Enablement is a buzzword in the discussion of sales management and employee excellence, but we think that debt recovery teams should adopt enablement as well.
Sales enablement can and should be a part of the corporate culture - Scott Albro
In sales, enablement generally refers to the empowerment of salespersons to sell better and faster. Empowerment may come in the form of best practices and updated technology, but at the crux of it is a perspective shift from result-orientation to customer-centricity. Hence, the most effective resources provide a deep understanding of a customer's profile and desires.
While debt recovery processes differ from sales procedures, collection agents, like salespeople, can benefit from enablement too. If we want our agents to recover debt better and faster, they too need to have the best relevant data at their fingertips and an appropriate mindset. To do that, it is necessary to have people that focus on enabling agents in a collection team.
Traditionally, a collection agent handles a debt or a debtor throughout an entire recovery process. A typical collection agent thus spends a lot of time making decisions every day. What is the best way to engage this debtor? Which debts should we prioritise in pursuant? Enablement in collections entrusts decision-making to a small group of people. This allows other agents to focus on excelling in engagement and other functions. Collection agents can then save time on decision-making to focus on better performance.
Employee enablement is the key to engage, motivate and retain workers. - Mark Royal
Employee enablement is taunted as the key to transform a workforce. It is defined as giving employees the ability to perform high-level job functions. A collection agent's day to day job may sometimes be repetitive, singular and slow. Yet, the presence of an enablement team in the department can change this. Implementing enablement may require more collaboration between employees, yet it is more effective.
While enablement agents focus on analysing debt recoverability and the optimal way to approach debtors, collection agents can concentrate on higher-level job functions such as addressing hardship. This gives collection agents the opportunity and space to grow. This also boosts performance productivity and lowers turnover rates.
At InDebted, our enablement team focuses on improving debt collection processes and maximizing our software’s potential. They are essential not only to the productivity of our debt recovery approaches but also to the further development of our product. We are thus certain that enablement is a crucial element of modern collections that you’ve been missing, that every collections department should recognise and embrace.