Cloud technology is changing the way the debt collection industry works. Credit Management takes a closer look at the systems that have been created and those businesses successfully using them.
UNTIL recently, your software and servers would almost certainly have been based in your office administered by your IT staff. Today, cloud-based technologies mean you no longer need to maintain these systems on your premises and allows you the benefits of a big business infrastructure, without having to implement and manage it directly. A cloud-based solution can be hosted anywhere - either completely in the cloud or in a hybrid cloud (where the data is stored on customers' servers), private cloud, or even as a standalone network application. It allows companies to concentrate on what they do best - negotiate repayment of debts.
Harnessing software in the cloud allows a company to manage its clients, debtors, operators and enforcement agents on the same platform at the same time. It can bring considerable savings and help you grow your business.
The software manages the collection of debt portfolios across multiple clients. Using workflows, it is able to send email, SMS and letters automatically from the system. All customer interactions are recorded including payment arrangements and transactions. Arrears monitoring ensures that missed payments are chased up automatically, and online card payment facilities ensures that payment can be taken without delay.
The system has the ability to drive efficiency in every aspect of day-to-day business which means that both clients and debt collection companies can operate to maximum effect at anytime and from anywhere. Most importantly, a cloud based solution is secure and reliable. It also enables teams to develop software continuously meaning that they can rapidly develop new features to support a particular aspect of the business. Cloud technology is proven. However, some companies are concerned about security risk, and nervous that the data is not physically in their office. If implemented propeily, however, cloud services are more secure than storing data locally as the data is constantly backed up, anonymously, managed in a secure facility and encrypted.
There are three principal reasons to move to a cloud-based software solution:
* Improves `remote' employee efficiency: For businesses with employees who are working remotely and need mobility and flexibility then a cloud-based software provides the perfect solution. It allows easy access to documents and emails, even via a smart phone.
* Reduces uptront and installation costs: Using a cloud based solution, you can take out a subscription removing the need for hardware, software and associated administration costs.
* Security: Cloud computing is secure. In tact cloud computing can be more secure than a traditional IT infrastructure.
How it's done
You can develop your own cloud based bespoke solution in-house. but this can be costly. There are alternative solutions. You can rent a cloud-based solution that matches your business and by paying a monthly subscription, you can get all the benefits of cloud-based software that includes maintenance without having to budget for capital expenditure, hardware maintenance and the installation of softwart Even the daily backups are looked after. The following looks at how two debt collection companies are subscribing to cloud-based software solutions to help them grow their business.
Quest for Cloud
Quest wanted a system that was capable of managing all its cases and, at an affordable cost, be able to adapt its systems to match and evolve with the ever-changing debt collection landscape. "At first we were daunted by the cost and infrastructure involved with setting up a robust cloud based case management system," says
"We knew what we wanted, and after reviewing the market, we decided to look to the US where we found a concept that at the time was unheard of in the
Since making a cloud based solution choice, Quest has grown its business and tripled its turnover in just 12 months.
The Sheriff's path
After nearly 30 years of running as a number of small self-employed
It thought about designing a bespoke system in-house, but found that the costs were prohibitive. Instead it looked at software solutions that it could purchase and tailor to its needs.
After trialling a range of options, it selected the ClickDebt cloud based solution as the best one to meet its varied debt collection requirements across the
"Whether it is a director working on financials during the night or an Enforcement Agent checking on his case allocation at
DEBTVIEW has been developed by
"The system has the ability to drive efficiency in every aspect of day-to-day business..."
When ClickDebt started five years ago, it began by speaking to key players in the industry to find out what the debt collection industry in the
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