Impact of Information Management on the Organization

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Impact of Information Management on the Organization Utilizing Information Management for Compliance Compliance is a word that is disappearing, not because businesses aren’t being compliant but because it’s seen over and over. Media assumes collection efforts are rarely compliant. When a term is this popular, it’s easy to look right over it. The real issue is, it’ important to your company to be compliant. If you have a collection department collecting your own accounts you must be compliant and cost efficient while doing it. Today’s technology offers countless collection software programs to keep you compliant as well as educate and train your staff. The impact of these technologies has helped businesses like mine feel more comfortable…show more content…
This also removes human error. Sometimes a collector can call someone by mistake that has given us written consent to not call. The auto dialer software relies on a file upload that is pre-filtered to avoid these potential problems, some resulting in lawsuits. Lastly, these dialer programs are always updating based on law changes which is another perk to using the technology available. At the end of the day, law suits are expensive, and in order to be cost efficient you’ll have to avoid these blunders. A well-organized software program can lower your chances on making a pricey mistake. Use Technologies Available to Your Company Most financial software has a specific module or piece dedicated to the collection process. This is for one simple reason and that is to keep record of your collection efforts and of course, record of the debt, payments, account details, etc. Not only is it required by the CFPB (Consumer Financial Protection Bureau) but it’s important to have these records to make sure compliance was attended to. There are many programs that offer compliant software, however, you truly are getting what you pay for. For example, there are several programs out there that offer loan origination plus collections and teller modules. We use a program called MegaTerm which is fully customizable to fit the needs of our company as well as the guidelines of the law. We’ve used several programs during my time and this is by far the best for
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