Receivables Performance Management, LLC, also known as RPM, is a company that prides itself on being, as they state on their website, a national leader in accounts receivable management.
This company is a trusted leader in the field of Accounts Receivable Management (ARM), largely because of their dedication to keeping the promises they make to clients.
The Situation: Strong Results, But Could They Be Stronger?
RPM works hard to provide top results for their clients while adhering to every local, state, and federal regulation. Part of how they work to provide top-class results is to continuously look for new ways to increase their performance, such as by improving their overall liquidation rates and gross collections per account.
In the past, RPM would use both their own internal analytics in addition to a third-party analytics solution to improve the efficiency of their operations, with strong results. However, RPM executives were looking to increase results even further.
Introducing RankMiners Predictive Analytics
Because RPMs existing proprietary and third-party analytics were already providing strong liquidation rates, execs in the company were initially pessimistic about the potential for gain from using RankMiners predictive analytics solution. However, RPMs dedication to constant improvement won out.
RPM began to test out RankMiners Customer Insight product on their primary books of business. With this program RPM received:
- Full Call Analysis Automation: RankMiners predictive analytics offering analyzed all of RPMs calls with consumers on their primary books of business. This thoroughness of analysis ensured that RPM would have all the data it needed for improving liquidation rates and gross collections.
- Easy to Read Lists of Customers Ranked by Likelihood of a YES Response: By going beyond the simple text of a conversation between call center agents and consumers, RankMiners predictive analytics solution can get at the real meaning behind what consumers say. This allows the predictive analytics software to rank customers by likelihood of providing a positive response in the future, enabling RPM to focus on the accounts that will drive results.
RPM tested RankMiners predictive platform, and then began to compare the results of their RankMiner-identified accounts compared to the results from the accounts identified by their traditional methods.
What were the results?
An Increase to Liquidation Rates and Gross Collections
On the accounts where RankMiners predictive analytics were applied, RPM liquidation rates went from 6.19% to 8.05%, an increase of 29.88% overall. Average gross collection amounts for the RankMiner accounts went from $39.09 to $52.64, an increase of 34.65%.
Because of the improvements in liquidation rates and gross collections that RPM saw from using RankMiners predictive analytics solution, RPM was able to significantly increase their overall results from collections efforts.
Its estimated that, for every 1,000 accounts that RPM processes, they were generating $9,329 pre-RankMiner. Now, with RankMiners predictive analytics solution assessing RPM accounts, RPM is now generating $11,441 per 1,000 accounts, an increase of roughly 22%!
What would you do to increase revenue by 22%?
RankMiners predictive analytics help collections call centers find the best accounts to focus on to drive results and avoid time wasted on calls that go nowhere. Find out how you can get started with a predictive analytics platform that can drive results for your call center today!