ASHLAND, Mass.--(EON: Enhanced Online News)--OnProcess Technology, a global pioneer in service supply chain management and optimization, today unveiled new asset recovery benchmarks for technology and medical device OEMs and wireless and broadband service providers. The company’s benchmarks for recovery rate, return velocity and days of inventory are based on more than 6.5 million transactions conducted on behalf of global leaders. OnProcess also detailed more than a dozen best practices for achieving these world-class results, including Voice of Customer, business rule-based scripting and Propensity to Return analytics.
“Most businesses’ asset recovery goals are based on guesstimates, because they don’t know what’s truly achievable for their type of company. As a result, many goals aren’t aggressive enough, which means companies are leaving a lot of money on the table and dissatisfied customers in their wake”
“Most businesses’ asset recovery goals are based on guesstimates, because they don’t know what’s truly achievable for their type of company. As a result, many goals aren’t aggressive enough, which means companies are leaving a lot of money on the table and dissatisfied customers in their wake,” said Dan Gettens, Chief Analytics Officer, OnProcess Technology. “When it comes to optimizing asset recovery, we believe industry benchmarks are essential. They enable you to develop sound, realistic goals instead of best-guess targets. With these benchmarks in hand, companies can then create and implement action plans that result in the best possible recovery rates, velocity and days of inventory – and deliver the largest cost savings, efficiencies and customer experience improvements.”
OnProcess Asset Recovery Benchmarks
OnProcess’ industry benchmarks are based on two quarters of its clients’ historical data, aged 90 days, for a total of 6,755,678 transactions. Following are the overall benchmark ranges, inclusive of the four industries (i.e., technology OEM, medical device OEM, wireless provider, broadband provider):
- Recovery Rate Day 90: 83.1% – 93.3%*
- Return Velocity / Days: 13.8 – 22.3**
- Days of Inventory: 22.2 – 40.9**
* higher is better
** lower is better
Best Practices for Achieving the Benchmarks
OnProcess implements a variety of best practices, honed over decades of asset recovery engagements, to help clients reach these benchmarks. Although best practices vary by industry, world-class operations all benefit from Voice of Customer and business rule-based scripting:
- Voice of Customer initiatives capture, analyze and generate actions based on agents’ verbatim notes from interactions with customers. They provide newfound visibility into customer viewpoints and often uncover issues that clients didn’t know exist—both of which are critical for continual process improvement. In fact, many times customers suggest new, and very viable, remedies to address root causes.
- Clear business rules for messages are also essential. They spell out the exact information agents should convey to each customer in brief, focused voice messages.
- Propensity to Return (PTR) is a type of predictive analytics that OnProcess clients are beginning to use to a greater extent. OnProcess’ PTR model analyzes historical data to create a scoring model that indicates who is more likely to return assets. The company then creates strategies to segment customers based on how they should be approached and where to focus proactive outreach, and develops tailored messages that meet the distinct needs of each group: those with high propensity to return, disengaged customers and those who are underserved. This enables clients to achieve faster returns with less effort.
To see OnProcess’ benchmarks per industry and read the full listing of best practices, download the whitepaper How to Optimize Asset Recovery: New Industry Benchmarks and Best Practices.
For more insights on how to apply OnProcess’ asset recovery benchmarks to your organization, attend the complimentary webinar “How to Optimize Asset Recovery” on January 18, 2017 at 11:00am ET. Register today.
About OnProcess Technology
OnProcess Technology is a managed services provider specializing in complex, global service supply chain operations – the flow of people, parts and services following the sale of a product. The company’s deep expertise, purpose-built technology delivery and embedded, analytics-based process improvement, enable clients to quickly optimize and scale operations, grow revenue and profitability, and deliver superior customer experiences. OnProcess provides services in 23 languages and operates in six global facilities, including its Massachusetts headquarters and facilities in Maine, Costa Rica, India and Bulgaria. www.onprocess.com