Collection agencies are companies that collect debt on behalf of creditors for a fee or percentage of the total amount owed. Debt collection services are essential for businesses to recover money they lend to customers. The industry is growing significantly across the globe due to growth in retail debt and delinquency rates. Also, a lenient approach toward lending adopted by financial institutions and banks has resulted in growth in the number of mortgage debts, higher credit balances, and low savings rates.
The Procurement Pain Point
The global banking industry is facing challenges with the introduction of technological innovations and entry of new market players. Rising costs of compliance with tightening controls from various regulatory bodies have forced industry leaders to re-think their procurement management strategies. A leading bank approached SpendEdge to carry out an in-depth procurement market intelligence study on the global credit collection market. The client sought a detailed analysis of the supply market, price negotiation strategies, cost-saving opportunities, and procurement best practices. Furthermore, the client also wanted a better understanding of the service level agreement terms, supplier engagement models, and risk mitigation strategies.
Procurement Insights Offered and the Outcome
To address the specific requirements of the client, we deployed a team of analysts who specialize in assessing the supply market landscape for various industries. Our industry experts followed a blended research methodology consisting of in-depth qualitative and quantitative research followed by data analysis and insights development. Our analysts referred to a vast database of secondary resources to get a detailed perspective of the latest market trends, major suppliers in the target region, cost structure, pricing models, and major regulatory framework. Furthermore, to gain deep insights of the supply market, our analysts engaged in detailed discussions with the category experts, procurement managers, and category heads of suppliers.
This study provided the client with a better understanding of the supply market especially suppliers’ operational and functional capabilities, indicative pricing, and suppliers’ selection and evaluation criteria. Furthermore, this study also helped the client gain deep insights on cost-saving opportunities, price negotiation strategies, best-valued cost categories, market drivers, and category risk.
This case study offers comprehensive information on how our supply landscape assessment helped a global client understand the market space for credit collection services.
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