Ondeck has modernized its entire third-party collection management network using automated business intelligence reports for data driven decision makingBusiness Intelligence
Overview
Founded in Ondeck, a global B2B lending company helps small businesses get financing efficiently online. Till 2022, they have disbursed more than $13 billion to small businesses. They understand that small business are more than a credit score and they don’t have enough hours in the day – and when they need funds, they need them right away. That’s why they pioneered the use of data analytics to assess the creditworthiness of small business rapidly and accurately. They work with third party collection servicers to manage the recovery of non-performing accounts through their established network of legal and non-legal service providers.
Challenge
Before using a BI solution, Ondeck faced the following challenges.
- Capturing real-time data from multiple servicers’ disparate systems by establishing data pipelines is a difficult task.
- Standardization and maintenance of data with a network of servicers can be exceptionally tedious and time consuming.
- Not everyone has tools or resources to accurately track, monitor and compare servicer’s performance.
- Data reconciliation is a tedious activity that requires a lot of resources
- More time is spent building reports rather than getting insights out of it.
- Lack of servicer oversight and inability to keep track of network performance.
We also found it to be quite challenging to build an in-house BI platform. It requires huge investment in terms of money and time – and continuous upgradation to keep up with the times.
Worth of accounts placed on top performing suppliers identified through BI reports
Workflows Automated
Worth Cost savings through automated reporting