Analytics solutions are gaining steady adoption across the collection industry. Having the ability to identify and understand accounts with the biggest potential for revenue recovery is helping organizations fine-tune internal processes, operations and resources to realize significant cost-savings and benefits.

Stawiarski & Associates (“S&A”), a law firm providing innovative and comprehensive recovery services, is one organization that has achieved success – from increase in productivity to positive recovery results – through the use of analytics.

S&A approached Columbia Ultimate when their existing scoring model could not keep pace with their growing account volumes. S&A relied on a scoring model developed by a statistician to score accounts and identify recovery probability and revenue potential. When account volumes reached an all time high, S&A realized a need for a system that would not only help address and manage their expanding account base but also score each account and determine payment probability, which was becoming increasingly difficult.

In order to address their need for a comprehensive solution, the firm turned to Acumen!, a suite of tools that integrates with Columbia Ultimate’s collection software to provide account scoring, payment forecasting, and specialized reports.

According to Jeremy Cunningham, Application Administrator for S&A, Acumen! scoring proved to be eight to nine times more valuable than that of the old scoring model because of Acumen’s comprehensive functionality. Using Acumen!, S&A scored their entire account base since 1999, and were able to get a complete understanding of the accounts that had the best chance of recovery.

The S&A team also relied on Acumen!’s applied analytics to identify markets, clients, accounts, collectors, work, and business strategies that produced the best possible return on investment.

“One of the biggest benefits that I’ve seen with the deployment of Acumen! is its ability to provide our team with knowledge to focus on the right accounts, at the right times, using the right strategies,” said Cunningham. “We can collect the same amount using 8 collectors versus having to hire 50. It helps us work smarter by helping us gain the information we need to target those with the biggest potential for generating revenue.”

S&A recently implemented a goal of increasing its revenue recovery by 30 percent annually. Today, the firm collects an average of $2.5 million a month.

If S&A’s experience mirrors your own organization’s current situation, perhaps it’s time to take a closer look at implementing analytics. Columbia Ultimate Client Relations Executives are here to help guide you and find the right analytics solutions for your business.
.