Collector - October 2016 - 16

50% OF COMPANIES THAT HAVE DEPLOYED SPEECH ANALYTICS SAY THEY HAVE SEEN A ROI WITHIN 12 MONTHS. SOURCE: OPUS RESEARCH Are your collectors saying what you want them to say? Pick two benchmarks-for example, does the collector give the call recording disclosure and mini-Miranda on each call?-and index that data. Then take action by pushing the results to your operations team so they can follow up with collectors who might not be consistently giving those disclosures. Along the way, you can become more adept at using the analytics technology. Some agencies also start out by automating their collector scorecards. Gathering data manually for these scorecards can be inexact. Brian LaRoche, product marketing manager at CallMiner, estimates that less than 1 percent of calls are actively monitored and reviewed in the manual environment, and often fall victim to sampling bias from the quality assurance representative. But speech analytics systems reveal meaningful data from every single phone interaction, allowing agencies to score 100 "I think the wave of the future is to capture the right data, analyze it and listen to what the data tells us about how to operate the collection floor. The day is near when the primary function of the COO will be to execute the commands of that data story. That's where we're headed." 16 percent of their calls and evaluate collectors more comprehensively based on key performance metrics. If your speech analytics product offers some standard collection categories for your agent scorecards, start there. Take some time to get comfortable with the process, output and coaching strategies, and then make sure you socialize insights and process changes with the rest of your organization. "We stress that at its simplest level, you need six lines of structured metadata from a call," LaRoche said. "For example, consumer name, agent name, client name, account number, time of day and phone number. After you are comfortable working with that data, you can go deeper, adding on additional data fields such as the date the last payment was made and whether or not the collector asked for payment in full." DON'T TRY TO FIT A SQUARE PEG INTO A ROUND HOLE Most likely, you have scripts and processes in place at your agency that you have long relied on to produce results. But here's the thing with speech analytics: To get the most out of it, you may have to make some changes. "I think sometimes agencies have a tendency to fit how they script things into the system, rather than trying to take what the system is capable of doing and fitting that around their scripts," said Nick Jarman, IFCCE, president and COO of Delta Outsource Group. By tweaking your collection scripts to maximize the key words and phrases your call analytics is looking for, you can enhance the results. This makes it easier to validate issues the system finds and more quickly implement solutions. HONE YOUR REPORTS When The CBE Group dove into speech analytics, it quickly realized that it needed a mechanism to communicate actionable data to its operations team. The company's Monitor Response Tool, a system developed in-house, submits the data extracted from CBE's speech analytics, customer ACAINTERNATIONAL.ORG http://www.ACAINTERNATIONAL.ORG

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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