Collector - February 2016 - 29


Flip the Switch on
NEW TECHNOLOGY
Do you resist change?
Adapting to new
technology can be
scary, but failure to
keep up can cripple
your business. Learn
how to successfully
implement new
technology without
disrupting your
workflow.
By Anne Rosso May

COLLECTOR 02.16

C

hange isn't easy-especially when
it comes to implementing new
technology. Internally, collectors
and managers may resist an overhaul to
their tried and true processes. Externally,
the evolving regulatory environment can
make any unfamiliar technology seem like
a potentially risky business decision.
"There are always opportunities to
see how changes in one business sector
could be adapted into our industry and
deliver improved informational access for
consumers and clients while creating more
efficiency to the internal operation," said Bob
Perrin, CEO of Williams & Fudge. "We are
really no different than any other industry
in our need to continue modernizing our
systems and operations. You have to stay in
touch with technological changes to remain
competitive and compliant."
In a 2015 BillingTree survey of the
collection industry, agencies ranked
investing in new technologies as the
second most important way to achieve
growth and profitability-coming in just
behind client expansion.
While the Federal Communications
Commission's recent Telephone Consumer
Protection Act ruling has cast uncertainty
over how collectors can legally call
consumers' wireless numbers-rotary
phones not withstanding-there are still
a number of ways nondialing technology
can benefit your business. The trick is to
clarify your end goal, carefully plan the
implementation process and clear up any
hesitations before you flip the switch.

FACE YOUR FEARS
If your business has been using the same
technology for the last five years and
things are going well, you may wonder:
Why would I rock the boat by updating
my system? Why would I go through the
hassle of potential downtime during the
implementation process, rewriting all of
our policies and procedures, retraining all
of my collectors and, most importantly,
writing that big check if everything works
just fine right now?
The answer is pretty simple: Technology
does not last forever. Your aging systems,
even if they are performing well now, will
eventually start to introduce risks to your
business that can leave you vulnerable.
System maintenance and support becomes
more expensive as developers shift their
focus to the development of new products.
"There will always be another company
who is going to continue to upgrade their
system to get the competitive edge," Perrin
said. "The first thing that happens is your
marketplace share starts to erode because
you are unable to provide at the same level
as your competitors. Meanwhile, your
operational costs will continue to grow, and
you'll reach a point where you will struggle
to turn the company around. You will be
significantly behind your competitors."
By planning ahead and being open to
change, you can prevent some pretty serious
consequences. Some agencies may hesitate
to invest in new technology because they've
been burned in the past by products that
did not deliver what was promised-or that

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Table of Contents for the Digital Edition of Collector - February 2016

Collector - February 2016 - Cover1
Collector - February 2016 - Cover2
Collector - February 2016 - 1
Collector - February 2016 - 2
Collector - February 2016 - 3
Collector - February 2016 - 4
Collector - February 2016 - 5
Collector - February 2016 - 6
Collector - February 2016 - 7
Collector - February 2016 - 8
Collector - February 2016 - 9
Collector - February 2016 - 10
Collector - February 2016 - 11
Collector - February 2016 - 12
Collector - February 2016 - 13
Collector - February 2016 - 14
Collector - February 2016 - 15
Collector - February 2016 - 16
Collector - February 2016 - 17
Collector - February 2016 - 18
Collector - February 2016 - 19
Collector - February 2016 - 20
Collector - February 2016 - 21
Collector - February 2016 - 22
Collector - February 2016 - 23
Collector - February 2016 - 24
Collector - February 2016 - 25
Collector - February 2016 - 26
Collector - February 2016 - 27
Collector - February 2016 - 28
Collector - February 2016 - 29
Collector - February 2016 - 30
Collector - February 2016 - 31
Collector - February 2016 - 32
Collector - February 2016 - 33
Collector - February 2016 - 34
Collector - February 2016 - 35
Collector - February 2016 - 36
Collector - February 2016 - 37
Collector - February 2016 - 38
Collector - February 2016 - 39
Collector - February 2016 - 40
Collector - February 2016 - 41
Collector - February 2016 - 42
Collector - February 2016 - 43
Collector - February 2016 - 44
Collector - February 2016 - 45
Collector - February 2016 - 46
Collector - February 2016 - 47
Collector - February 2016 - 48
Collector - February 2016 - Cover3
Collector - February 2016 - Cover4
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