I for one am tired of all the negative news and predictions of our industry. Too often, I attend a show, a webinar, or a class and walk away fearful, depressed, or unmotivated. Certainly, the number of agencies is declining through consolidation and our industry is changing but I believe our industry transformation can be the catalyst for something greater.
Collections have existed for hundreds of years in some form or fashion. I can’t think of many industries that can say the same. As long as the businesses that fuel our economy operate and we serve them by recouping outstanding accounts, you and I will have good work to do. Our efforts will continue to grow and evolve with new methods and opportunities.
Through the years, industry changing technologies have been introduced into our industry including collection systems, dialers, scores, integrated payment processers and AI fueled bots to name a few. All of these advancements have improved efficiencies, stimulated growth, and eventually strengthened our industry and how we do things. Some have chosen not to follow the more efficient solutions and have struggled to keep up but those who have made calculated adjustments have seen incredible success.
As long as debt exists and our clients need someone or something to pursue what is owed, we have a need we can fulfill. Rather than allowing the current events to promote the label of a dying industry, perhaps we should embrace a label of an improving industry.
In sports, when teams lose their super stars and are searching for their next great team, they call it a period of rebuilding. Rebuilding can take some time and be expensive, but the teams that emerge are often stronger because of it.
Change is hard but amidst our industry's transformation, some agencies are thriving. The difference is an optimistic ability to change and a calculated understanding of when and what to revolutionize. Agencies who thrive have partners who help with adopting new technologies. Call us today to see how we can help you stay relevant.
By Jason Houston | The Intelitech Group™