Living in 2017 is kind of like living in the future. For many of us who remember what life was like before cell phones, the internet, or even colour TV, the prospect of using a technologically advanced collection platform instead of debt collection spreadsheets may be daunting. However, as more businesses are making the switch to new collections software that gives them a competitive edge, it’s important to take stock of how spreadsheets may be slowing down your business. Here are four ways that spread sheets may be holding you back.
1. Too Many Windows
When you use debt collection spreadsheets, your information is likely living in multiple forms and documents. That means a single call to a debtor probably involves your collectors regularly clicking between multiple windows and saying things like “just one moment please”, or “Hold on just a second…”, resulting in time delays on every call, and as a result, less collecting per work day.
2. Spreadsheets don’t call or text
Spreadsheets may contain data, but they don’t make calls or send SMS (text) messages at the click of a button. If you’re invested in collectors making more calls in less time, a move away from spreadsheets and towards automated dialling and texting functions in the same window as all your data means your collectors can do their jobs in a series of simple clicks.
3. Spreadsheets Don’t Take Payments
So you’ve used a debt collection spreadsheet to log a debtor’s information, and you’ve managed to reach them and successfully negotiate a payment. What comes next? If you’re using spreadsheets or combining spreadsheets with outside ARM systems, you’re in for a time consuming payment process that involves multiple steps and verification. A dedicated debt collection platform, however, allows you to take payments instantly and in a matter of clicks.
4. Spreadsheets don’t offer business insights
If collecting debt using spreadsheets is something your business has grown comfortable with, an important aspect of things to examine is to ask yourself how your spreadsheets contribute to your overall success. Are you using them to gauge the effectiveness of collectors, or to give you an overall picture of the health and status of your daily operations? A modern platform that provides your business with insights and reports gives you greater control of your business, and better peace of mind about your company’s future.
TALK TO US: Are you still using debt collection spreadsheets, or have you made the move towards a dedicated debt collection software application? Tell us about your experiences, or get your free demo of D2R-Collect today to give your collectors the software they need to collect more and work faster!