State and local governments responsible for growth may be missing out on an immediate and sizeable revenue opportunity if their data and processes for collections are not up to par.
The Experian Public Sector team recently partnered with Governing Magazine to conduct a nationwide survey with state and local government professionals to better understand how their debt collections efforts are helping to address current revenue gaps.
Interestingly enough, 81% stated that the economic climate has negatively impacted their collections efforts, either through reduced staff or reduced budgets, while 30% of respondents are actively looking for new technologies to aid in their debt collections processes.
New technologies are always a worthwhile investment. Operational efficiencies will ultimately ensue, but those government organizations who are coupling this investment with improved data and analytics are even better positioned to optimize collections processes and benefit from growth in revenue streams.
No longer does the public sector need to lag behind the private sector in debt recovery. With the total outstanding debt among the 50 states reaching an astounding size of approximately $631 billion dollars, why delay? Check out Experian's guide to improving debt collections efforts in the public sector.
What is your agency doing to capitalize on revenue from overdue obligations?