Future modules will be released as they are created. SUBSCRIBE on YouTube and turn notifications on so you don’t miss the next one!Welcome everyone. I’m Jeff Rumburg, Managing Partner of MetricNet.In Metrics Essentials for Contact Center Professionals, my goal is to teach you everything you need to know, to leverage metrics for success in your contact center. Today, in the second module of our course, we’re going to discuss the 80/20 rule for contact center metrics. As the name implies, you can get 80% of the value, from just 20% of the metrics. This rule is also known as the Pareto principle. It’s important because it allows you to leverage just a handful of metrics to effectively manage your contact center.In Module 1 of the course, I introduced the 20 most common metrics for an inbound contact center. In this module, we will focus on the Key Performance Indicators, the KPIs from this list. Keep in mind that not every metric is a KPI. Unfortunately, in this industry the terms metric and KPI tend to be conflated.All KPIs are metrics, but not all metrics are KPIs. So, by focusing on just the KPIs, Key Performance Indicators, we leverage the metrics that matter most. As an example, from the list of the most common metrics, I have highlighted the KPIs on this page. They include Cost per Contact, Customer Satisfaction, First Contact Resolution Rate, Agent Utilization, Agent Job Satisfaction, and Average Speed of Answer. This is the 80/20 rule in action.I want to emphasize that you do have some flexibility here. If you don’t track CSAT, Customer Satisfaction, but instead track Net Promoter Score, you can use NPS as your quality KPI. Likewise, if you don’t track Average Speed of Answer, you can use % of Calls Answered in 60 Seconds as your service level KPI.Let’s discuss why these are the KPIs. First, Cost per Contact is your primary measure of efficiency in the contact center. And Customer Satisfaction is your primary measure of effectiveness. Cost per Contact and Customer Satisfaction. These are what we refer to as the foundation metrics, because they are the two most important metrics you can track in the contact center. If you do nothing else after taking this course, you should commit to tracking Cost per Contact and Customer Satisfaction.The next two metrics are the key drivers of cost and quality. Agent Utilization drives your Cost per Contact. And First Contact Resolution drives your Customer Satisfaction. How do we know this?We look at the benchmarking data. And here’s what it looks like for Customer Satisfaction vs. FCR, First Contact Resolution Rate. You can see the correlation in the data. Moreover, we know this is not just spurious correlation, it is causation, or cause-and-effect. I’ll have a lot more to say about this topic in a subsequent module, where I will take a deeper dive on the cause-and-effect relationships amongst and between these metrics.But getting back to our 80/20 rule, the next two KPIs on the list are Agent Job Satisfaction and Average Speed of Answer. Agent Job Satisfaction is important because it has a secondary effect on just about every other metric in the contact center, and ASA is important because time, specifically the speed of response, matters to the customer. The final KPI is the Balanced Score, which aggregates the first six KPIs on this page to create a single overall measure of success for your contact center. In fact, the next module of this course is dedicated to the Balanced Score.This concludes our second module. I would invite you to join me for Module 3, where we will discuss the Contact Center Balanced Scorecard. I want to thank you for joining me today. I’m Jeff Rumburg, Managing Partner of MetricNet.
