Orchard has just launched its Income Analytics solution, developed in partnership with Coast & Country Housing, First Ark, Livin Housing, and Phoenix Community Housing. The software has been designed to mitigate the growing volume of arrears resulting from universal credit and welfare reform.
Income Analytics uses the latest analytical techniques to help housing providers’ income teams to focus their efforts on the tenants that need the most help in avoiding or reducing arrears. The analysis of rent payment patterns and other risk factors provide early prediction and identification of potential arrears cases, allowing teams to take targeted, preventative action.
John Hunt, director, Orchard, said, “This is the first step on an important journey for both Orchard and our customers. We have long felt that the data that our customers hold could be very valuable and help improve tenants’ daily lives, while at the same time dramatically improving business efficiency and insight.”
Angela Grant, income manager, Phoenix Community Housing, said, “I have found the Income Analytics team to be very professional and enthusiastic. They have listened to our ideas and taken into account the needs of Phoenix Community Housing which will hopefully result in an excellent tool which will enable us to improve our income collection.”
In order to deliver the project, Orchard built a dedicated data sciences team, partnering with Newcastle University, and including research into machine-learning techniques to deliver additional predictive insights on rent arrears.
Dr Shirley Coleman, technical director and principal research associate, Newcastle University, said, “Working on this data analytics project with Orchard Software is very exciting. The company has great vision and is open and receptive to new ideas. The results so far are extremely promising.”