See How Much Workforce Optimization (WFO) Could Save You in 10 Minutes
We recently answered the most asked questions about the Five9 WFO Savings Calculator to better find out how the calculator works and understand how it can help contact centers understand the potential benefits to their operations.
Q: Can you tell us a little about the Workforce Optimization savings calculator and why Five9 created this tool?
A: Workforce Optimization, or WFO as it’s often referred to, is a suite of software tools focused on optimizing agent performance and improving customer experience. Five9 has created a WFO savings calculator that estimates potential productivity gains of deploying WFO in a contact center. The calculator at the impact of three specific WFO tools:
- Workforce Management (WFM) – WFM tools help contact centers forecast incoming customer interactions and create work schedules to ensure the right number and type of agents are available to successfully handle the expected interaction volumes throughout the day.
- Quality Management (QM) – QM tools use call recordings and digital interaction transcripts to evaluate agent performance. Evaluators score each interaction they review according to predetermined guidelines and the tool assigns an evaluation score for the agent.
- Speech Analytics – Speech analytics tools analyze the conversations between agents and customers, often including text-based interactions, such as chat and email. Understand the context of what was said, and not just the occurrence of words or phrases, along with determining sentiment and emotion create highly accurate results. Speech analytics can be used to identify interactions for evaluation or even automatically score interactions.
Q: How do you anticipate this tool helping businesses?
A: The WFO savings calculator is intended to provide businesses with a rough estimate of potential productivity savings that might be realized if WFO is deployed into a contact center operation. Every contact center operation has a unique environment, focus, and pain points that need to be considered for a detailed savings analysis.
Q: Can you tell us about how each of three tools savings were calculated?
A: Overall these calculations are based on historical data from contact centers in multiple verticals from available ROI models. Each section has been assigned an efficiency percentage and we have based the results on historical contact center averages when using these tools. We have been conservative with these numbers. A Five9 professional will be able to give a more accurate savings estimate. See below for more information on specific sources of savings that were used in the calculator.
- Workforce Management (WFM) – Five9 Enterprise Workforce Management offers multiple forecasting models and a wizard like approach to the forecasting and scheduling process. Accurate forecasts allow for better alignment of between agent schedules and expected workloads. This allows for optimization of personnel and reduction of potential overstaffing. Forecasts and schedules are created in much quicker freeing up time to focus on other important tasks. Additionally, agent schedule adherence and intraday monitoring of plan accuracy helps the operation ensure expected savings are achieved.
- Quality Management (QM) – Five9 Enterprise Quality Management takes the QM process a major step forward by improving both the effectiveness and efficiency of QM staff. Savings are achieved through a reduction in time spent performing evaluations and better insights into agent performance. These insights are used to improve coaching effectiveness, which leads to improved handle times, reduction in errors and rework, and first contact resolution (FCR). Five9 QM functionality includes the ability to set call selection for evaluation based on various criteria (as opposed to random call selection), evaluation templates that can be customized to fit very specific customer interaction types, the ability to calibrate evaluators, and wider access to performance information using dashboards and reports.
- Speech Analytics – Five9 Speech Analytics provides detailed insights into the handling and outcome of customer and agent interactions. Savings result from further improvement to the speed and value of selecting interactions for evaluation that achieve additional improvements in QM results. The calculator does not consider additional benefits of informing the rest of the organization about key customer trends, issues, behaviors, concerns, and opinions to act on.
Deploying Workforce Optimization into your contact center can deliver significant improvements in agent efficiency and performance resulting in happier agents and more satisfied customers. Calculate the savings for yourself or contact us for help.