Debt Collection Agency achieving up to 80% savings with combined Collection and Litigation software
South Manchester based UK and International debt collection agency Premium Collections has adopted CogendaWorks, the software management system which combines the collection and litigation function into a single process.
The decision to make the change was influenced by a desire for process improvements in an industry evolving to keep abreast of new legislation and affected by the economic and fiscal environment. A recent move to bigger premises and an increase in staff numbers were all contributing factors for a review of the company’s systems. Just weeks post-installation, Managing Director Paul Daine is pleased with results, in time/cost savings and increased efficiencies.
Premium Collections business is built around virtually every type of commercial debt and half the company’s clients are based outside the UK. Paul Daine’s experience with EOS in Germany has helped him create an international portfolio with a retained network of solicitors and agencies around the world. The majority of business is in Germany, France, Spain and Italy but the company also works in the USA, Canada, even the Caribbean, Middle East India and Pakistan.
CogendaWorks has out-of-the-box functionality but there was still some work to be done harmonising with the businesses’ existing Legacy system. Some “bespoke fine-tuning” was necessary to get the system up and running but Cogenda was able to deliver what was required in terms of technical support.
The key benefit is on time-saving. “We’re getting up to 80% savings on the manual work of the old system”, says Paul Daine, “previously we were keying pretty much everything by hand; producing letters and documents one at a time in Word or Excel, producing reports for clients in Excel – all of that need has gone now.
We can import new Accounts and new Clients from an Excel spread sheet, once they are in we don’t have to manually produce any letters at all and reporting is, literally, touch of a button. CogendaWorks is living up to its promise for us and in turn I’m able to deliver a more cost-effective service to my clients”.
Premium Collections does not run “scripts” either with the client or the debtor. After nearly 30 years in the industry Paul Daine believes that flexibility in approach is important, and establishing rapport with the debtor, wherever possible, will help to get the results required. “The permutations and options offered by CogendaWorks provide the flexibility which suits our style of operation”.
Results have been achieved with a four-user system and there is now evidence on which to base increased uptake. Processes have speeded up and the “process is more profitable” according to Paul Daine, with the collection and litigation functions combined.
“The CogendaWorks system allows clients to log-in and view their own account in real-time which is something the bigger firms are very keen on. In the tender process I think that will be a significant factor and that’s a big plus point for the system. I can only see the market becoming more competitive so process improvements are going to remain at the heart of our operation”.
Paul Husband, Managing Director of Cogenda, is confident that CogendaWorks will save both time and money for many SMEs. “In the present economic conditions there is a stronger drive than ever to reduce unit costs and yet increase recovery rates”, he says “and this is where we feel that “CogendaWorks” has a really important contribution to make”.
Read more at www.cogendaworks.com