Debt Management Services Creates New Business Analytics Division
By David Saltiel, DMS Analytics Division
Over the past several years, Debt Management Services (DMS) has significantly increased its collection of delinquent debt through the adoption of industry best practices and innovative programs. One area of particular focus has been the development of a dedicated business analytics capability.
Business analytics is a term that can cover a broad spectrum of activities, but generally refers to the transformation of data into meaningful information to achieve improved decision-making, business outcomes, and customer service. The private sector has made use of business analytics for decades and the highest performing government agencies are increasingly turning to a similar set of tools and techniques to meet the demands of increased performance, efficiency, and transparency.
Of course, using data to understand our business and make decisions is not new to DMS. DMS has always interpreted data to guide our policies and operations, but the establishment of a dedicated capability gives us the opportunity to employ our data in ever more sophisticated ways.
Long-term goals for the new Analytics Division include the ability to: forecast delinquencies and collections, develop customized collection strategies, provide insight to other federal agencies to prevent delinquencies from occurring in the first place, and deliver clear, transparent information to all of our stakeholders.
Achieving these goals will require the development of specific skills and systems, as well as the adoption of a "data-driven" culture. All three are well underway at DMS thanks to the strong commitment from Treasury, Financial Management Service, and DMS management.
The new DMS analytics team is working closely with DMS business lines and operational groups to design analytic approaches that build on the extensive existing knowledge. Team capabilities include:
In addition, the Analytics Division is supporting a range of initiatives including the development of the data systems and tools that are the foundation of any analytics capability. As DMS expands the capabilities of its existing operational system through initiatives like the "Debt Information Repository," the Analytics Division will be able to incorporate business intelligence tools and reporting capabilities that will provide important and timely insights.