The value of good data is growing. This is confirmed
by the rising valuations of the data suppliers on the stock markets. Like the
most successful businesses they have been maximising efficiencies, reducing
waste and nurturing their USP’s, which in the case of data providers is the
quality and quantity of data they have to provide.
The Office of Fair Trading is now putting a “strong
emphasis on the data passed between lenders, collection agencies and debt
purchasers” and they want to facilitate greater data sharing in the future.
However, data houses and credit reference agencies will avoid sharing their
data where possible as it is their unique selling point. You would not expect
Apple to give any of its patents up to Nokia because they wanted to improve the
customer experience.
In this current volatile environment it is important
more than ever to have the correct processes in place in order to deal with the
data in the correct manner. Now more than ever the data that is needed to make
the correct judgements and decisions with regards to the next step in the
collections and recoveries process is available from somewhere, however the
issue now lies with being able to interpret and use the information and data
available to best effect. There is no point being able to bulk process cases if
you haven’t got the ability to analyse and evaluate the returning data in an
efficient and compliant manner. How do you manage your data? Do you feel there
are still greater efficiencies that could be gained?
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