Credit Collection and Collection Agency Services Market Procurement Intelligence Report | Increase in Compliance Expenditure will Propel Service Providers’ OPEX | SpendEdge
LONDON--(BUSINESS WIRE)--Feb 7, 2020--
SpendEdge has been monitoring the global credit collection and collection agency services market and the market is poised to experience spend growth of more than USD 40 billion between 2019-2024 at a CAGR of over 12% during the forecast period. Request Free Sample Pages.
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Read the 121-page research report with TOC and LOE on “The Global Credit Collection and Collection Agency Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
The provision of business credits to customers by enterprises from the manufacturing and utility industries to drive their sales will cater to the spend momentum in the credit collection and collection agency services market. Meanwhile, buyers from the BFSI sector face the necessity to reduce their NPA which will further contribute to spend growth in the credit collection and collection agency services market.
Despite signs of spend growth in the market in Europe owing to the outsourcing of debt receivable to specialized debt collection agencies, the eventual maturity of the key end-user segments such as BFSI will affect the spend momentum.
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Insights into the market price trends
What are the strategies to adopt to optimize procurement spend in this market?
Rationalize supply base
Top service providers usually offer multiple services such as credit collection financial services, financial/customer risk management services, and back-office services. This provides buyers the opportunity to rationalize their supply base and to bundle multiple services within a single procurement contract. This results in a substantial reduction in buyers’ overall procurement cost and contract management complexities.
Evaluate the mathematical model and techniques used by service providers in risk/fraud identification
It is critical for buyers to evaluate the appropriateness of the mathematical model and techniques used by credit collection service providers for identifying fraud and segmenting customers based on their credit risk. It is also important for buyers to ensure that such calculations are in line with industry standards. This helps buyers to benchmark, validate, and compare the effectiveness of the risk/fraud identification model provided by suppliers with industry-accepted practices and with other competitors.
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PUB: 02/07/2020 10:00 AM/DISC: 02/07/2020 10:01 AM