report from MIT Sloan Management Review indicates a
strong correlation between companies actively engaged in digital
transformation and their ability to succeed in the new economy.
But only 48% of the report’s survey respondents agreed that
their organizations are ready to compete in the digital economy.
Creditors and third-party collections agencies have much to gain
by advancing and even accelerating their digital transformation
strategies, especially during times of uncertainty when many
organizations curtail technology investments pending clearer
visibility to the future business climate. Leading firms can
capitalize on industry hesitancy caused by inevitable market
shifts to extend their competitive edge.
Audit and control processes are vital debt collection and
account receivables management activities that, when modernized,
offer immediate, measurable, and long-lasting value to stakeholders
and the business. Leading ARM organizations are, therefore,
elevating the transformation of outdated compliance audit and
control workflows to the top of the digital transformation priority
list. Here are 5 top reasons why.
1. Saves time.
The most significant expense for most businesses is labor, so
reducing the time required to perform routine processes maximizes
staff capacity and boosts profits. Organizations that rely on
spreadsheets, printed forms, and manual data management perpetuate
waste and inefficiency. Digitizing audit and QA processes will not
only reduce manual touchpoints and improve business efficiency but
ensure that the sequence of activities, acknowledgments, and
actions is codified, consistent, and compliant.
2. Reduces risk.
Risk is a persistent, multi-faceted reality of business and life.
Pandemic risk was on the radar of very few in early 2020, but its
impact remains a top concern today and will so well into the future.
More than anything, reducing risk is dependent on agility – the
ability to rapidly shift strategy, operations, and resources when
necessary. Systems dependent on outdated technology and manual
processes are slow, rigid, and fragile, limiting the organization’s
ability to adjust when risk manifests due to human error, natural
disaster, cyber-attack, or other circumstances. Digitizing business
processes reduces or mitigates the impact of nearly every form of
3. Thrills regulators.
Digitized systems thrill regulators for the same reasons they
excite you. Advanced design techniques and modern, cloud-based
software provide on-demand access to the information regulatory
auditors require to assess risk, governance, and internal controls.
They also provide reports, data visualizations, granular
drill-down, advanced analytics, data export, and third-party
system integrations that make regulators jobs easier and
demonstrates that your organization takes them and compliance
4. Boosts employee engagement.
Working with obsolete technology is frustrating, hurts morale,
and ultimately productivity. This is as true for frontline
personnel as for their administrative, support, and senior
management counterparts. The shift to virtual compounds the
challenge exponentially as spreadsheet and paper-based systems
are inadequate for the distribution, acknowledgment, rebuttals,
and other forms of disclosure and collaboration inherent to
audit and control workflows. Audit and control workflows
migrated to cloud-based platforms by itself improves the
employee work experience, but also includes role-based dashboards,
performance and trend reporting, agent coaching, gamification,
and many other features that foster engagement and productivity.
5. Improves business results.
Outdated technology is expensive to build and maintain and is a
drain on IT resources. Modern platforms designed for anywhere-access
to critical compliance audit and control systems empower business
stakeholders with cutting-edge tools to deliver on productivity, CX,
efficiency, and adherence targets, scale credit and collections
operations, boost revenue growth, and strengthen the bottom line.
The Covid-19 pandemic has made 2020 an exceptional year for most
businesses and, in many cases, a positive one. Leading debt collection
and account receivables management organizations have capitalized on
this disruptive period to expedite crucial digital transformation
initiatives and ain a competitive edge.
Assess each business unit and functional area within your organization
to identify and fix the weak or neglected systems, processes, and
workflows that impair morale, compliance, effectiveness, and profits.
Given the bright outlook for the ARM industry, doing so will position
your organization to effectively serve employees, customers, regulators,
and business owners as the effects of the pandemic continue to develop
and long after it’s ended.
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About the Author
Nicole Weathers is Director of Client Success for TouchPoint One, the
leading provider of performance optimization solutions for collections,
care, support, sales, and other customer contact focused organizations.
The Company’s Acuity product is a full-featured employee engagement and
performance management platform that enables improved decision making,
talent development, and process execution at every operational level.
TouchPoint One customer contact solutions deliver the compelling benefits
of gamification, balanced scorecards, employee dashboards, and advanced
performance management through innovative design and complete, functional
alignment with business processes and strategies.
Visit the TouchPoint One web site to learn more
or to schedule a software demo.
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