What do you think of when you hear ‘cost savings’? Is it a corporate mascot skiing down a pile of money like Scrooge McDuck? One can only hope…
Cost savings is one of the major reasons why companies turn to automation and self-service. Computers can multi-task a lot better than people, so it just makes sense to automate common processes and tasks that agents typically handle over the phone.
Payment processing is one such task and it’s a big one because it directly impacts the bottom line. The cost for a live agent to process a payment can be $5 or more per call. Yet, when an interactive voice response (IVR) application enters the equation, it costs pennies on the dollar per call to complete the same task.
Therefore, when deploying a payment processing voice application, you want to make sure that as many customers as possible stick with the IVR to make their payment and don’t opt to use an agent instead. This is the essence of ‘containment.’
A brief example helps to explain what containment rate is. Let’s say that you have 100 customers calling to make a payment. Of those 100 callers, 18 get to the last payment menu and then opt to talk to an agent. In other words, they abandoned or transferred out of the IVR application to speak with an agent.
Some simple math gives us the figures we need. Starting with 100, subtract the 18 callers who opted for an agent. These are the callers who were not ‘contained,’ so the transfer rate is 18%. Conversely, the callers that were contained within the app, those other 82, represent the containment rate, which is 82%.
NOTE: A good containment rate for one industry might not be desirable or realistic for another one. For example, a contact center environment that deals with a lot of complex customer issues may use an IVR, primarily, to help get callers to the right representative. But it’s up to each individual company to figure out where that balance between customer service and automation should–or could–be.
Now if we want to think about cost savings, let’s think about how much it cost the company to process those payments. We’ll use some conservative numbers here. Let’s say payments processed by an agent cost $5 per call, and payments processed by the IVR cost 50¢ per call.
In this example, the IVR processed 4.5 times more payments, and cost less than half of what the agent-assisted calls cost. For merchant services or payment processing companies that process thousands of payments per day, the savings pile up fast.
Naturally, the answer to this question is: it depends. It takes a bit of digging and some analytics to get a grasp on what an ideal containment rate is for any given company. Most of our customers that process payments see automation rates of 85% or higher, which is really good. Fortunately, for Plum customers, VoiceTrends, a custom analytics toolkit for voice applications, is built into all of Plum’s products.
VoiceTrends makes it easy to identify and track the data you need to determine what your containment rate is. Once you have the data you need on call volumes, you need to figure out your cost per call for your agents and your IVR.
The cost difference between these two customer service options can be one metric for determining whether your containment rate is acceptable. But ultimately, it’s up to each individual user to determine what an acceptable containment rate is for their business.
There are a number of strategies that companies can use to improve their containment rate. Check out our blog post about using VoiceTrends to visualize transfer rates. It also provides some ideas for troubleshooting low containment rates.
Publish Date: December 8, 2016 5:00 AM
|2.)||All Ears Ltd|
Freemate headsets, and sanitary solutions for headsets
Freemate headsets available, corded and wireless for telephony and USB. 3 year warranty compatible with all model phones. We supply accessories from downleads, USB leads, ear cushions, leatherettes and we service call centre headsets, these are sanitised and repaired or serviced as required.
We supply the corporate environment, Government departments, security, medical and professional offices and meet the needs of many of New Zealand's SOHO market.
We can even develop and create one-off solutions for those with mobility or disability limitations opening up a world of freedom in communications. And we like to have fun on the journey.
PH: 644 9201929
Smith Corona Headsets
3 year warranty compatible with all model phones. Accessories also available. Cords, earpads, etc all factory direct pricing
Since 1998 Headsets123 has been supplying Call Center Grade corded phone headsets, wireless headsets, headset telephones and a wide range of headset accessories to accommodate Medical, Insurance, Financial offices and large Call Centers environments offering you value, comfort, flexibility and increased productivity in your day to day business.
Our offices are located just outside of Seattle, WA. We hope you enjoy our wide range of headsets and accessories.
Based in Dorset, England, JPL designs and manufactures innovative professional telecom headsets. We have a wide range of professional telecom and call centre use headsets in wired, wireless DECT and Bluetooth styles.
Making sure that your customer’s voice can be heard is vital. JPL Telecom ensures that your customer’s experience is first-class. All headsets have our Surround Shield™ noise cancellation to make certain your customer only hears what you want them to hear. Comfortable and attractively designed headsets are built to withstand the constant use in any call centre environment.
Our aim is to continuously improve customer choice, offering a fair price and value to our resellers and end users.
PH: +44 (0)1258 820100
|7.)||Unicom Services Ltd.|
Contact center headsets and conference solutions
Unicom Services Ltd. is a distributor of professional headsets and communication solutions for all possible applications.
Products and Services:
* Headsets for contact center, office, small office and home, mobile phones, computer headsets and adapters.
* Conference systems - audio video terminals, personal and group multipoint conferences.
* Telecom Products - office wired and wireless phones, dect systems, softphones.
* Video conference software for contact centers and offices.
* Unified Communication Solution.
|8.)||Xiamen Mairdi Electronic Technology Co., Ltd|
Call Center Headsets
Mairdi is a professional call center headsets maker in China. We've designed, produced and exported professional communication headsets for 16 years. Our headsets were exported to over 120 countires in the world.
Our headsets are widely compatible with nearly all IP Phones, desk phones, PC and mobiles. They are all noise cancelling and with built-in hearing protection technology. Our headset accessories are Plantronics or Jabra compatible. All the headsets and accessories are CE,FCC, RoHS certificated.
|Bring Your Own Telecom: Is it Worth Doing?||July 26, 2018 5:00 AM|
|Visa Verified: Plum Voice Secures a Listing on Visa’s Global Registry of Service Providers||July 12, 2018 5:00 AM|
|What You Need to Know about Poor Call Quality||June 7, 2018 5:00 AM|
|Fairly Allocate Call Transfers to Multiple Contact Centers||May 17, 2018 5:00 AM|
|Making Natural Language Processing Feasible with Artificial Intelligence||February 8, 2018 5:00 AM|
|Outsourcing or DIY? Find the Right IVR Development Approach||November 30, 2017 5:00 AM|
|IVR That Saves $5M per Month||November 16, 2017 5:00 AM|
|The Limitations of Speech Rec & How to Combat Them||November 2, 2017 5:00 AM|
|Why Not All IVR Software Is Created Equal||October 17, 2017 5:00 AM|
|How to Get More From Your IVR with Artificial Intelligence||September 28, 2017 5:00 AM|