- Forecasting
- The process of predicting future call volume, handle times, and staffing requirements to enable optimal workforce planning and scheduling.
Forecasting is the process of predicting future call volume, handle times, and staffing requirements to enable optimal workforce planning and scheduling. Accurate forecasting is essential for achieving service level targets, optimizing costs, and ensuring adequate staffing.
Types of Forecasting
Volume Forecasting: Predicting the number of contacts (calls, chats, emails) expected in future periods.
Handle Time Forecasting: Predicting average handle time for future periods based on historical patterns and expected changes.
Staffing Forecasting: Determining the number of agents needed to handle forecasted volume while achieving service level targets.
Multi-Channel Forecasting: Forecasting volume and requirements across multiple channels (voice, chat, email, etc.).
Why Forecasting Matters
Service Level Achievement: Accurate forecasting enables proper staffing to achieve service level targets.
Cost Optimization: Right-sizing staffing based on accurate forecasts optimizes labor costs.
Resource Planning: Forecasts inform hiring, training, and resource allocation decisions.
Operational Efficiency: Good forecasts enable efficient scheduling and resource utilization.
Customer Experience: Adequate staffing based on accurate forecasts ensures good customer experience.
Forecasting Methods
Historical Analysis: Analyzing historical data to identify patterns and trends: - Day of week patterns - Time of day patterns - Seasonal trends - Long-term trends
Statistical Models: Using statistical methods to project future values: - Moving averages - Exponential smoothing - Regression analysis - Time series analysis
AI-Powered Forecasting: Machine learning models that: - Analyze complex patterns - Account for multiple variables - Adapt to changing conditions - Provide more accurate predictions
Factors Affecting Forecasts
Historical Patterns: Past performance is the foundation for future predictions.
Seasonality: Seasonal patterns (holidays, events, etc.) affect volume and handle times.
Business Events: Marketing campaigns, product launches, and other events impact volume.
External Factors: Economic conditions, weather, news events, and other external factors affect volume.
Trends: Long-term trends in volume, handle time, or customer behavior.
Improving Forecast Accuracy
Use Multiple Methods: Combine different forecasting methods for more accurate predictions.
Account for Events: Include known events (campaigns, launches, holidays) in forecasts.
Regular Review: Continuously review forecast accuracy and adjust methods as needed.
Leverage Technology: Use AI-powered forecasting tools for improved accuracy.
Collaborate: Involve stakeholders (operations, marketing, product) in forecasting process.
Best Practices
Forecast Multiple Timeframes: Create forecasts for different timeframes (daily, weekly, monthly, annually).
Monitor Accuracy: Track forecast accuracy regularly and identify areas for improvement.
Document Assumptions: Document assumptions and factors considered in forecasts.
Update Regularly: Update forecasts as new information becomes available.
Communicate: Share forecasts with stakeholders to enable planning and preparation.
By improving forecasting accuracy, organizations can optimize staffing, achieve service level targets, and enhance operational efficiency.