Performance Indicators in Recovery Operations
The figure of the collector who used to go to people’s houses trying to collect debts is a rare thing to see nowadays. The debt collection and credit recovery agencies have become professionals and, today, use substantially contact by telephone. Furthermore, there was a real turning point in the view towards defaulting. It was noted the reversibility of this situation and the real potential to make, at the time of collection, an opportunity of securing client’s loyalty.
The development also occurred in the practices and the need for technological support and accurate indicators of the recovery operations, which require a more accurate management, able not only to break up the debt and treat them differently, but also to maximize the results, retain and keep the loyalty of clients.
In fact, the technology helps to control variables previously unthinkable in debt collections. The management of this concept is one of the great support stars that technology can offer. There are several KPIs that enable efficient management in search of the best results of active campaigns. Many of them applied to recovery operations, offer managers an overview of the performance of the operation, the campaigns and agents.
Among the most frequently used indicators there is the Workload Agent, which represents the time that the agent is engaged in an hour, talking to mailing contacts. Thus, the bigger the Agent Workload is, the better. Another important indicator is the Time Wrap, which represents the time spent in the completion of a call. Obviously, the higher the 'wrap is', the lower the productivity is. Another indicator of extreme importance is the Talk Time, which represents the average conversation agent in a call.
In addition, another widely used indicator is the CRP - Contact the Right Person. This is the percentage among the calls generated that has been met, in which it was able to contact the desired person, or the person who is the object of the call. Clearly it is no good to call a home phone number, for example, and talk to the maid. You lose time and this involves costs. Thus, the higher the CRP is the best result of the campaign. There is also the BTC - Best Time to Call, which is the best time for making the calls.
In recovery operations, one can think that the most important indicator in the operation is the total value recovered. However, we must assess the impact of recovery on the maintenance of the customer base. The technological solutions must be flexible to allow customization according to the particularities of each rule recovery and especially to help to make, at the time to recovery, an opportunity for relationship and customer loyalty. And technology exists and is available to help us.