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Selecting and Implementing Advanced Risk & Collections Systems

The process of selecting and implementing a new system constitutes a major investment in time and resources with several items to consider and steps to take. Typically, a formal capabilities gap-assessment conducted by subject matter experts and key stakeholders will drive this decision. Within the suite of offerings we provide as part of our risk management and collections consulting services, we’ve created a checklist with a high-level review of the questions to ask when evaluating these types of investment. Institutions using this list will be able to determine if they should evaluate the investment in a new or enhanced system.

Considerations to make before investing

We suggest you walk through each of these four considerations when making your decision:

  1. Opportunity sizing
  2. Constraints
  3. Cost / benefit
  4. Implementation Approach

What can go wrong?

Systems implementation initiatives can be perceived as challenging and costly endeavors—a reputation backed up by real-world examples involving multi-year efforts with budget and cost overruns in the millions of dollars. When a new system implementation fails, usually it can be attributed to either deficiency in planning, selection, integration and implementation or follow-through. However, effective management can achieve on-time and on-budget delivery. Depending on the size, cost, and complexity of the initiative, consider forming a dedicated team of internal and/or external resources with the right balance of direct business and transformation experience to ensure success.

Download our white paper to see exactly what pitfalls to avoid and what steps to take to ensure a successful system implementation.

Category: Technology