Posted by Dan Gettens, Chief Analytics Officer, OnProcess Technology
Are you confident your company is achieving the best possible asset recovery results? Do you know whether your return rate could go a few points higher? Or how feasible it would be to slash five, 10 or even 20 percent off your days of inventory?
If not, don’t worry. You’re not alone. Most businesses don’t know what is truly achievable for companies of their type. As a result, most asset recovery goals are guesstimates. And many times, they’re not aggressive enough, which means companies are leaving a lot of money on the table and dissatisfied customers in their wake.
That’s why I’m excited to share OnProcess’ new asset recovery benchmarks for technology and medical device OEMs and wireless and broadband service providers. With these market-specific benchmarks in hand, you can create and implement action plans that help you achieve these best-possible recovery rates, velocity and days of inventory – and deliver the largest cost savings, efficiencies and customer experience improvements.
OnProcess Asset Recovery Benchmarks
OnProcess’ industry benchmarks are based on two quarters of our clients’ historical data, aged 90 days, for a total of 6,755,678 transactions. Following are the overall benchmark ranges, inclusive of the four industries (i.e., technology OEM, medical device OEM, wireless provider, broadband provider):
- Recovery Rate Day 90: 83.1% – 93.3%*
- Return Velocity / Days: 13.8 – 22.3**
- Days of Inventory: 22.2 – 40.9**
* higher is better
** lower is better
Best Practices for Achieving the Benchmarks
These benchmarks were attained by companies just like yours who embedded them into their organizations. Although best practices vary by industry, world-class operations all benefit from Voice of Customer and business rule-based scripting:
- Voice of Customer initiatives capture, analyze and generate actions based on agents’ verbatim notes from interactions with customers. They provide newfound visibility into customer viewpoints and often uncover issues that clients didn’t know exist—both of which are critical for continual process improvement. In fact, many times customers suggest new, and very viable, remedies to address root causes.
- Clear business rules for messages are also essential. They spell out the exact information agents should convey to each customer in brief, focused voice messages.
- Propensity to Return (PTR) is a type of predictive analytics that OnProcess clients are beginning to use to a greater extent. Our PTR model analyzes historical data to create a scoring model that indicates who is more likely to return assets. We then create strategies to segment customers based on how they should be approached and where to focus proactive outreach, and develop tailored messages that meet the distinct needs of each group: those with high propensity to return, disengaged customers and those who are underserved. This enables clients to achieve faster returns with less effort.
To see OnProcess’ benchmarks per industry and the full listing of best practices, check out our whitepaper How to Optimize Asset Recovery: New Industry Benchmarks and Best Practices.
For a more interactive session, attend our complimentary webinar “How to Optimize Asset Recovery” on January 18, 2017 at 11:00am ET. Click here to register.