A Debt Recovery Company Outsources its Project for Database Redesigning and Increases Operational Efficiency and Sales Revenue
The client is a debt recovery company that works with various lending corporations, debt buyers and premier collection agencies in US.
The Business Situation:
The client has created its own landmark in debt recovery services for consumer finance by practicing premier collection operations in several stages of delinquency. In response to the increased demand, it had a huge number of default customers' database to be updated and maintained in a very structured manner that helps drafting systematic functionality flows. Therefore, it was completely a database creation and maintenance project that we undertook.
The challenges we faced during the course of the action were:
- To analyze, update and interpret the given lists of default customers' data from all the associated financial products thoroughly
- To deliver an ultimate database redesigning tailor-made solution that should help the client to schedule its functionalities properly and handle both technical and non-technical difficulties
- To segregate the default customers' database and extend 24/7 service coverage
We drafted a decisive solution after a careful scrutiny of the above cited client's requirements considering the following elements:
- Internal Resources: Using in-house special expertise to the highest extent possible, and engaging a team of skilled database analysts and specialists who have high accuracy and rapid key-in capabilities to handle this project at par with global standards
- Database Creation Plan: Creating database creation/maintenance plan based on the client's business volumes, targets for a given tenure, number of collection executives, and the category, size, reach and previous history of the default customers
- Database Formatting: Segmenting the default customers' data alphabetically, and using excel and spread sheets to keep a track record of the date of attending customers, next follow-up dates, customers' feedback and status
- Data Protection and Back-ups: Practicing stringent data protection measures and providing necessary data back-up supports to assure data confidentiality and safety
The outcomes of the assignment were:
- The operational efficiency and productivity of the client has increased drastically as it was able to schedule its functionalities with the optimum utilization of time and resources available.
- With an effectively designed database in hand that can be easily accessed, the client improved its sales revenue.
- The client initially started with single analyst, which was after redesigning the database increased to 6.