Debt collection can be a difficult industry to work in. The consumers you are required to contact really don’t want to hear from you. Your call can inspire everything from anxiety to anger in those who receive it - and you’re just trying to do your job.
To make things even more stressful, debt collection can also be tedious. Many times, agents are stuck dialing number after number without ceasing, only to deal with disgruntled recipients and disconnections left and right. Wouldn’t it be great if there was a way to streamline the process?
With predictive dialer software for accounts receivable, there is. This technology uses the power of automation to make your agents’ workdays faster and easier - and keep debt collections moving in a positive direction.
Here’s what you need to know about using predictive dialer software for accounts receivable:
What is a Predictive Dialer?
Predictive dialers are outbound calling systems that dial phone numbers of leads or contacts automatically from a supplied list. More than just dialing the number with automated technology, these dialers also assist agents in the screening process. They can determine whether the lines on the other end are busy, being sent to voicemail, disconnected, or simply aren’t answering.
These dialers are great for saving agents time in more ways than one. First, they automate the dialing process, which saves agents precious seconds in connecting with consumers. Next, they screen the calls once dialed, preventing agents from wasting time waiting on busy, disconnected, or otherwise silent lines. While it may only be seconds per call, this adds up to a huge time saving for the center overall when multiple agents’ work across multiple hours is considered.
Predictive dialers are also different from other automated dialers in that they use call metrics to effectively deduce when agents will be available to field the next call. This prevents agents from being overwhelmed with long queues that they feel rushed to get to - and also prevents consumers from receiving calls on which they are left awkwardly waiting for a response after a connection is made.
How Do Predictive Dialers Work?
The reason these dialers are called “predictive” is that they do exactly that - predict when an agent will be free to field a call. Using a preprogrammed algorithm, these dialers estimate the time at which an agent will be wrapping up one call and automatically dials another. The best-case scenario for this application is that the agent will receive a nearly-constant stream of calls without overlapping - and with basically no downtime.
This adds up to major time savings, as outlined above. Since manual dialing can take 10-30 times longer, agents save significant time and trouble in not having to do this dialing themselves. Likewise, dialing is optimized to keep agents working through calls that are actually worth making, unlike manually-dialed calls, in which only about 25% are answered. Since predictive dialers are capable of screening calls ahead of time, there is no need to sort through answered and unanswered calls manually.
Who are Predictive Dialers Best-Suited To?
Any type of outbound calling center where agent utilization is of key importance can benefit from the employment of predictive dialing software. Whether it is in telemarketing, market research, of consumer follow-up, any center that needs to keep agents busy without overwhelming them entirely is well served by the use of predictive dialing.
Using predictive dialer software for accounts receivable is also very common. Since the more connections a debt collection agency makes, the more likelihood there is of recovering at least some portion of the debts owed to the companies they partner with, this strategy works well in this application.
These dialers actually got their start in the banking industry as part of debt collection efforts. In use for over 30 years now, the technology made the collection of debts faster and more effective. This helped agents to make better use of their time and reach out to more people in less time. With all of those benefits, it’s no wonder the technology went from being exclusively used in collections to many other industries and applications. Hosted dialers, in particular, are popular, since they have lower implementation costs and reduce IT costs over time.
What are the Benefits of Predictive Dialer Software for Accounts Receivable?
What are the advantages of predictive dialer software for accounts receivable? Since accounts receivable is an outbound calling approach, these dialers help expedite and streamline the process. This makes workdays faster, easier, and more effective for agents.
One way that predictive dialers are perfectly suited for the application of debt collection is because agents must be highly productive in this line of work. There are always many accounts that must be received and recovered; in the United States alone, there are billions of dollars of total outstanding debt.
With that said, contacting all of those people can be a daunting task for call center agents. Keeping pace with what is required of the average accounts receivable agent can be difficult even for those who are highly experienced. Putting predictive dialers to work for your center can make this level of productivity more attainable. Studies have even shown that facilities using predictive dialers are 200-300% more productive, on average. That’s a boost your center could likely use!
Another major benefit of this type of technology is that it is widely available. With the prevalence of automation in outbound contact centers today, software solutions retailers offer numerous dialer options. This makes it easier than ever to make your center run smoothly and improve your return on your agents’ efforts.
For everything you need to know about putting predictive dialer software for accounts receivable to work in your facility, contact the industry experts at ChaseData. We have the tools and technology you need to improve your approach to debt collection and yield better results during collections. For more information, give us a call today!