The Most Effective Way You Can Protect Yourself From Data Loss

When you suffer a data loss, big or small, you know how frustrating it can be especially the loss includes important information. To avoid any kind of data loss, you need to understand why and how they happen. If you’ve been a victim of data loss, you should have an idea of how of how much is at stake especially when the files you lose are crucial to you.

Imagine a single file missing from your computer and think of the negative effect it has on your whole day. Now, multiply it tenfold and imagine how bad it can be. This is what data loss victims are experiencing when they lose most of their data.

The fact is, you can never predict when you’re going to experience data loss. The only thing you can do is to safeguard yourself from any potential problem by doing backups consistently and regularly. If you are a business owner and your entire business relies on your data, you should already have backup solutions for your entire process to protect you from any sorts of data loss. If you don’t have any back up or data recovery plan, you are going to have a bad day once you experience your first data corruption. There are times where retrieving your data is almost impossible and this can severely hinder your business for a few days to a month. Of course, this depends on the extent of the data loss.

If you’re thinking that data loss rarely happens, you are not thinking logically. No matter how small the chance of data loss, you should never ignore it. When a potential data loss has the capability to destroy your business almost overnight, ignoring it is a bad move, financially speaking. It’s just safer to have a data backup than no backup at all.

If you don’t have any data backup, you’re still lucky since there is another step that can help you get your lost data. You can hire a Data recovery company to retrieve your data. Sure, it is more expensive than just using your backup data but it gets the job done. However, if the data corruption is severe, some data might not be recoverable. And due to the nature of some data, it can be a critical part of your process – and that can leave your business in peril. As I’ve said before, the best move you can do is do a data backup long as soon as you get your business up and running. You can refresh your backup every couple of weeks or every time you add a big data to your drive.

In conclusion, data backup is the ideal choice for many business owners. However, if you don’t have data backup, you can still recover your data by using a data recovery service. It requires a bit of a hassle to recover your files but if the data is essential to running your company, the expense is surely worth it.

Top Tech Trends Impacting Debt Collection

Source: TSI, http://tsico.com

If your debt collection firm isn’t using analytics to predict consumer behavior you’re at risk of falling behind.

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It’s no longer surprising that digital technology has disrupted every industry, including debt collection. From new data-driven software to internet security and workflow automation, tomorrow’s debt collection firms will look nothing like the local Mom and Pop agencies still mired in workflows straight out of the 1990s.

This post looks at how tech is impacting the debt collection industry. Browser-based platforms and multichannel collections processes are enabling professional firms to contact debtors where they live — online.

Digital Debt Collection

Business Wire published a press release from Technavio recently citing their published report on some of the latest software trends impacting debt collection. The report suggests the following trends as drivers of new tech in debt collection:

• Increasing pressure for CFOs in every sector to improve their bottom line – including accounts receivable.
• A desire by most companies to reduce the amount they spend on debt collection, which is the impetus both for outsourcing the process and for debt recovery agencies to adopt new technology to cut costs.
• Consumer trends that show us fairly addicted to cell phone technology and the internet.
• Increasing regulatory requirements at the local, state and federal levels have created a need for software that automates the compliance process, which protects both the debt collection firm and their client.
• The worldwide proliferation of malware threatening client data in transit and at rest.
• The necessity of improving customer relationships even during debt collection.

These trends have spawned a variety of digital disruptors in the form of technology that has impacted what has been a fairly traditional industry. They include:

• The rise of browser-based platforms focused on omni-channel collection efforts that include debt collection by traditional means (letters and phone calls), and now, if opted in, email, as well as easy-to-use online portals for debt repayment. This allows a consistency of communication to consumers, a greater opportunity for automation, as well as customer personalization that allows debt collection agencies to reach consumers in their preferred channel and with preferred payment options.
• The introduction of sophisticated data analytics tools that allow debt collection firms to closely analyze consumer behavior and the market trends driving that behavior. These analytics can help debt collection firms cull out consumers that will be more likely to pay all or a portion of their debt.
• More stringent data security protocols and procedures to help keep consumer data safe from nefarious attacks.

Debt collection agencies must continue to embrace technology to stay competitive while leveraging data analytics to improve their efficiencies, stay compliant with applicable law, and protect critical client data.

To find out more about how TSI’s technology can impact your accounts receivable, contact me directly at david.wiener@cashflowstrategies.us or call me at 888-780-1333.