Short Answers to Big Questions: What is the best way to measure performance and incentivize collections staff? Can analytics technology help with this?

By QUALCO    |    November 13, 2019    |    Share

Collections staff

Technology can have a significant impact on the accuracy, fairness and relevance of performance measurement: ensuring that the right data are captured, that the collection staff’s performance is fairly and accurately reflected in performance metrics, and that the metrics are linked to the desired outcomes. This is not a trivial problem: there may be technical obstacles to bringing all performance-related data together from multiple systems (portfolio management, dialler, system of record, and even originator systems), and the link between metrics and outcomes is not always obvious or linear. It is important to have a mechanism in place that evaluates such needs on a par with other operational and analytics requirements, and prioritises their implementation accordingly.

Technology can also help by improving the immediacy of feedback on performance – essentially helping collections staff to do their job better, rather than just providing incentives. There is a balance to be struck between providing immediate feedback and getting in the way, but there exists a range of technologies – ranging from simple real-time performance reporting to more exotic approaches like interactive, predictive communication script guidance and real-time voice analytics – that can be adapted to fit an organisation’s priorities and culture.

panayis
by Panayis Fourniotis Pavlatos,

Director of Intelligent Decisions at QUALCO


 

Topics: Collections, Analytics, Technology, Data, big data, ML, models, robot, machine learning, predictive analytics, intelligence, performance, measurement, metrics

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