Principa specialises in providing data driven solutions that will optimise your business’ collections strategy, improve your recovery yields, and increase your business revenue.
We are currently busy with a two-part series looking at the main requirements when considering a Collections Systems.
Main requirements of a Collections System from a user perspective
These requirements include:
- An easy to use, web-based interphase
- The availability of information
- Multi-language capability
- Live tracking of KPI’s; and
- Self-Service service desks
“One of the most important parts, for a user is an easy to use web-based interface”
A business’s main requirements when considering a Collections System.
In part two of this series, we will be looking at a business’ main requirements when considering a Collections System.
The best practice requirements include the following areas:
- User setup, access, and assignment
- Portfolio setup
- Strategy design
- System integration
- Information management (Reports and Dashboards)
- Security and audits
- General system functionalities
If you now take part one and part two, you will have a comprehensive list of best-practice requirements which can be utilised when assessing your current Collections System, or your RFP journey for a new system.
In our next blog, we are going to look at the three non-negotiable tools for Collections Post-Covid-19.
