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In today’s highly competitive business climate, it is vital that you get maximum benefit from the technology you invest in – especially when it comes to tools like your workforce management (WFM) system. After all, you are investing in a toolkit that you will rely on to help control costs and boost productivity in your contact center(s) for the long haul. The wrong choice can have dire consequences for your bottom line today and for years to come.
Forecasting and scheduling are the key components around which all modern WFM solutions should be focused. If you can’t trust the accuracy of the forecasts produced by your system, why go to the trouble of forecasting at all? The staffing and scheduling decisions made based on your forecasts can make or break you. It doesn’t matter how good the other tools are in a WFM suite. If the forecasting tool is sub-par, there will be pain from overstaffing or understaffing, unnecessary labor expenses, lost sales revenue, reduced productivity, etc.
Inaccurate forecasts can and will dramatically affect your profitability. If the workload for an e-commerce/catalog retailer’s contact center is underestimated to the point where 100 callers out of 1,000 hang up before they speak to a representative, and the firm’s average order value is say $50, that could mean $5,000 in lost revenue per day. If left unchecked, that equates to $150,000 in lost revenue per month, and in the course of a year spirals to a shocking $1.8 million in lost revenue – money (and a lot of it) there for taking, but left on the table.
To generate the most accurate forecasts possible requires a system that can take into account historic data from past periods, including holidays, promotional campaigns, extreme weather conditions, etc., as well as variations anticipated from future dynamics. While no one methodology is optimal under all circumstances, four key factors should be considered:
Ensuring that your new workforce management system will produce accurate forecasts should be among your top consideration, if not the most important consideration, in your purchase decision. To control costs and maximize productivity, you need the right number of people with the right skills on the job at the right times to keep your contact center(s) operating at peak efficiency. After all, your people are your most important asset and your greatest expense.
As you research and review WFM solutions and providers, keep the following four tips in mind in your quest for a highly accurate forecasting tool:
The bottom line: Make sure the system you select can perform all the critical functions you require, can accommodate future needs, and can maintain a sufficient historical data set to generate the accurate forecasts your operations need.
#contactcenterworld, @pipkinswfm
About Kevin Weible:
Kevin Weible is a marketing communications professional with more than 20 years’ experience in B2B and B2C marketing who joined Pipkins in 2016 to lead the firm's marketing efforts. Kevin has a B.A. in English from the University of Missouri - St. Louis, and a M.B.A. from Webster University.
About Pipkins Inc.:
Pipkins Inc., founded in 1983, is a supplier of workforce management software and services to the contact center industry. Its Vantage Point WFM solution enables managers to solve the complicated operational issues in today’s complex, omni-channel contact center environments and back office operations. The company is headquartered in St. Louis, Missouri.
Published: Monday, December 12, 2016
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