“The generic label ‘predictive dialer’ is very misleading, especially within the ARM industry,” says Ray Fowler, IAT Sales & Marketing Director. “Collection managers are frequently frustrated by their predictive dialing choice, because its capabilities are limited.” According to IAT, definitions of “predictive dialer” vary across the collection industry. In today’s blog, we summarize the differences for our members and clients who might be first-timers in the market for a predictive dialer, or who might want to upgrade the technology they have. If you want more information on the features you should be looking for or should have in a predictive dialer, check out IAT’s recently published white paper “What is True Predictive Dialing?”
“You shouldn’t need to babysit your predictive dialer all day,” said Randy Cooper, IAT President/CEO. “Oftentimes generic dialers require constant monitoring and input, forcing the manager to do little else. A true predictive dialer is anchored in very hands-off technology, so the manager can focus on helping agents.” For example, a manager shouldn’t have to guess how many dialing lines to assign per agent or the current hit rate, among other things.
Maintaining a balance between maximizing agent talk time and minimizing costly debtor hold time or hang-ups should be the ultimate goal of any predictive dialer. This takes collection-specific technology, not a dialer developed for telemarketing, fundraising or some other industry. If a telemarketer misses a call, they just move on to the next prospect. If a collector misses a call, it could result in an uncollected debt.
The technology you are looking for combines data calculations into formulas and algorithms that it then uses to determine outbound dialing rates and required phone and people resources. Call pacing automatically slows down or speeds up, based on list performance, agent behavior and inbound transfers. It helps keep agent “ready” times to a minimum by providing a steady stream of live contacts and by adjusting for inbound calls as they occur.
When your dialer saves significant amounts of management time and keeps agent productivity steady, it will increase the amount of money that can be collected and, therefore, improve the return on investment for your dialer. In order to find such a dialer, you should look for these features and understand what each one can do for your collections operation:
- Dynamic Resource Allocation
- Individual Pacing
- Inbound Blending
- Skills-based Routing
To download a complimentary copy of the IAT white paper, “What is True Predictive Dialing?” and learn more about each of these features, visit this link.
Founded in 1986, IAT SmartDial provides compliance capable cloud-based, site-premised and hybrid dialing solutions for ARM industry organizations of all sizes and varieties. For more information, contact, Ray Fowler, Director, Sales & Marketing, (800) 574-8801, ex 203 or firstname.lastname@example.org.
By Marti Lythgoe, NL Editor