4 Benefits of Custom Analytics Dashboards for Collection Excellence
In a world where all businesses are surrounded by mountains of data, business analytics reports can help you analyze trends and improve return on investment (ROI). While business analytics offers access to vital information, these are custom analytics dashboards that hold the upper hand in streamlining your operational processes and breaking down such complex data.
Today’s credit and collections landscape is leaning toward new and improved data technology. Having the capacity to build specific charts and graphs tailored to your collection needs has become gradually important in the age of big data. Custom analytics dashboards offer the flexibility and insights debt buyers and collection agencies need to improve their collection strategies and team productivity. In this blog, we will dissect the benefits of utilizing custom data analytics to improve performance indicators and ROI, one widget at a time.
Benefit 1. Custom visualizations
Having the ability to visualize data is extremely critical in today’s technology-driven business landscape. Custom analytics dashboards allow you to create your own charts, graphs, funnels, and other visual mediums to illustrate the data you care about. This ease-of-use ultimately means anybody, from team lead to collection agent, can access key insights without having to rely on the data analytics department for training.
The efficiency of customizable dashboards reaches another level when role-based dashboards are available for leaders, managers, and agents. Instead of gathering data and crunching the numbers in Excel and then projecting the same in PowerPoint, one can easily pull up whatever reports they need on the fly.
Benefit 2. Improved team performance
Customizable dashboards can enable collection agencies to analyze their performance. They can easily see how current and projected performance compares to their overall collection goals. This way, they can easily map out individual team goals and track collection performance. This can also empower agents to see how their performance compares to their overall collection goals. They can observe their performance metrics over time and work hard in the areas that matter most, including call methods and contact efficiency toward high-risk accounts.
Benefit 3. Better decision making
Standard reporting can be a useful tool, but it doesn’t always allow you to get deeper insights into your existing collections trends. Building your own visualizations, on the other hand, can allow you to interpret your data to increase collection efficiency, reduce costs, increase recovery, reduce debt write-offs and maximize account receivables.
A custom analytics dashboard can easily incorporate your agency’s multiple functions into one place, allowing you to navigate data from a desktop or mobile device. Intuitive yet data-rich visuals give you a clear view of your whole collection funnel. This can, in turn, enable you to understand what is working and what is not, and where you should focus on.
Benefit 4. Automation that matters
Instead of manually gathering data and running analyses yourself, you can save your energy and time with the help of custom data dashboards. Once you initially set up all of your data sources, be it call center operations or transaction trackers, your dashboard can automatically track, maintain and create reports. This data can help you understand debtor behavior better for maximum collection yields. This is not it. Based on filters of collection trends, seasonality, and propensity-to-pay data, you can easily forecast team productivity and business profitability as well.
IPA®, also known as IPerform Analytics, automates data collection from disparate systems seamlessly, empowering you to convert big data into custom analytics dashboards. Offering you all of the benefits mentioned above and more, IPA enables you to think outside the box and helps you scale as you make informed decisions based on valuable data. Want to learn more? Drop us a line here.