Predictive Algorithms Prevent Holes in Your Collections Business | IAT SmartDial® Solutions

Predictive Algorithms Prevent Holes in Your Collections Business

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Until a few years ago, I always had a hole in the left side of my jeans. It was not only unsightly, but it became expensive because I lost a lot of loose change and often needed to purchase new pants.

It didn’t take a rocket scientist to figure out what was causing my perpetual holes.  In my left front pocket, I always carried a ring of keys. I had keys to the front, back and garage doors of our home, keys to the door and ignition of both our cars, a key to mailbox, keys to work… you get the idea.

Why did I need to carry all these keys around with me when I rarely used them all in the same day, and never used them all at the same time?  I didn’t.  It was an answer that potentially saved several pairs of Levis.

Stop wearing holes in your agency’s collection success. One of the main keys to your agency’s success is getting phone calls transferred to your agents without making the other party hold and without making your agents wait a long time between each call.  When the hold/wait balance is off, it’s like rubbing a hole in your collection process.

Rely on IAT’s 26 years of predictive dialing experience to keep the balance. Predictive dialing programs or algorithms are designed to reduce or eliminate hold times, hang-ups and wait time for agents.  To accomplish this, the dialer increases dialer activity when agents are wrapping up or waiting for a call and decreases dialer activity when agents are receiving outbound calls, inbound calls or other types of contacts.

These predictive dialer programs also take into account the habits of the agents—including time spent on the phone and in wrap-up—as well as the current hit and transfer rate to determine how many dialers, when and how often to start dialing for the next account.

IAT’s predictive dialing algorithms are complex enough to take into account several factors when determining when to start dialing, yet flexible enough to allow fine-tuning by collection managers to adapt to their particular business situation.

With all the keys available to running a successful business, reliable predictive dialing is one that will keep that hole from wearing in your collections business.

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This article was written by Vic