Using data analytics as a way to maximize efficiency and optimize performance is no longer a luxury to most companies, it’s absolutely required to survive and thrive. According to Bain & Company, businesses that employ data analytics are “five times more likely to make decisions much faster, three times more likely to be highly effective at executing decisions, and twice as likely to be top quartile performers.” MRS uses data analytics like many other companies, but what is different about MRS is the way the company employs data analytics successfully to create an environment of client and customer satisfaction.
By examining data patterns, MRS extracts meaningful facts and figures that inform changes to the business model. Data Scientist Gil Abanil says, “MRS contextualizes data and draws new insights from it in order to continuously improve understanding of day to day operations.”
MRS uses analytics to determine the best time to reach a customer that benefits the client as well. Being able to predict trends and behaviors allows the company to have better outcomes and greater services. Pouring over the data can lead to identifying new business opportunities that could have otherwise been overlooked. Abanil says, “The potential for improving customer experience, refining marketing strategies, and turning data into growth becomes endless and more intelligence based.”
Adopting analytical strategies has also allowed MRS to anticipate how to contact a customer, which customers to contact first, and the number of attempts that should be made before ceasing. These changes are major departures from other industry prebuilt techniques that launch random calls and make guesstimations that ultimately minimize customer satisfaction.
The use of data analytics allows MRS to solve problems rapidly, develop deft improvements, and maintain quality customer experience. In a service based industry, MRS understands the importance of not only meeting, but exceeding the needs of customer and client, alike. Abanil says, “The difference between a good contact center and a great one typically lies in a company’s ability to efficiently monitor and respond to key activities within its operations, predict future demand, and provide service elements to achieve the best outcomes.” MRS implements these small improvements regularly, exhibiting collection success.
Analytics will play a large role at MRS as the CFPB’s proposed rules around digital communications and call caps are implemented. Reaching the customer not just at the right time, but with the right medium, will become mission critical and virtually impossible without analytics in place.
The harnessing of data analytics allows MRS to excel in an ever changing technological landscape. Collection is no easy task, but by leveraging data analytics, MRS makes tactical innovations that benefit both clients and customers.