LONDON–(BUSINESS WIRE)–According to the latest procurement intelligence report from Technaviothe global debt collection and collection agency services market is expected to grow at an impressive CAGR of 15% over the next five years due to an increase in businesses’ need to improve buyer satisfaction and maximize receivables collection.
The research report entitled ‘Global Credit Collection and Collection Agency Services: Procurement Information Report 2017-2021‘ provides in-depth analysis of spend by category, procurement best practices and cost reduction opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights into pricing, vendor positioning, and top companies, enabling sourcing professionals to improve their competitive edge through sourcing excellence.
“During the forecast period, creditors such as banks are expected to invest in collections focusing primarily on unsecured consumer debt due to an increase in non-performing assets,” Angad Singh said. , Purchasing Specialist at Technavio. expense information by category. “Buyers outsource debt collection service activities to third-party service providers as it reduces their operational costs,” Angad adds.
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Cost Saving Opportunities in Credit Collection Services and Collection Agencies Market
Adopting various cost optimization levers helps purchasers of credit collection services and collection agencies achieve direct cost savings and improved category management and value benefits (including reducing the complexity of purchases).
Technavio procurement experts have segmented cost reduction opportunities in the credit collection services and collection agencies market into the following valuation opportunities:
Adoption of trading strategies
Optimization of purchasing practices
Adoption of technology saving aspects
Adoption of technologies such as strategic predictive analytics, automated payment and remittance, and online tracking of databases for real-time statistics related to amounts owed and amount paid by debtors can help achieve savings of up to 7%.
Buyers outsource collection accounts to vendors who have the technological expertise to assess customer records to verify financial stability and ability to repay debt. They prefer providers who use skip tracing to track companies or individuals whose contact details are no longer valid.
Adoption of saving negotiation strategies
Debt collection service providers and collection agencies can offer valuable additions such as free consultation services regarding customer information when negotiating with potential buyers. The ability of providers to track customers who have changed their details on social media and in credit card transactions is an indicator of their level of experience and expertise.
Grouping of service economy aspects
One of the most opportunistic strategic cost-saving levers in the global credit collection and collection agency services market is the bundling of debt collection-related services such as debt analysis and debt management. customer relationship, which help maximize the amount of debt collection and allow creditors to develop repayment plans. in collaboration with defaulters.
If collection agencies fail to resolve issues, buyers expect them to transfer collection accounts to competent attorneys who work on time. Therefore, they are supposed to have a network of such lawyers for this purpose.
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Technavio analysts use primary and secondary research techniques to determine the size and landscape of vendors in a range of markets. Analysts obtain insights using a combination of bottom-up and top-down approaches, in addition to using in-house market modeling tools and proprietary databases. They corroborate this data with data obtained from various market players and stakeholders along the value chain, including suppliers, service providers, distributors, resellers, and end users.
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