Anyone remember that one? If I inserted the theme song you might. It’s one of my all-time favorite TV shows: The Six Million Dollar Man. I’m reminiscing today about Steve Austin (played by Lee Majors) because it just hit me that there’s a six million dollar “man” out there that nobody in the collections industry is talking about.
For collections today, it’s no secret that many organizations are shifting away from expensive and outdated deployments to cloud and hybrid solutions. With this movement to the cloud comes numerous vendor offering to improve agent productivity, lower costs and provide the biggest collections lift. The question is how do you validate who is really the best?’
Doing some relatively simple math with basic assumptions around dollars collected per agent per hour and productive hours per year, I estimate that it in order to produce six million in revenue for a 350-agent collections shop, it would take roughly a 19 percent improvement in agent productivity. How did I get that?
- Typically, a collections agent might collect approximately $50 in revenue per hour.
- If agent utilization today is 78 percent, a 19 percent increase (to 93 percent utilization) would be $59.50 per hour.
- A $9.50 per hour lift times 1800 productive hours per year = $17,100 per agent.
- 350 agents = $6,000,000 per year!
Math is fun, right? The question you are asking now is: How do you get a 19 percent improvement?
Well, the key is in your dialing technology and its ability to pace intelligently and seamlessly blend between inbound, predictive, preview, and manual modes – all to the same group of agents. Another key element is using enhanced analytics and business intelligence tools to optimize campaign performance. Less sophisticated cloud technologies that don’t offer the flexibility described above can leave your agent utilization floundering in the 78% range. The Six Million Dollar Man, or the Bionic Woman for that matter, would never settle for that.
What is your agent utilization? Are you measuring it?
If you think 93 percent is unattainable, think again! The future of the dialer is here. We HAVE BUILT it. We HAVE made it STRONGER. And WE HAVE THE TECHNOLOGY in the cloud.
Learn more about our cloud dialer at the Debt Buyers Association conference this week in Las Vegas, visit us at booth 326.
Or check out our webinar On-Demand on the Genesys Cloud Dialer.
Thanks for reading!