How Business Analytics Can Drive More Revenue for Collection Agencies
- November 21, 2022
- Category: Business Intelligence
Leveraging business intelligence to make data-driven decisions have become very important for collection agencies. With the help of analytics solutions, collection agencies can extract meaningful insights from raw data and apply them to drive profitability. Provana’s cloud-based business intelligence (BI) solution, IPerform Analytics (IPA) has enabled collection agencies to formulate highly effective strategies to curb debts, forecast revenue, evaluate productivity, and overall portfolio performance to make the business effective and achieve client satisfaction.
BI at your Fingertips – Built on years of Research and Analytics Muscle
The industry specific dashboards in IPA have been built over a period of 6+ years of domain knowledge with multiple iterations.
- Improved Client Performance: Improve batch level performance by implementing account level strategies. The strategies can be developed by gathering insights from the reporting dashboards.
- Process Improvement using Exception Reporting: Identify batches not meeting collection rate or timeline targets and execute improvements.
- Spot trends to increase performance: Use historical data trends to predict risk associated with different customer profiles and calculate contact effort for each account. Review revenue trends, liquidation and forecast collection volume – identify outliers and take corrective action.
- Monitor Call Center Data: Track calls, contact rate etc. and review by agents, clients to identify opportunities to improve calling strategy.
- Analyze the ROI on contact strategies: Identify the best strategy for reaching out to debtors.
Unlock the power of data, make it actionable and drive value
- Seamless data integration solution: IPA can be integrated with different data platforms i.e., Excel, Azure, Google Analytics, CSV, SharePoint, Salesforce, and Oracle etc. This helps you to combine data across multiple platforms in one single solution giving a holistic view of your business performance.
- Holistic view of a collection agency’s performance: Combine data from various sources i.e., collection system, dialer etc. to view your overall performance in one place.
- Fully customized data visualization: Slice and dice data by applying different filters, view reports in different formats – excel, bar charts, graphs etc. with the ability to customize reports as per requirements.
- Real-time reporting with role-based access: Get real-time reports resulting in quick decision making. Role-based access ensures relevant reports are shared with different stakeholders.
- Fast Implementation: Agile technical stack that can be set up quickly and easy to use interface.
Provana customers save between 30-40% of their time with automated reports, which they used to spend on manual data crunching. After using IPA, they utilize this time to focus on core business areas like strategic planning and decision making.
After using IPA, our customers on an average have automated more than 80% of their reports,
Provana has a very hands-on approach to customer service. We have a dedicated team of business analysts who look after custom client requests. Provana has been providing its BI cloud solution to several agencies for more than a decade – and this has helped us gain a lot of experience and industry knowledge that our clients leverage to increase their revenue. This unique combination of technology and human capital sets us apart from other leading players in the industry.
Provana’s BI platform helps collection agencies look good in front of their clients. Collection agencies can highlight the value they have delivered to their client’s business resulting in client retention and winning new business.