When it comes to the Telephone Consumer Protection Act, companies tend to focus their strategies on compliance - often to the detriment of business. Of course, knowing if you're dialing the right consumer, and that the phone number hasn’t been reassigned, is required for TCPA compliance. But it's also crucial for increasing your operational efficiency and right-party contact rates.
That’s where authoritative phone data intelligence can help.
To learn how companies are balancing their drive for operational efficiencies and revenue with their mitigation of TCPA risk, Neustar partnered with SourceMedia in canvassing responses from more than 200 collections and credit risk subscribers across different industries.
The findings are discussed in the report, Where Efficiency Meets Compliance: Using Data to Drive Revenues and Reduce TCPA Risk.
Among the findings, some clear commonalities emerged:
Good Data is Critical: A plurality of respondents say obtaining accurate data is a challenge in terms of compliance and overall dialing strategy.
Compliance is Key: 71% of respondents are concerned about TCPA fines and legal settlements.
Companies Are Adapting: Businesses are evolving their calling practices, investing in refining strategies and investing more in data that allows for more accurate information on callers.
- The Dialing Shift is On: As TCPA non-compliance risk grows from automated dialing, about half of the companies surveyed reported shifting towards the manual dialing of phone numbers.
The report also features a case study that illustrates how having the right number up front can increase profits and decrease risk.
To read more about the survey and learn how some companies are benefiting from this silver lining in TCPA regulations, download the full report.
Tom Nowaczyk is a director product manager at Neustar. This article was first published as a blog post for Neustar.