How to Calculate Cost Savings and ROI of Workforce Management Software
What value does Workforce Management Software deliver? This short whitepaper will answer this question and explain how WFM systems reduce costs and improve utilization of resources, based on a few user scenarios.
Cost Savings and ROI of a Call Center Workforce Management Solution
Learn how a workforce management solution helps you better manage and control your costs while achieving better utilization of your resources
The overwhelming majority of ongoing call center expense is related to staffing. Optimizing the personnel resource is critical. Having the optimum number of staff at the right time in the right place is essential to call center success and profitability. Overstaffing results in needless spending for unnecessary staff, while understaffing will lower service levels, increase staff turnover and impact your revenues.
Monet WFM Live helps you automate key tasks that have an immediate impact on your bottom line through more accurate call volume forecasting, staffing calculations and scheduling and daily performance tracking.
How much does Monet Workforce Management save you?
The Monet workforce management solution will produce measurable improvements in the following areas:
1. More efficient scheduling and agent usage:The savings associated with more efficient scheduling includes reducing overall staff hours and need for overtime and identification of overstaffing. Call centers using WFM systems generally experience a minimum reduction of 2% for staff hours with an average potential savings in the 5 – 10% range.
2. Automation of scheduling tasks: Manual or Excel-based spreadsheet forecasting and scheduling consumes much of a supervisor's time in many call centers. With WFM it is generally expected that at least 25% of the time currently devoted to manual input can be saved.
3. Reduction in workforce shrinkage: Many hours of work time are wasted due to excessive non-productive interruptions. A WFM system can provide historical and real-time information on agent schedule adherence and exceptions, for better management and control of staff, reducing workforce shrinkage by 10 to 20 minutes per agent per day.
This table shows you potential savings based on the above-mentioned information and assumptions when using Monet WFM Live to manage forecasting and scheduling. Find the column that represents the # of agents you have to see the savings potential, the cost of the annual Monet subscription and the total net savings per year.
For a free cost saving calculation based on your call center specifics please email us at email@example.com
Cost Savings With Monet WFM Live
* Please note that savings and ROI are estimates and could vary based on product use and agent payroll wages. The above calculations are based on the following assumptions:
In addition to these measurable cost savings, there are many more intangible benefits. Perhaps the most important of these is the addition of a sophisticated "what-if" planning tool. This will allow management to forecast and plan staffing needs for the short-term, to respond to unexpected changes, as well as long-term budgeting and planning. In addition, for call centers that realize revenue by answering calls (catalogues, reservation centers, etc.), workforce management automation can help reduce queue times and improve service, thereby reducing the number of abandoned calls and increasing revenue calls completed. These call centers can easily increase revenues by tens of thousands of dollars per year in addition to the cost savings.
How is Monet WFM Live different from other WFM solutions?
Monet WFM Live is delivered via the web (Software-as-a-Service) unlike many other WFM solutions whose software and hardware are purchased and installed onsite. Premise-based WFM solutions have a high upfront capital investment, constant IT involvement and time-lags for patches, updates and other software related changes. On Demand fully hosted software allows you to subscribe to the Monet software service at a low monthly fee and ensure an optimized call center:
The following graphic shows that Monet's On Demand model lets you realize benefits within weeks (green area in first graphic) versus the traditional WFM model of purchasing, installing and maintaining hardware and software (large red area in second graphic).
For more information about Monet WFM Live and how it can reduce your call center costs please call 1-310-207-6800 or email us at firstname.lastname@example.org.
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