How a Debt Collection Agency automated 70% of its reporting in 4 months [case study]

In a highly competitive market, where innovation is a must for growth, in just 4 months the Debt Collection Agency EAD automated over 70% of its reporting.

In the process, the company monitors multiple key metrics, and the preparation of reports daily requires a lot of effort and tight deadlines. The volume of data is growing significantly and the company realized that it would be increasingly difficult to keep up with this trend, so it contacted us in search of the most appropriate solution.

By using advanced technology, the company significantly reduced the time to make informed management decisions, increased efficiency, and improved competitiveness.

About Debt Collection Agency

Debt Collection Agency EAD is a company specializing in the purchase and management of debt portfolios in Bulgaria. The organisation employs over 220 staff and the debt portfolios it manages amount to more than BGN 1.4 billion.

Daily challenges

The profitability of the company depends entirely on timely and correct investments in the portfolios of liabilities, as well as their timely collection. Debt Collection Agency EAD analyses more than 140 key indicators daily, based on which it prepares forecasts for the return on managed receivables.

These forecasts form the basis of every investment decision, and the accuracy of the data and tracking it at the right time are key to purchasing portfolios of receivables.

Manually producing these forecasts and reports is time-consuming and the timelines are tight. Delayed or inaccurate reports are a prerequisite for missing high-return investment opportunities.

The solution – implementing a Business Intelligence system

To improve the company’s processes and increase competitiveness, Debt Collection Agency EAD explored innovative technologies and decided to implement a BI system to automate all reporting in the company.

At a conference organized by Balkan Services in 2016, Mihail Georgiev, Head of Risk and Reporting, learned about the benefits of Business Intelligence solutions. During the event, he had the opportunity to visually see how the Qlik Sense BI system works and realized that this tool would save a lot of time and effort for the entire company.

The Debt Collection Agency researched the BI platforms on the market, with the main factors for choosing a system being functionality, flexibility, speed of implementation, cost, hardware requirements, and “self-service” capabilities.

“We went with Balkan Services because they are professional and offered flexible solutions – for everything they had two or three options to choose from,” says Mihail Georgiev.

The demo application prepared by our team with customer data to create a sample report fully validates the decision to choose the Qlik Sense BI platform.

The joint work of Balkan Services and Debt Collection Agency EAD started with the preparation of a detailed business analysis, which defined the requirements for the business intelligence solution.

Results of the BI project

By implementing a Business Intelligence system, the company now gets the right information at the right time, monitors the performance of targets daily, and can make the right decisions at the right time.

The BI system allows comparing data from different periods and graphically displaying them in a variety of ways, with just a few clicks. Manual reporting is eliminated, saving effort and increasing operational efficiency.

All business status reports and more detailed reports are ready on time and customized according to the objectives they fulfill.

The system continues to evolve according to the company’s specific needs, and the next phases of development are underway.

“All the innovations, technological solutions we are implementing, in one way or another help us to progress and take the lead over others,” says Georgiev.

No business nowadays can grow and be competitive without the use of IT systems. Choosing the right software solution and implementing it is a complex, difficult but critically important decision. Moreover, technology is evolving much faster than we can imagine.

At Balkan Services, we have expert knowledge of business and technology, we speak both languages. We’ll listen carefully and advise you on choosing the right business system for your needs.

Balkan Services has been implementing software solutions for businesses since 2006 and has completed more than 690 projects, of which more than 420 are in the field of BI systems. We follow a proven implementation methodology with clear steps and best practice know-how.