5. Configuration, Not Customization
Another way to ensure that you remain future proof is to have a collection system that is flexible and configurable enough so you can implement your business rules with no modification to the base system. You will want to ensure that new data elements can be added through configuration and that those data elements are available within the system for workflow, display, and reporting. You will also want to confirm that the system is flexible enough to add new user interface windows through configuration.
If the new collection system doesn’t require modification, then you can be assured that it has the flexibility to configure new data and a highly diverse set of collection strategies. Over time, change will occur (that is a given), and you want to be able to add new debt types and new customers and support new external compliance rules through configuration. You want to be sure that you can receive, utilize and display new data and change your business rules without having to go back to the vendor or to modify the application. This allows you to lower your total cost of ownership and maintain control of your future.