Collections leaders would benefit from taking a step back and surveying the broader product field. Do you want a stale product with minor upgrades? Or are you ready for transformational items? Can you discern the difference?

Higher levels of efficiency, effectiveness, and automation are not new goals in collections, but they are taking on new urgency as virtually every aspect of the business becomes more challenging. New competition, changing customer behaviors, more regulations, and increased costs are just a few.

Collectors’ objectives have become increasingly difficult to achieve after years of modifying solutions built on older technologies. They should not be thinking in terms of getting “new technology,” but instead focus on obtaining “smarter” collection software capabilities — specifically, new collection-management software built on a foundation of modern technologies, coupled with more intelligent designs, broader and better capabilities, increased control, and greater flexibility.

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