Call Recording is a staple in any size contact center today and there are plenty of inexpensive options to choose from. But contact center managers don’t want to just record their agents – they want to record them, evaluate them, and coach them to improve performance. What they want is Workforce Optimization (WFO).
But a complete WFO solution will cost more, right?
Initially, yes. But different from basic call recording, the performance improvements realized from a Workforce Optimization solution will pay for it in just a few months. In addition to call and screen recording, a WFO solution also includes Quality Management tools, such as scorecard evaluations, coaching, eLearning, customer surveys and performance reporting. This combination of tools supported by a Quality Management process will improve your agents’ performance and your customer experience.
Depending on the size of your contact center, a complete Workforce Optimization solution, including recording, may cost $500-1000 per agent. Calculating the payback period for this investment will depend on your industry, product/service and profit margin, but to simplify let’s look at the following example:
In a contact center with as few as 30 sales agents, let’s say that 20% (6) of the agents are “Top Performers” selling $500 per day; 30% (9) are “Average Performers” selling $250 per day; and 50% (15) are either “New” or “Low Performers” selling $100 per day. If utilizing the new tools and processes, this contact center was able to have one (1) Average Performer become a High Performer and two (2) Low Performers become Average Performers this contact center would realize an incremental $550 in sales per day which works out to $11,917 per month or $143,000 per year (not including any slight sales increases realized by the other 27 agents). If the cost of the WFO solution was $30,000, the investment would have a payback period of about 2.5 months using a conservative performance improvement of 10% (3 of the 30 agents).
In a customer support contact center, you should start with a slightly different formula. Instead of looking at the performance improvements in terms of increased sales, we will look at increasing service levels and reducing normal customer attrition. Let’s look at this scenario as an example:
In a contact center with even as few as 15 customer support agents, let’s say that each agent manages 200 accounts with an annual customer value of $2000 and a normal attrition rate of 10%. If utilizing the new WFO tools and processes, the agents could improve their service levels and reduce the attrition rate to 8% (20% improvement), they would retain 60 customers this year. At $2000 per customer, that is a savings of $120,000 for a 1.5 month payback period on a $15,000 WFO investment.
While the financial variables will be slightly different in each situation, the agent performance improvement realized from contact center Workforce Optimization tools is well documented. If you would like assistance calculating an ROI for your contact center, please visit www.dvsAnalytics.com.