If you really think about it, your debt collection agency or department is swimming in data your team collects. And you can add more data from outside companies! What will differentiate your company from your competitors is how you use those data and insights because that's where all the power lies.

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In the debt recovery industry, CIA stands for Communication, Integrity, and Availability. This is an acronym Jeremy Mapes promotes to prioritize issues when evaluating web based software platforms. Your vendor should be able to detail how data is protected, backed up, and accessed by trusted users.

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Data analytics for debt collection agencies or departments can optimize processes to reduce wasted time, maximize RPCs right party contacts, evaluate employee performance, or any number of business metrics that can squeeze out more profit. Integrated tools in modern platforms are most effective.

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Data analytics can supercharge debt collection activities by utilizing a company's own data and/or adding data enrichment services to clean or augment records. Targeted, focused efforts through objective data analytics means more efficient activity and higher collection rates.

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