How To Manage the Finances of Your Call Center

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The cost per minute in every call center is estimated to be one dollar, and while this might not seem like much initially, the amount grows over time with every call that comes through. A small decrease in your cost—as little as 10 cents—can go a long way to help you save $100 on every 1000 calls made. This is just the tip of the iceberg when it comes to managing the finances of your call center operations. Keep reading for tips to manage the financial aspects of your call center.

Use an omnichannel call center.

An omnichannel call center helps with the efficient management of your call center operations. You can integrate the software across multiple digital channels and can connect with clients via email, voice call, live chat, and video call. What’s more, hosting your contact center on the cloud offers ease when managing a large number of agents and coordinating other CRM teams like your sales department. More importantly, you can predict customer buying behavior and map your customer journey to help provide personalized and effective services. This is a more cost-effective option in comparison to spreading communication amongst different platforms.

Have a good reconciliation strategy.

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Having a good reconciliation strategy is vital to eradicate accounting errors. Unfortunately, errors aren’t always easy to spot and often require time and effort. That’s where financial close management software comes in. Account reconciliation software automates and centralizes the financial close process by pulling data from the general ledger. It then compares data to any invoices or bank statements for a quick reconciliation process. Beyond reconciling your accounts, financial close automation can help you save money thanks to the software’s ability to flag any discrepancies such as any unusual payments or bank charges that shouldn’t be there.

Enhance training and coaching for all agents.

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For most businesses, it’s always more beneficial to retain current employees than it is to acquire new ones. With the latter, you have to take new staff through training sessions, which demand lots of hours and monetary resources. To prevent these extra costs, improve the performance of current employees by analyzing their performance. An analysis will provide further details about your team members’ skillset, strengths, and weaknesses that will allow you to offer the right training and coaching sessions to make them more proficient in their job. The initial cost of training might be recurring and capital intensive, but nevertheless, this investment comes with great long-term benefits and profitability.

Improve first call resolution.

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Your business’s ability to benchmark and monitor its first call resolution is another great way to reduce the average cost per call to better manage your finances. If you want to prevent loyal customers from making multiple calls to your center regarding the same concerns, you might want to look at who is answering the call the first time and whether or not they’re eligible to solve customer issues. One way to go about this is via skill routing, which is a process by which customers are directed to agents that can solve their issues. With this system, you have to use machine-led guidance during the first seconds of the call to determine the issue beforehand. Once mentioned, connect the caller through to a live agent who is well versed in such issues. Improving the first call resolution doesn’t only reduce your per-minute calling but also reduces labor costs which will directly reduce your contact center operational costs.

The phrase “time is money” certainly rings true in the call center business. All around the globe, call centers are seen more as cost centers than contact centers, even though they’re not. The truth, however, is that when your financials are in excellent order, it’s very easy to turn your call contact center into a booming profit center. The key to achieving this lies in your ability to offer the right training and coaching to staff and minimize all extra costs.