Data is crucial in the ARM space, as is buying data from multiple vendors. But what good is data if it isn’t resulting in right-party contacts and increased collections rates?
In this blog, our experts will cover why it is essential to test your data vendors to evaluate ROI.
It can be difficult to put a strict definition on a good ROI. There are multiple factors of what a solid return on investment means, such as cost reduction, security, revenue, and compliance.
First, your organization should determine what a successful ROI looks like. For example, if your aim is to increase right-party contacts, then your data vendors should be evaluated for how accurate their consumer information is.
Information is everywhere in the collections space, and every organization wants a profitable return on its investment in it. Review how well your current data is performing per vendor, and decide what merits continuous spending and what should be cut.
Solid data is the basis for helping a collections agency perform the way it wants to, as well as the means for staying current on up-to-date solutions that lead to continuous improvement.
This is why it’s imperative to buy data from multiple vendors. No single vendor has all the information needed, but by spending time reviewing whose data is working and whose isn’t, you can determine the best route for your agency.
A properly configured waterfall service can set forth a new methodology of collections by utilizing data from different sources to get the right solutions the first time.
At TEC Services Group, our RevealDataWorks dashboards provide key insights and information about your multiple data vendors and will ultimately assist in evaluating if they are a good fit for your collections agency. Learn more about RDW here.