In the Utilities industry, missing payments by customers are increasingly frequent and recovery activities are therefore intensifying to reduce the amount of loss to the company. Having a strategic approach for contacting customers and identifying the best channel – such as, email letter, text or phone call—is essential for maximizing debt recovery and minimizing recovery related costs. Predictive models are critical tools to forecast the probability of debt recovery for each customer. They also benefit the organization by prioritizing the customers, operators, communication channels and next best actions to pursue, such as offering a recovery plan or discount.
The Credit Collection application is designed to improve the profitability of companies and reduce their financial risk. Its insights help to maximize the value of the recovery and give an overview of the claim status and the likelihood for recovery. This advanced analytics application supports the business user in selecting the best contact method, identifying the claims that are best suited for follow-up action through a third party.