This is the third of four posts in our OS blog 2.0 series highlighting the “ARM ecosystem”—what it is, how it works, and how ARM businesses can benefit by adopting this approach.
In the collections business, as in all industries, time is money. Time well spent is profitable; wasted time is a revenue drain. Inside many ARM companies, a great deal of time is inadvertently and needlessly wasted on the front line.
Many account reps simply aren’t equipped to work as efficiently and productively as they could. They can’t make informed decisions. They chase low-value accounts, spend too much time on a single account, or use the wrong channels. Team leaders can’t properly evaluate workflow processes or manage agents’ performance effectively, as the bulk of the data they have resides with various point solution vendors and isn’t tied to other solutions or the primary workflow.
In other words, it’s an activity-rich, data-poor operation—and a drag on the top and bottom line.
This scenario continues to play out in even the most high-tech environments. Best-of-breed point solutions, which are designed to make account reps more effective and more valuable in their roles, can’t compensate for the visibility gaps that keep collection teams in the dark and limit their performance.
In our previous post in the ARM ecosystem series, we explored three ways integration is failing ARM businesses. Today, we’re going to zero in on how the typical ARM tech stack fails the front line—and how you can empower your agents to recover more revenue.
Give Your Team What They Need Most: Insight and Control
If you’ve invested heavily in point solutions to streamline collections but you’re not seeing a big uptick in results, your problem isn’t necessarily functionality. It’s a lack of insight and oversight. Your team is forced to make do without the very things they need to perform at a high level—i.e., shared real-time data and a greater degree of control as accounts make their way through the collections cycle.
Now, imagine moving beyond integration to an ARM ecosystem—a holistic tech environment in which all tools are designed to fit and work together—and eliminating the visibility gaps that are hampering your agents and your organization.
With accurate, timely data and pre-defined workflows, your agents don’t have to guess where to focus their efforts. Ecosystem data helps team leaders identify high-priority accounts and determine who should be contacted, how, and when. Armed with this information, agents can maximize their time throughout the day.
Agents also enjoy the benefit of accessing account histories from a single application with one login, one window, and no need to jump between tabs, making collection efforts easier and more efficient.
Team leaders have visibility into account activity and rep performance, allowing them to manage the team in ways that drive meaningful, measurable improvements. Meanwhile, you can evaluate and manage workflow processes on an ongoing basis and fine-tune operations with minimal disruption.
With greater insight and control and the built-in safeguards an ARM ecosystem affords, your agents can communicate in consumer-friendly ways without triggering the usual compliance risks and worries.
Be sure to catch the next post in our ARM ecosystem series. We’ll explore the steep risks posed by the typical ARM tech stack. We’ll also explain how moving beyond integration can change the way you do business.
An ARM Ecosystem Can Unleash Your Agents . . . and Your Ability to Compete
Operating from a shared database and interface, all ARM ecosystem collection tools work in symbiotic fashion like various parts of a living organism. Accounts are easy to track and manage as they progress through the system. Unlike the classic integration model, an ARM ecosystem gives account reps the information and tools they need to maximize their time, thus helping advance larger business goals.
You can read more about how the ARM ecosystem works and how it transforms collections in our latest eBook, “The ARM Ecosystem: Advancing Beyond Integration.” Download your free copy today.
Disclaimer: Ontario Systems is a technology company and provides this blog article solely for general informational and marketing purposes. You should not rely on the content of this material for any other purpose or as specific guidance for your company. Ontario Systems’ advice, services, tools and products described herein do not guarantee compliance with any law or industry standard. You are ultimately responsible for your own company’s actions and compliance efforts. Because everyone’s situation is different, you must consult your own attorneys, accountants, and/or other advisors to obtain specific advice on your company’s compliance, legal, tax, regulatory and/or other business needs. Despite Ontario Systems’ efforts to provide current and up-to-date information, you need to recognize that the information contained herein may become outdated quickly and may contain errors and/or other inaccuracies.
© 2019 Ontario Systems, LLC. All rights reserved. Information contained in this document is subject to change. Reproduction of this publication is not permitted without the express permission of Ontario Systems, LLC.
Asset Recovery Group (ARG), a premier collection agency with 5.8 million account records and a growing client base, was struggling to fulfill extensive reporting requirements and glean timely business intelligence from its FACS® database. ARG’s overburdened team...
If you read part 1 of this two-part blog series or listened to part 1 of our AccountsRecovery.net webinar “Email Is Hot, Texting Is Hotter: Don’t Be the First to Get Burned,” you might have found some of our comments surprising. Perhaps you left with more questions...
Is communicating via email and text still a pipe dream for your collection operations? If so, you might want to settle in and keep reading. It really isn’t as scary as you might expect. Despite the high costs and marginal returns of relying on phone calls and...
Data privacy and data security are two very hot topics in the ARM industry today. The California Consumer Privacy Act (CCPA) is set to take effect in January 2020, with additional privacy bills now pending in at least 25 states. Meanwhile, cyber crimes involving...