So you’re someone who has just recently decided to outsource some of your business’s work offshore! That’s a good choice, since outsourcing can bring up your business’s everyday efficiency while also lowering your overall labor expenses and operational costs.
For business owners who are familiar with outsourcing, the fact that you won’t be able to meet your team personally can indeed be a small hurdle to get through. Since catching up and monitoring them in person isn’t feasible, there are smarter ways to track their progress, and that’s through establishing Key Performance Indicators (KPIs).
What is a Key Performance Indicator?
KPIs are an effective tool that’s a long-time staple for businesses. For businesses who outsource especially, they’re an excellent way to gauge your company’s overall performance across all three crucial areas: financial success; strategic achievements; and operational milestones such as cost-cutting or increased productivity.
Why are KPIs important?
Key performance indicators are metrics you can use to measure and track the performance of your teams in a way that ensures they are in alignment with your business’s overarching goals. They play a crucial role in providing insights that are invaluable to businesses globally.
What KPIs can you use to monitor your outsourced team’s success?
1. Average Response time
Quality customer service hinges on prompt feedback to customer concerns and resolving their issues at a reasonable timeframe. Keep in mind that 33% of customers become frustrated when put on hold, and an equal percentage of them lose engagement towards you when they have to repeat themselves during calls with support representatives. By measuring the average response time, you’ll know that your outsourced team members actively and promptly answer calls as they come in, negating the time it takes for customers to get frustrated.
2. Customer satisfaction rate
A widely-used method for evaluating productivity, especially for customer service-oriented teams is by determining the Customer Satisfaction Rate (CSAT). This metric gauges how pleased customers are with your service, and how well agents assisted them. Your outsourcing provider can even track this for you, pulling real-time data from your team’s calls and aggregating the gathered feedback from customers.
3. Schedule compliance
Schedule compliance is an important performance indicator that applies to most outsourced teams. This gives you insight on how effectively your team manages and adheres to their work schedule. With reputable outsourcing providers, they have workforce managers that can consistently monitor your staff scheduling, so that there are always team members available throughout business hours. In the same vein, incorporating a compliance tracking system and outsourcing best practices ensures a motivated and productive support team, thereby boosting schedule compliance rates.
4. Average Handle time
Average Handle Time (AHT) is a crucial metric that provides insights into the efficiency of your customer service team in addressing and resolving customer inquiries. This metric encompasses the total time taken to handle a customer query or issue, from the moment the customer initiates contact to the final resolution.
KPIs are an effective way for you to know if your outsourced team is doing well and on track to achieving your goals, whether short-term or long-term. Even with your team halfway across the world, you can rest easy knowing there are people behind you who are working to ensure the success of your business! KPIs allow you to do away with micromanaging your team and letting them do their thing, even virtually.
A trustworthy outsourcing partner will be able to take a deep dive into your business needs and come up with the best KPIs to your specific outsourced team. A company like FGC+ can tailor-fit an end-to-end outsourcing plan and take care of your offshore team. Learn more about our services at www.fgcplus.com.