Law Firm Uses BI To Automate Collection Processes And Support Rapid GrowthBusiness Intelligence
Overview
Brock & Scott, PLLC is a trusted leader in the financial services and real estate industry with an experienced staff who’s goal it is to create value and achieve client goals. The firm operates with three primary pillars: Experience, Efficiency and Integrity. With regional offices along the East Coast, Brock & Scott offers tailored services and can customize its solutions to each client’s unique needs.
Challenge
Originally focused on the foreclosure space, Brock & Scott rapidly expanded into additional collections and bankruptcy markets. The firm quickly realized they needed a technology partner that could deliver digital solutions to visualize productivity, generate consolidated reports and automate cumbersome workflows, such as dynamically sharing large volumes of documents.
In particular, the firm needed help to better understand their returns on time-to-collect and where to focus the team’s efforts. With different levels of work required to support varying collections activities, the firm needed to determine propensity to pay across accounts to secure maximum return.
Solution
Provana’s IPERFORM Analytics (IPA) solution stood out to Brock & Scott because of its ease of use, out-of-the-box templates and support of compliance standards. Using IPA as a foundation, Brock & Scott was able to add its own proprietary algorithms for accurate scoring and future predictions of productivity.
To support clients, Brock & Scott associates need to generate daily client scorecards, meeting prep materials and summaries of monthly revenue and activities. Often, the firm is tasked with creating custom-generated reports that require different data analyses. For any data captured within IPA, these reports can be generated automatically, on the fly, based on client needs.
Because IPA supports rule-based workflows, Brock & Scott’s associates are notified of workflow deadlines to keep cases moving on time, and the firm’s leadership can clearly identify areas of discrepancy.
Capturing workload, performance and projection data into the IPA platform has also enabled Brock & Scott to build a more dynamic staffing model that considers the firm’s capacity for any given month. For example, the firm’s management and HR team can understand hiring needs up to three months in advance and allocate talent accordingly.
Results
Working with Provana, Brock & Scott has improved their forecasting accuracy to within three to six percent of their actual collection capacity.
“Before we found Provana, we tried to build our own workflow automation system, but it was challenging with the resources we had available in-house,” said Chuck. “Provana provided us a faster path to market at a much more affordable rate and with the flexibility to grow with the firm as our needs expand.”
In summary, Brock & Scott:
- Automated workflows to improve productivity by 6%.
- Established a standardized reporting practice based on industry best practices and compliance standards.
- Improved profitability and efficiency with comprehensive scorecards.
- Eliminated manual while supporting increased transparency with clients.