Matt Riddall, lead consultant at Arum, explains how to make an informed decision when choosing a new collections system.
Historically, the collections and recoveries systems market has been dominated by a small number of established vendors with very similar offerings in terms of functionality, technology and price.
This generally resulted in organisations, which were seeking to replace their outdated systems, selecting the incumbent vendor upgrade option rather than conducting a market assessment.
The landscape has changed markedly in the last few years. Today, there is much choice and functionality available in the market, so organisations can get a better deal and a solution that fits their requirements.
Investing in a collections platform is an important decision that an organisation will typically live with for five to 10 years. It should be made from an informed position which is why many turn to Arum for help. Organisations often engage with us early in the process, prior to engaging with any vendors, to assess the market and provide independent market intelligence on the options.
These include both the established vendors and newer entrants into the market. Collection and recoveries systems will provide differing levels of capability out of the box, and/or capability that can be configured or ‘customised’.
Solutions can also be supplemented by additional modules and other systems that are provided by the same or a partner vendor e.g. decision engine and omni-channel communications.
It is important to be aware of these distinctions at the outset as there are pros and cons of each approach:
Arum is continuously researching, reviewing and engaging with new and established vendors for consideration in both our internal and clients’ knowledge base. Internally, we host a technology webinar series which is a forum for technology providers to pitch their innovative solutions to our experts. This is one channel which helps us keep up to date with the options out there.
In addition, the Arum team has worked on more than 75 systems implementation and change projects; we have seen the good, the bad and the ugly. We are entirely independent and vendor agnostic so we ensure this knowledge is used to our clients’ best interests.
If you would like to discuss how Arum can support you on a specific project, contact us today. Visit our website – Arum.co.uk