Financial Benefits

Employing CRC Quality Monitoring Suite in your call center could save your business significant costs. Below, we have summarized some of the financial advantages of using this suite.

Lower Average Call Handle Times:

Call center productivity and costs revolve around the agents. CRC Quality Monitoring Suite can be used to increase productivity and effectiveness of agents and procedures and, therefore, to increase profit margins. In the 2005 Service and Support Metrics Survey (conducted by Service XRG), the majority of respondents reported that duration for phone support issue calls ranged between 5 and 15 minutes. If a contact center is able to reduce that call duration by just a minute or two, it can result in significant savings.

In the following scenario, the average call handle time is 7 minutes for a 200-agent contact center. We also assume agents are paid $17.32 per hour.

Call Handle Statistics Before After
Total # of contacts handled per day for all agents 10,285ˆ 14,400
Average call handle time 7 minutes 5 minutes
Time saved per transaction   2 minutes
Total cost per minute per agent   $0.288667
Total savings per day for all agents*   $5,848*
Potential Annual Savings   $1,520,480**
ˆCalculated by ((200 agents x 6 hours) x 60 minutes per hour) / 7 minutes [agent handles 8.57 calls per hour].
*Calculated by [(17 more minutes available per hour per agent x 0.288667 cost per minute per agent) x 6 hours per day] x 200 agents.
**Calculated on same agent levels but able to handle more calls daily by reducing overall call times. Considers 260 working days per year.

Improve First Call Resolution:

First call resolution is a critical key performance indicator. Agents who are able to handle customers' requests or complaints on a first call offer considerable value to the call center by building confidence with customers and, ultimately, increasing customer loyalty. The hard cost savings illustrated here result from reduced expense for subsequent contacts the customer would have otherwise had to make to resolve the issue.

In the following scenario, the contact center employs 200 agents and, after implementing Quality Management, has experienced a 2% increase in First Call Resolutions. The Purdue Contact Center Benchmark Study states that an average inbound call costs $6.03.

First Call Resolution Statistics Before After
First call resolution rate 78.3% 80.3%
Number of agents 200 200
Cost per contact $6.03 $6.03
Calls per annum 3,744,000ˆ 3,669,120
Potential Annual Savings   $451,526*
ˆ Calculated by 14,400 contacts per day x 260 work days per year.
*Calculated by (3,456,000-3,386,880) x $6.03

Reduce Training Time:

CRC Quality Monitoring Suite provides call centers with the opportunity to pinpoint specific training opportunities and build their training programs around them. Agent recordings may also be used as standards of best practice, offering real-world examples for training and boosting the morale of agents who are performing well.

Training Statistics Before QM After QM
Hours of training per agent per year 120 110
Number of agents 200 200
Training hourly cost $14.47 $14.47
Total training costs $347,280 $318,340
Potential Annual Savings   $28,940

Increase Management Productivity:

Manual methods for performing quality assurance can be tedious and time consuming. Taping at an agent’s desk, performing live monitoring, and completing and scoring paper evaluations takes time and diverts the supervisor’s attention from more important tasks, such as performing personalized coaching or handling escalated calls.

Results from our user base indicate that automated monitoring allows supervisors to review the same number of contacts in two-thirds of the time, resulting in significant savings.

Management Productivity Statistics Before After
Number of supervisors 20 20
Total hours spent monitoring per month 900 630
Hourly rate $28.85 $28.85
Annual cost to monitor $311,580ˆ $218,106
Potential Annual Savings   $93,474
ˆ(900 x $28.85) x 12 months

Boost Agent Retention:

Knowledgeable, responsive agents are crucial to good customer relations and significantly impact the bottom line of the call center. Quality Management helps the contact center communicate clear goals, evaluate agent performance, and provide prompt feedback. Additionally, consistent feedback and coaching can help to eliminate burnout among contact center agents. All this leads to increased job satisfaction for agents, resulting in a longer tenure and a wealth of experience you can continue to build and rely upon.

In the following scenario, the implementation of a Quality Monitoring system reduced agent turnover by 2%; the cost of training a new agent was calculated to be $6,572.

Agent Retention Statistics Before After
Turnover rate 35% 30%
Total number of agents 200 200
Number of agents replaced 70 60
Annual training costs for new agents $460,040 $394,320
Potential Annual Savings   $65,720

If you have questions about how you business could save with CRC Quality Monitoring Suite, contact us today.

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