud-based systems have different storage locations for specific customer data. This makes it needlessly difficult to manage and can easily result in mistakes along the way. The solution here is to centralize your data in one place. Then, every system has access to the same reliable source of customer data, enhancing integrity.

How you manage data

The final step is how you manage this data. Legacy systems involve a lot of manual data management for your team, which brings the inevitable risk of human error. You need to minimize this risk by introducing automation and AI. This is a win-win, because it results in less work for your team while directly enhancing data integrity.

How configurable platforms provide complete data integrity

A configurable platform covers every base of data integrity by integrating with a number of systems that serve the purpose of enhancing it. As a result, you can be confident that your analytics are accurate and your processes are compliant.

  • Real-time data-flows - Configurable platforms host real-time data flows that provide neighboring systems with customer data as it’s recorded. From there, your analytics will always have up-to-date data to produce accurate predictors, giving you better visibility to clear accounts. 
  • Cloud-native systems - Configurable platforms that are cloud-native are designed for seamless integration. This means that automation and AI-based systems can easily be installed, improving your data management processes and enhancing your data integrity as a result.
  • Single Source of Truth (SSoT) - Configurable platforms are built upon a SSoT centralized data system. All customer data is recorded, stored and accessed from one place. This simplicity makes data management simple for you, your systems and your team, all the while ensuring integrity is high. 

Guarantee integrity with Debt Manager

Data integrity, as its name suggests, is integral to advanced analytics. You need an accurate, consistent and correct base of data to produce accurate predictors of your accounts. Only then can you create collections strategies that result in enhanced collections performance.

C&R Software’s industry leading Debt Manager platform supports full integrations with systems that enhance data integrity. You can install real-time data-flows, AI and automation with a foundation of centralized data. As a result, you can guarantee a high level of data integrity to be compliant and guide customers to financial stability.

To learn more about the capabilities of Debt Manager and how it can enhance your data integrity, contact a member of our team today.

 Naeem Abraham
About the author

Naeem Abraham

Naeem Abraham is leading the charge to implement our decision management tool: FitLogic. With prior experience at a top EMEA bank, Naeem’s expertise lies in credit management, data-driven decisioning, and utilizing AI/ML to improve collections performance.

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