1 Concord Servicing Getting LEAN to go HEAVY on benefits. - Concord Servicing

Getting LEAN to go HEAVY on benefits.

Concord draws on Lean and Six Sigma continuous improvement concepts that drive better performance and efficiency. Lean focuses on making many smaller, incremental changes over time to heighten quality and customer service. Six Sigma is a tried-and-true set of management techniques that substantially reduce errors and defects, in turn improving business processes and performance. One way this is being demonstrated is a concerted client communication and feedback process that dives into tremendous detail about the quality, timeliness, effectiveness and efficiency of the entire relationship.

Scaling in sync with clients’ needs, both on people and technology sides of the equation, is key to success. The words “agile” and “nimble” are more than lofty wishes. They must be the basis on which business is approached every day in a rapidly-evolving and changing world. And now, coming out of a pandemic and economic/social upheaval, those qualities are more important than ever.

So, how do you assess if a company is just saying all the right things or doing them as well? Start by looking at the basics: Reputation, References, Longevity.

Reputation encompasses collective word-of-mouth, testimonials, endorsements, social media reports, and in some cases the lack of bad press. Negativity spreads like wildfire in today’s world. Virtually no one emerges unscathed because no company is perfect. But, if relevant negative reports are few and far between, you can generally take that to the bank.

References enable prospectors to zero in on information highly relevant to the challenge at hand. In our case, sometimes that’s implementations/conversions. In other cases, our billing, payment processing, cash distribution and critical reporting/analytics systems are relevant. Other potential areas for references include loan validation and audit services; custodial services; third-party and private label contact center services; and delinquency collections and loss mitigation.

Company longevity is sometimes taken for granted. However, given the abundance of available choices and resources today, companies will thrive—or even survive—a long time only if they consistently deliver quality, can pivot/scale in agile fashion, and deliver satisfaction and success to their clients, partners, and other stakeholders. Concord has passed the three-decade mark and continues to evolve and innovate in a world far different from the “early days.”

Examine the basics, then ask the hardest questions you can. If you’ve encountered the right company, your judgment and instincts will show it clearly and convincingly.