RPM is a national leader in accounts receivable management, servicing Bank Card, Auto Finance, Telecommunications, Media and Utilities, Healthcare, Commercial Finance, and Small Businesses.
According to Chris Vittoz, RPM’s Chief Financial Officer, “RankMiner’s Predictive Analytics definitely works! RPM is excited to partner with RankMiner to increase its profits and better serve its customers.”
RPM management continuously seeks new ways to improve their company’s performance by increasing their overall liquidation rates and increasing the overall gross collections per account.
Since RPM executives regularly apply internal analytics as well as 3rd party analytics to their operations, they were skeptical that RankMiner’s Predictive Analytics could make much of a difference.
They agreed to apply RankMiner’s Predictive Analytics to their primary books of business to compare the liquidation rates and gross collections from those accounts identified by RankMiner as most likely to be successful.
In the accounts where RankMiner’s Predictive Model was utilized, RPM experienced an improvement of 29.88% in their liquidation rates.
They also realized improvements of 34.65% in their gross collections.
- Types of businesses within RPM analyzed using RankMiner: 5
- Greatest increase for single book of business using RankMiner: 63%
- Average RankMiner Liquidation rate: 8.05%
- Average Non-RankMiner Liquidation rate: 6.19%
- RankMiner’s overall improvement in Liquidation rates: 29.88%
- Average RankMiner Gross Collection Amount: $52.64
- Average Non-RankMiner Gross Collection Amount: $39.09
- RankMiner’s overall improvement in Gross Collections: 34.65%
RANK MINER PREDICTIVE ANALYTICS
Using their averages, RPM generated $11,441 for every 1,000 RankMiner identified accounts against only $9,329 for every 1,000 non-RankMiner accounts