Choosing appropriate Key Performance Indicators (“KPIs”) is critical to understanding your contact center’s effectiveness and keep everyone moving in the right direction. As quantitative measures, tracking your KPIs gives you a clear look at operational efficiency that is free of opinion and other qualitative factors. Thanks to improvements in modern technologies such as speech analysis, clearer KPIs can be generated and tracked to allow agents and managers to view performance in real time.
Introducing performance measurement metrics into your workflows empowers agents and creates an efficient work environment by giving team members insight into areas of strength and those that require improvement. This visibility has been proven to motivate agents to consistently improve and also provides positive reinforcement for those who are excelling. Gamifying processes can also help to motivate teams, as agents can complete stages to qualify for perks as part of a rewards program. A fun, healthy level of competition can encourage collaboration and increase productivity.
It’s important to consider which metrics you should be looking at and why. Here are some different KPIs that you should consider measuring in your company.
FIRST CONTACT RESOLUTION (“ACR”)
= resolved cases on first contact ÷ total cases
Research from the Ascent Group found that 60% of companies that measured FCR during an entire year saw up to a 30% improvement in team performance. FCR gives a clear reflection of the agent’s ability to analyze problems and resolve them quickly the first time. Resolving cases with one single point of interaction cuts costs and increases customer satisfaction with the immediate resolution of the case at hand. To measure FCR, divide the number of cases resolved in a single call by the total number of resolved issues.
COST PER CONTACT
= total operating costs ÷ contacts handled
Cost Per Contact is calculated by dividing the total cost of the entire contact center operation (such as wages, rent, services) by the total number of contacts handled. It’s a commonly accepted statistic that the average contact center spends $1 a minute to deal with a customer. Monitor yours closely to ensure that costs are not spiralling and that your center is maintaining a high level of cost-efficiency.
= total calls answered within target timeframe ÷ [total calls + total abandoned calls]
To calculate the Service Level, divide the total number of calls answered within a target timeframe by the total number of calls plus the total number of abandoned calls, and multiply the result by 100. Service Level can be impacted by elements such as surges in ticket volumes or unforeseen service outages. The industry standard is for approximately 80% of calls answered in 20 seconds. The use of contact center analytics software can help you to accurately measure this kind of performance-based result.
AGENT SCHEDULE ADHERENCE & ATTRITION RATES
= agent availability time ÷ work scheduled time
Agent Schedule Adherence Rate helps you to see if agents are working within their established schedule. This can be calculated by taking the amount of time that an agent is available and dividing it by the time they have work scheduled for them. Keeping tightly to this schedule helps
to keep the center running smoothly by ensuring that the center has
full coverage, such as during shift changes, which reduces missed calls. Examining the Agent Attrition Rate will also help identify any problems of staff retention, which can be improved by conducting exit interviews and discovering how to improve working conditions.
CUSTOMER SATISFACTION SCORE (SCAT)
Keeping customers happy should be the ultimate goal behind any successful contact center. Keeping track of your CSAT will help you to gauge how happy your customers are. You can track this by asking for customer’s feedback at the end of a call, which you can then add together and divide by the total number of calls to discover the average score. These scores can be improved by training your agents to handle calls in the best way possible and to provide them with effective tools that empower them.
ABANDONED CALL RATE (“ACR”)
= # calls caller hangs up before agent answers ÷ total inbound calls
ACR is the number of calls in which the caller hangs up before an agent answers divided by the total number of inbound calls. According to a study by Arise, nearly two-thirds of customers are willing to wait a maximum of two minutes to speak with an agent before hanging up, with 13% of customers saying that no hold time is acceptable. You can improve your abandoned call rate by directing callers to the correct team of agents straightaway via an IVR system, and by giving callers an estimation of wait times or an indication of their place in the queue.
AVERAGE HANDLE TIME (“AHT”)
= agent’s total talk time + total hold time calls received by the agent
AHT is the average time spent by an individual agent to handle a customer query, including hold time and any processing time spent after the call to complete back-office tasks. This can be calculated by adding an agent’s total talk time, plus total hold time and after-call processing time and dividing this by the total number of calls received by the agent. Each agent’s score can then be added together and divided by the number of agents in order to find an AHT for the entire center. High-quality training and investing in the best tools to increase efficiency can help to improve AHT.
AVERAGE SPEED OF ANSWER (“ASA”)
ASA refers to the average amount of time taken to answer a call, and can be calculated by dividing the cumulative waiting time for all of the calls within a certain period by the total number of calls. Keeping this number as low
as possible will help to maintain an efficient contact center. You can do this by adding more agents to your team, by reducing call volume through implementing self-service options and by successful IVR routing.
AVERAGE CALL TRANSFER RATE
The Average Call Transfer Rate helps you to monitor the number of calls that need to be sent to another department or to a supervisor. This can
be calculated by dividing the total number of calls transferred by the total number of handled calls, then multiplying it by 100. Transfer rates should be kept as low as possible, not just because it’s time-consuming and expensive to have a caller speak to various different agents, it also causes frustration as the customer has to repeat their query. An effective IVR system and clear online information will help to reduce this.
CUSTOMER RETENTION RATE (“CRR”) & CHURN RATE (“CCR”)
CRR, the percentage of existing customers who continue to use your product or service after a certain period, and CCR, the percentage of customers lost, are rates that come hand in hand. To calculate the CRR, take the total number of active customers in a given period of time, and subtract this from new customers gained during the same period. CRR can be worked out by looking at a set period of time, dividing the number of customers who left during this period by the number of customers you had at the beginning of the same period and multiplying it by one hundred. While these may not seem like obvious contact center KPIs, these metrics will help to demonstrate if you are providing excellent customer service through your contact center.
When it comes to KPIs, tracking and understanding your metrics is the first step to identifying where lies your contact center’s strengths and where there is room for improvement. Try using Zingtree’s self-solving decision trees and Agent Scripting App for free today and experience how you can cut down on call times and optimize the customer care experience. Get started here, or reach out to our team for a quick demo.