Collector - October 2016 - 15

COVER S peech analytics systems make it easy for collection agencies to amass data on just about everything debt collectors and consumers say on a phone call. Did the collector properly identify himself? Did the consumer say the word "bankruptcy"? Less easy, however, is the process of communicating all this data to the teams who can use it to make positive operational changes in your organization. "It can be an absolute data overload for people who do not have experience managing, gathering or analyzing data," said John Bedard Jr. Esq., owner of Bedard Law Group P.C. Not only is failure to take action on this data a huge waste of money-speech analytics can be a six-figure investment-but it could expose you to additional liability. Regulators expect collection agencies to mitigate known risk areas, responding to issues as they arise and fixing processes that are broken. If you are pushing data out that signals a broken process and you're not doing anything about it, regulators could hold you accountable for your inaction. Bedard likened an investment in speech analytics to buying a space shuttle. "It costs twice as much to fly the space shuttle as it does to buy it," he noted. "We have seen clients disappointed with their space shuttles because they did not appreciate the cost of labor and expertise required to actually fly it. When they don't get the expected results, it can be a painful learning curve." While your speech analytics system may have been advertised as an "out of the box" solution, that doesn't mean you can turn it on and forget about it. Here are some tips from several ACA International members COLLECTOR 10.16 to help you tame your post-call speech analytics data. START SMALL Speech analytics technology has the potential to change your whole organization-which may be why some staff members believe it's the solution to every problem that arises. "When I first [started at Sentry Credit], there were many in the operations end of things that believed that the voice analytics tool was a miracle product," said Chris Straiter, chief compliance officer for Sentry Credit. "It's a tool that will listen for and identify what you've directed it to listen for and identify, but if you try and boil the ocean, to make it do everything right away, you're not going to get through that data to do anything with it." When you're just starting out, experts advise keeping your expectations in check and taking things slowly. Make sure the system implementation is aligned with your mission, goals and client requirements. Scott Murphy, contact center consultant with Interactive Intelligence, noted that this will create a focus on your desired outcomes and provide direction on what data will be useful to measure. "It's fairly common for an organization to purchase a speech analytics tool without giving much thought to how that process is going to provide benefit," Murphy said. "In my experience, these are the organizations that become overwhelmed and ultimately don't experience the true value of what speech analytics can offer." Once you know what you want to get out of the system, develop a strategy that you can implement gradually. Start with what Straiter calls the low-hanging fruit: 15

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

President’s Page
Industry News
Best Practices
FYI
Collection Tips
Connect the Dots
Looking Deeper
Head of the Class
Calendar
Honor Roll
The Formula of Five
How to Create Winning Bids and Proposals
A Running Start
ACPAC Election Watch
ACA’s Industry Advancement Program Aids Eleventh Circuit Win for Member Company
Compliance
ACA SearchPoint
Last Word
Collector - October 2016 - Cover1
Collector - October 2016 - Cover2
Collector - October 2016 - 1
Collector - October 2016 - 2
Collector - October 2016 - President’s Page
Collector - October 2016 - Industry News
Collector - October 2016 - 5
Collector - October 2016 - 6
Collector - October 2016 - 7
Collector - October 2016 - Best Practices
Collector - October 2016 - 9
Collector - October 2016 - FYI
Collector - October 2016 - 11
Collector - October 2016 - Collection Tips
Collector - October 2016 - 13
Collector - October 2016 - Connect the Dots
Collector - October 2016 - 15
Collector - October 2016 - 16
Collector - October 2016 - 17
Collector - October 2016 - 18
Collector - October 2016 - 19
Collector - October 2016 - Looking Deeper
Collector - October 2016 - 21
Collector - October 2016 - 22
Collector - October 2016 - 23
Collector - October 2016 - Head of the Class
Collector - October 2016 - 25
Collector - October 2016 - 26
Collector - October 2016 - 27
Collector - October 2016 - Calendar
Collector - October 2016 - Honor Roll
Collector - October 2016 - The Formula of Five
Collector - October 2016 - 31
Collector - October 2016 - How to Create Winning Bids and Proposals
Collector - October 2016 - 33
Collector - October 2016 - 34
Collector - October 2016 - 35
Collector - October 2016 - A Running Start
Collector - October 2016 - 37
Collector - October 2016 - 38
Collector - October 2016 - 39
Collector - October 2016 - ACPAC Election Watch
Collector - October 2016 - 41
Collector - October 2016 - ACA’s Industry Advancement Program Aids Eleventh Circuit Win for Member Company
Collector - October 2016 - 43
Collector - October 2016 - Compliance
Collector - October 2016 - 45
Collector - October 2016 - ACA SearchPoint
Collector - October 2016 - 47
Collector - October 2016 - Last Word
Collector - October 2016 - Cover3
Collector - October 2016 - Cover4
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