We understand the need for tradeoffs in performance metrics to balance the proverbial scorecard. However, there are some technologies that transform business, creating value tides that lift all “metric boats”. Contact centers/customer service organizations are no exception—here, transformation means that the contact center doesn’t have to nickel and dime in value creation, figuring out tradeoffs for one metric over another! The question, then, is what technology transforms customer service?
A mammoth consumer survey that Forrester conducted on our behalf showed that lack and consistency of knowledge is the biggest pain point in getting customer service today, followed by the difficulty of finding answers on business websites—all related to knowledge management (KM)! Done right, next-generation KM with a method and best practices behind it, can tackle this issue head on, and eliminate these top three pain points for consumers—in other words, transform customer service. The result? All seemingly conflicting metrics get improved, often by a big margin! Here are some “off the charts”, “unbalanced” examples from our clientele:
Banking giant #1: NPS improved from #3 to #1, agent training time halved, staff churn reduced to <1%, even while the agent pool was expanded 6x!
Telco giant: First-Contact Resolution (FCR) up 37%, agent induction training time reduced by 43%, time to competency reduced 50%!
Banking giant #2: 36% increase in FCR, 67% reduction in Average Handle Time (AHT) and 60% reduction in agent training time!
Sorry, Kaplan and Norton, you need to come up with an “unbalanced scorecard” for knowledge-powered customer service organizations!