The more you utilize the big data available, the more knowledgeable you will be about your customer’s growth patterns and financial status; and in the end that will make you a better business.
Atlanta, GA (PRWEB) February 10, 2015
C2C Resources, a national commercial debt collection agency, released a statement today following a recent report that found businesses are failing to capitalize on the potential of big data. The management at C2C Resources believes increasing the amount of data that a company monitors and collects about a client can decrease the number of past due invoices.
According to a study by Ernst & Young (EY), titled “Becoming an analytics driven organisation to create value” (January 14, 2015), of the companies surveyed, 81% agreed that data should be at the heart of decision making, but only 31% have restructured their operations to do this. While most of the companies surveyed intend to use big data for increased cyber security, notes Todd Tinker, President of C2C Resources.
“Businesses have the opportunity to monitor and gain useful information about their customers that could drive their bottom line,” said Tinker. “As I have said before, past due invoices should rarely come as a surprise to businesses. The more you utilize the big data available, the more knowledgeable you will be about your customer’s growth patterns and financial status; and in the end that will make you a better business.”
Tinker believes businesses should utilize third-party monitoring software in addition to documenting the order history, payment history and customer interactions to analyze trends. This is particularly important for customers that make up the top 10% of a business’s cash flow.
About C2C Resources:
C2C Resources is a global Commercial Debt Collection agency headquartered in Atlanta, Georgia. The company collects commercial debt on behalf of their over 25,000 clients and is considered one of the top agencies in the country. The executive team at C2C brings more than 60 years of experience helping businesses collect their accounts receivable.
C2Cs powerful combination of Profit Maximizer, InfoMax Collection System, and Legal Forwarding Edge, can help your company be more effective with your own in-house collecting and maximize recovery of accounts turned over for collection.