The Provana Blog

Tips To Improve Processes, Performance and Profitability

The Provana Blog

Compliance Aspects You Cannot Afford to Ignore

| Author Provana, tagged in compliance, collection agency, compliance management system, dividends, audit, complaint, employee traning

Compliance is a critical part of any collection agency’s business, but it is divided into a host of diverse issues that require very different approaches with different information needs. From audits to complaint resolution to training and procedures, each area of compliance has certain unique challenges that can easily be overlooked when performance metrics are aggregated across divisions or departments. These hidden issues can cause problems that are hard to pinpoint without a comprehensive system that has the ability to massage data by individual account, type, or audit and create new ways of isolating problem areas.

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Will YOUR business survive the next natural disaster?

| Author Provana, tagged in BPM, business continuity management, disaster recovery plan, crisis, compliance, performance

As 2019 gets under way, we are still limping back from the effects of major disasters across the country – Hurricane Michael affected over 1.3 million homes and businesses in the southern states while the California wildfires caused economic damages to the tune of billions of dollars.

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7 features of IPACS you probably didn’t know about

| Author Provana, tagged in compliance management software, compliance management system, compliance, performance analytics, audit, saas, client requirements

Provana’s IPACS® (Integrated Performance Audit and Compliance Software) is a powerful SaaS compliance management system that automates and centralizes compliance tasks to help ensure your business adheres to industry regulations and state and client requirements.

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5 Major Costs of Compliance

| Author Provana, tagged in compliance management software, training, legal, vendor oversight, regulatory risk, agent training, compliance, IPACS, compliance risk

Since the advent of the Consumer Finance Protection Bureau (CFPB) and its requirement for all collection agencies to have a compliance management system, compliance has become a line item in every company’s budget. But the additional cost burden has significant rewards – companies that make meaningful investments in compliance get ahead of the pack by winning more RFPs than their competitors.

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Are You Ready for The Tax Season Storm?

| Author Provana, tagged in collection strategy, ROI, call analytics, competitive advantage, regulatory risk, customer service, collector effectiveness, increase collections

A large storm is almost upon us but it is not the typical storm we see in the sky. This storm happens every year, will generate a flood of collections and can uncover a multitude of opportunities that can define a debt collector’s performance for the rest of the year. What is this impending storm referred to as?—Tax season.

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Get A Head Start on Your Tax Season Collection Strategy

| Author Provana, tagged in collection strategy, strategy, ROI, recovery, contact center, collection law firm, competitive advantage, increase collections, debt collection solutions, IDAP, business automation, data analytics

The new year is quickly approaching and with that comes the highly anticipated tax season. This part of the year is said to be the most profitable series of months for debt collectors than any other. Consumers are more likely to settle prior debts after receiving a refund, driving an increase in overall collection rates.

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Increase Collections with Effective Data Inventory Management

| Author Provana, tagged in data analytics, data, inventory management, IDAP, increase collections, collection strategy, client performance, artificial intelligence, technology

Data analytics is a hot topic in business nowadays. Most organizations regularly capture data analytics to improve business operations. When historical data is assessed properly, we begin to understand where the business is going. But, how can we be certain our data assessments are effective?

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A Multi-State Law Firm Increases Call Volume by 10% in Just Three Months [Case Study]

| Author Provana, tagged in collection strategy, consumer experience, collector, recovery, quality assurance, contact center, call analytics, client performance, collection law firm, competitive advantage, technology, return on investment, call monitoring, collector effectiveness, call silence, hold time, ICAP, debt collection solutions, speech analytics

A multi-state law firm uncovered the long-term benefits of speech analytics. Over the course of three months, this law firm has revealed many opportunities in their data reporting methods, which only previously sampled less than 5% of calls. The law firm implemented Provana’s speech analytics platform, ICAP, with the sole intention to […]

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