Do you think you’ll get better collections rates if you spend more on data or less on data?
Most people will say that they want to spend less. However, TEC Service Group’s collective experience, spanning over two decades, shows convincing evidence for buying more data. Our clients see an incremental increase in right-party contact rates with each vendor that is strategically added to a comprehensive data enrichment strategy or a waterfall strategy.
A well-designed waterfall service aims to find the most optimized position for each participating vendor. We’ve seen across our clients and within numerous verticals that no single vendor in the market has all of the right parties needed. The basis of this contention is that no single data vendor has all the right parties that companies need due to the complexity when adding different verticals, asset classes, and age of debt into the mix.
Since there’s no such thing as one-and-done software, it is important to pick up the unique fit from each vendor in the most economical way possible and with the best return on investment.
Our flagship product, RevealDataWorks (RDW), is a multi-vendor, multi-data enrichment service with optimized workflows. RDW is the first solution of its kind in data services management and delivers a unique solution to cost control, data accuracy, and data automation.
This is where the importance of buying data from multiple vendors comes into play. This overall strategy increases operational efficiency and intelligent data purchasing strategies resulting in improved RPC rates, decreased work effort, and insight into data vendor performance. Automated waterfall strategies should be customized to fit different asset classes and portfolios with varying margins to ensure every account gets the most effective treatment.
Once properly tailored to fit your needs, these strategies can be further altered and enhanced with almost zero IT effort on collections agencies and their staff.
What is the value of data to you? The cost investment may be slightly higher, but your return on that investment is more data, more hits, and an increase in your potential monthly revenue that outweighs the investment cost.
Are you looking to increase RPC rates? Our team of experts at TEC Services Group will make sure we find the best strategy to suit your needs and get it right—the first time. Learn more.
