Workflow automation: The Secret Ingredient to Better Collections and Operational Efficiency
About 6,000 collection agencies in the U.S. work for debt recovery, with every nine out of ten employees stressing on administrative work instead of real work. Even the top business leaders in the debt recovery industry spend about two days in a week, on mundane tasks such as sending out emails, shuffling data, and updating spreadsheets. The end result is 20% recovery rate, with only $40 billion of successful debt recovery out of $150 billion worth of debt (according to 2011 post in the Huffington Post by Harry Strausser III). These statistics illustrate a grave problem, which is related to lack of attention to the primary task of debt recovery, against the regular activities. However, many enterprises have adopted and implemented a modern debt collection andmanagement software , to free-up their staff s o that they can focus on actual recovery efforts. Are your employees going through the same grind? Introduction of Workflow Automation in the Debt Recovery Industry