The Latitude Software debt collection software suite has been deployed by BYL Risk Management in an effort the recover customer debts more rapidly. Latitude Software, an Interactive Intelligence (News 
– Alert) company, was selected by BYL due to the ease-of-use, reporting capabilities and customization options in its debt collection software suite.
“By segmenting and analyzing client data in our system, the Latitude software suite has enabled us to improve our debt collection effectiveness,” said BYL partner and senior vice president of operations, Raymond Stein, in a statement.
“We can now easily segment our clients’ accounts receivables and develop targeted strategies against each segment, which has resulted in a 99 percent customer retention rate.”
According to Stein, BYL specializes in accounts receivable management for healthcare, property management, retail, utilities and financial services. The debt software suite from Latitude has enabled the company to adapt to the different business models quickly, while also tailoring solutions to fit the company’s unique needs. Stein argues that no other debt collection software on the market would have allowed the company such capabilities.
The Latitude Center suite, one of the options BYL selected, is designed to streamline and manage the entire collection process. In addition, the suite will track collection agent goals and productivity, while supporting the company’s more than 50 collection agents located at the company’s headquarters office in West Chester, PA.
The company is also using Latitude Exchange to import and export account data, and the Latitude Web Access to enable customers access to reports and account-level detail, all online.
The Latitude Workflow was recently purchased by BYL. This solution is designed to automate customer and account-level collection processes, manage compliance parameters, customize account treatment strategies and exceptions handling. Stein anticipates that this solution will add even more benefit through a reduction in the company’s human resource-related costs as a result of more efficient workflow management.
In other Interactive Intelligence news, TMCnet recently reported that the company is planning to ask shareholders at its 2011 annual shareholder meeting to vote on a proposal to reorganize the company as a holding company incorporated in Indiana. If the vote is successful, ININ Group would replace Interactive Intelligence as the publicly held corporation.The company’s primary objective is to develop a platform for enhanced strategic, operational, and financing flexibility, as well as to improve its ability to determine financial results and profitability of different lines of business, and better manage tax expenses and exposure to liabilities.
Susan J. Campbell is a contributing editor for TMCnet and has also written for eastbiz.com. To read more of Susan’s articles, please visit her columnist page.
Edited by Stefania Viscusi