In a white paper entitled “Top 5 Challenges of Debt Collection in the Telecom Industry”, WeDo Technologies identify some of the key ways that telcos can lower bad debt and reduce the cost of their collections process. Put simply, WeDo advocates the following methods.
- Automate the collections process to eliminate manual procedures.
- Implement credit scores that change with the customer’s behavior.
- Use technology to help staff provide a consistent experience across all channels of customer communication.
- Make it easy to engage external debt collection agencies by setting up data and systems in advance.
- Assess the extent to which bad debt is a manifestation of fraud that could have been prevented.
The paper discusses these themes at a high level, so does not offer a detailed prescription for how telcos should change. It would best be used as a prompt for an internal management conversation, with each of the five challenges being treated as a separate talking point. Then the onus would be on management to consider what specific obstacles lie in their way, and how they might best be overcome.
You can obtain “Top 5 Challenges of Debt Collection in the Telecom Industry” by registering for it here.