What is Single Customer View?
A single customer view refers to the process of bringing together all the associated data that you have about one customer, and consolidating into a single record. When it is used to refer to debt recovery or debt collection it can also be called a ‘Single View of Debt’, a ‘360 Degree View’, or a ‘Unified View’. For government agencies, local councils or businesses who face the logistical challenges of complex data sets, multiple databases, and large amounts of outstanding debt, the process of consolidating and organising a customer’s whole debt portfolio can be incredibly useful.
A 360 Degree View of Debt
The concept of a single customer view is predicated on the belief in the power of organisations to unlock the value in the data they possess. Crafting a successful single customer view strategy is important. Data must be collected accurately from each separate location, it should be cleaned, ordered and consolidated. Then that data should be put to work — and it should provide intelligent insights for local councils, government agencies, and all organisations which seek important customer insights.
Lateral’s debt collection software provides its users with a single customer view, and is capable of extracting data from large systems (e.g. housing benefits, sundry debts, parking debts), providing its users with the accurate and detailed information they require to deliver the most effective service they can.
Balancing the Budget and Making Informed Decisions
Local councils and government agencies face enormous challenges when it comes to balancing their budgets when resources are limited. And a single customer view can empower these organisations to more accurately predict incoming collections revenue. With a single customer view of debt, software users can make more informed decisions on all their recovery approaches. Users can maximise their recovery strategies at the click of a button, as well as improving collaborative working practices, and enhancing data security.
The Power of Intelligent Data
When it comes to the collections process, the most powerful tool in your arsenal is intelligent data. And this is another great benefit of adopting a single customer view of debt. The adoption of a single view of debt makes it easier to communicate with debtors, and also prevent fraud and error. A single customer view also enables the ease of self-service in the pursuit of debt. And the data understands the complex needs of citizens; predicting the best way to communicate with them, which leads to vastly improved recovery rates. Furthermore, it helps local authorities and government agencies operate with consistency and fairness in their pursuit of debt recovery. This is an aspect of the collections process that has very much come to the fore during the challenges of the COVID-19 pandemic.
Lateral are experts in managing large amounts of customer data and customer debt. Our broad portfolio of software tools and products can provide your organisation with a highly organised, efficient, easy-to-manage and intuitive single customer view. Get in touch today to learn more about how we can assist you.