The Six Million Dollar Man Vendor Strategy - Better, Stronger, Faster!

It’s no secret that many organizations are shifting away from expensive, outdated on premise deployments to cloud and hybrid solutions.  With this movement to the cloud comes numerous vendors offering to improve agent productivity, lower costs and provide the biggest collections lift.  The question becomes ‘how do you validate who is really the best?’

The Six Million Dollar Man is one of my all-time favorite TV shows.  “Gentlemen, we can rebuild him.  We have the technology.  Better…stronger…faster.”

Anyone remember that one?  If I inserted the theme song you might.   I’m reminiscing today about Steve Austin because it hit me that there’s a $6 million “man” out there that nobody in the collections industry is talking about.

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?

• Typical collections agent might collect something like $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.
• $9.5 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.  Steve Austin, or the Bionic Woman for that matter, would never settle for that.  What is your agent utilization?  Are you measuring it?

Don’t think 93 percent is unattainable as the future of the dialer is here. We HAVE BUILT it.  We HAVE made it STRONGER.  Genesys HAS the cloud TECHNOLOGY.

Learn more about our cloud dialer at the Debt Buyers Association conference this week, visit us at booth 326. Or check out our webinar OnDemand on the Genesys Cloud Dialer