Collector- June 2018 - 11

BESTPRACTICES

90%
Of small & midsized companies
expect their
business to
grow in 2018.
Source: Dun & Bradstreet/Pepperdine
Graziadio Business School

"Usually there's a better shot of an
agency getting that type of business than
entering a completely new market/asset
class," Lamm noted.

CONSULT WITH YOUR
TECHNOLOGY PARTNERS
Before making the decision to diversify,
companies should check in with their
software providers to see what new
accommodations can be made. For
instance, if you need to keep accounts
in the new market separate from your
existing accounts, confirm that this can
be done and how long the configuration
will take.

COLLECTOR 06.18

"Application administrators should easily
be able to configure screens and implement
workflow capabilities for any job type without
requiring IT or programming assistance," said
Lex Patterson, president of DAKCS.
If the new line of business is pre-collection,
do you want to implement automation to
allow the account to move to collections after
certain qualifications are made?
"Often times, providing new lines of
business will require companies to think
outside the box to make processes and
workflows work," Patterson said, adding
that data exchange, communication
handoffs, intelligent automation
options and analytics are all important
considerations when making changes to
your software.
Although new markets can provide
enhanced avenues for profit, keep in mind
they might also come with additional
regulatory burdens. What state laws apply

in this sector, and will you need additional
licenses or bonds? Certain asset classes, such
as health care, student loans and mortgages,
may bear additional compliance burdens.
Patterson also noted that each business
segment will have different levels of
data privacy concerns, which need to
be addressed both contractually and
procedurally. He encouraged agencies to
think about how information will be masked
and encrypted, especially if they'll need to
enhance system security requirements.
"Does your provider listen to you as a
partner to assist in solving these unique
business opportunity ideas?" Patterson
asked. "In our experience, the fastest, most
responsive, and most creative business will
be the one to win the deal and successfully
transition markets."
Anne Rosso May is editor of Collector
magazine.

11



Table of Contents for the Digital Edition of Collector- June 2018

Collector- June 2018 - Cover1
Collector- June 2018 - Cover2
Collector- June 2018 - 1
Collector- June 2018 - 2
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