Salespeople in the tech industry love getting us excited about the latest gadgets and software. It’s almost as if they’re telling us that we’re dinosaurs doomed to extinction without this new debt collection technology. But what does all this mean for your bottom line? Is it time to abandon the proven methods and adopt the shiny new toys, or is it all just marketing hype?
Common Beliefs About “Old Tech”
Older technology in debt collection often gets a bad rap as it is outdated, inefficient, and unable to keep up with current needs. But let’s set the record straight: old tech has proven itself through years of service. It’s often more stable and less prone to bugs, and its ROI is well-documented. While new debt collection technology promises slick features, the established technology continues to provide reliable service that many agencies find indispensable.
What Drives Automation and Revenue Increase?
Automation is the cornerstone of any debt collection process, but technology’s impact varies. New debt collection technology often promises machine learning algorithms, AI-driven decision-making, and advanced analytics. While these can be true game-changers, it’s crucial to conduct a thorough cost-benefit analysis.
Deciding on New Technology Gadgets
When considering any new technology, agencies should focus on its compatibility with their current operations, the costs involved, and the potential for measurable ROI. Some questions to consider:
- Will this technology easily integrate with our existing systems?
- How steep is the learning curve for my team?
- What’s the realistic timeline for seeing ROI?
The “Negative Spin” on Older Platforms
Many tech vendors negatively spin older technology to sell their new products. It’s important to sift through the marketing language and focus on your specific needs. Sometimes, the criticisms are valid; older systems may not have the features that new debt-collection technology offers. But are those features indispensable for your operations, or are they “nice-to-haves”?
Two Key Takeaways
Understanding New vs. Old: Don’t be swayed by shiny features. Understand the real-world application and implications for your agency.
Industry Jargon: Salespeople love their buzzwords. Make sure you understand what is actually being offered.
New debt collection technology can offer exciting opportunities for automation and revenue generation, but it’s not always the right fit for every agency. Conduct a thorough analysis to determine whether new is genuinely better for you or if the proven, older technology still meets your needs. Determining what is right for your agency can be tough, and we’re here to help. Let’s find out together what works best for you.