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What is (First Call Resolution) FCR and how is it applied in an organization?

We all would agree on the fact that the most crucial part of any business is to satisfy the customer. It results in customer loyalty, positive word of mouth, and return on investment. First Call Resolution (FCR) has been a metric to drive customer satisfaction. KPI What is FCR? When I call a company’s call center and get my issue resolved in that one call. That is FCR. Also, it includes the technical support and resolution of my problem? It might be when one goes to the website first, has a web chat and gets what one needs. Now I escalate to a phone call. While the call is for the first time, but the user has actually used two touch points to solve the issue. The point is that it’s up to you as to how you define it. What’s of primary importance is that you are consistent in your definition, as well as your measurement. If you measure starting today, choose your intervals and benchmark against yourself. Notice the gaps and take action to remedy them. FCR has the most impact on customer satisfaction and thus, on customer loyalty. In a recent study, one fifth of all callers hung up with their issue unresolved. Of those customers that didn’t have their issues resolved, 68% are at risk of defection, 43% said they’d definitely defect, and 25% weren’t sure. FCR Statistics It’s been reported that for every 1% improvement in FCR, you get 1% improvement in customer satisfaction. Additionally, if a customer’s inquiry or problem were resolved in the first call, only 3% of those customers would be at risk of switching to a competitor. When you have a repeat call, you incur a price. . A $5 cost/call would incur a cost of $600,000/quarter due to repeat calls followed by possibility of losing a customer. The challenge still exists of how to define and then measure FCR accurately, effectively, and efficiently. VComply Some companies allow agents to determine if a customer’s issue was resolved on first contact. Surely, it can be subjective. Rest use QA (Quality Assurance) to confirm whether calls were resolved on first contact. Also, post-call surveys and direct interviews are common ways to determine the above issue. Generally, one should take into consideration the perception of the customer.
Customer centricism
Improving First Call Resolution (FCR) is crucial for companies to keep their operational costs low and enhance customer experience. Organizations always measure FCR from a contact center’s metric point of view, however it is equally important to measure FCR from customers’ perspective. FCR as a metric is directly linked with customer satisfaction and its poor performance can lead to a significant rise in customer dissatisfaction and churn rate. Irrespective of the channel customers choose to contact, they always want their issue to be resolved the first time they connect. Tools like VComply which are backed by technology help a company reach attain KPIs on a regular basis!

Developing a small business framework

Is it right to categorizing the problems and growth patterns of small businesses in a systematic way? Or they are too volatile to do so?  It is a fruitless exercise? Small businesses vary widely in size and capacity for growth. They are characterized by independence of action, differing organizational structures, and varied management styles. Yet on closer scrutiny, it becomes apparent that they experience common problems arising at similar stages in their development. We have to increase our understanding of the nature, characteristics, and problems of a variety of businesses. This shall help us understand the common characteristics of growth and their problems. One should be able to  evaluate the impact of present and proposed governmental regulations and policies on one’s business. The finance department should be able to diagnose problems and match solutions to smaller enterprises. Small-Business-Stats

Solution | Develop a Small Business Framework

Various researchers over the years have developed models for examining businesses. Each uses business size as one dimension and company maturity or the stage of growth as a second dimension.
Growth Phases
A company must grow and pass through all stages of development or die in the attempt.  Many  frameworks fails capture the important early stages in a company’s origin and growth. They characterize company size largely in terms of annual sales and ignore other factors such as value added, number of locations, complexity of product line, and rate of change in products or production technology. To develop a framework relevant to small and growing businesses, one should use a combination of experience, a search of the literature, and empirical research.   Each stage is will be a culmination of index of size, diversity, and complexity and described by five management factors: managerial style, organizational structure, extent of formal systems, major strategic goals, and the owner’s involvement in the business. VComply
Growth Stages
Stage I: Existence
In this stage the main problems of the business are obtaining customers and delivering the product or service contracted for. Can the company get enough customers and provide excellent services to sustain? Is expansion possible? etc.
Stage II: Survival
In reaching this stage, the business has demonstrated that it is a workable business entity. It has enough customers and satisfies them sufficiently with its products or services to keep them. The key problem thus shifts from mere existence to the relationship between revenues and expenses.   Can the business, atleast , generate enough cash flow to stay in business? etc.
Stage III: Success
The decision facing owners at this stage is whether to exploit the company’s accomplishments and expand or keep the company stable and profitable, providing a base for alternative owner activities. Thus, a key issue is whether to use the company as a platform for growth or as a means of support for the owners as they completely or partially disengage from the company Among the important tasks are to make sure the basic business stays profitable so that it will not outrun its source of cash and to develop managers to meet the needs of the growing business. This second task requires hiring managers with an eye to the company’s future rather than its current condition.
Stage IV: Take-off
In this stage the key problems are how to grow rapidly and how to finance that growth. Is delegation taken care of?   Will there be enough to satisfy the great demands growth brings and less unnecessary cash burn?
Stage V: Resource Maturity
The greatest concerns of a company entering this stage are, first, to consolidate and control the financial gains brought on by rapid growth and, second, to retain the advantages of small size, including flexibility of response and the entrepreneurial spirit. The corporation must expand the management force fast enough to eliminate the inefficiencies that growth can produce and professionalize the company by use of such tools as budgets, strategic planning, management by objectives, and standard cost systems—and do this without stifling its entrepreneurial qualities.
Key Management Factors
Several factors, which change in importance as the business grows and develops, are prominent in determining ultimate success or failure. 1. Financial resources 2. Personnel resources 3. Systems resources 4. Business resources
Management Factors and the Stages
In the early stages, the owner’s ability to do the job gives life to the business. Small businesses are built on the owner’s talents: the ability to sell, produce, invent, or whatever. This factor is thus of the highest importance. The owner’s ability to delegate, however, is on the bottom of the scale, since there are few if any employees to delegate to. As the company grows, other people enter sales, production, or engineering and they first support, and then even supplant, the owner’s skills—thus reducing the importance of this factor. The changing role of the factors clearly illustrates the need for owner flexibility. An overwhelming preoccupation with cash is quite important at some stages and less important at others. Delaying tax payments at almost all costs is paramount in Stages I and II but may seriously distort accounting data and use up management time during periods of success and growth. “Doing” versus “delegating” also requires a flexible management. Holding onto old strategies and old ways ill serves a company that is entering the growth stages and can even be fatal. VComply helps the management to delegate the responsibilities "responsibly" and helps them to monitor them from anywhere at anytime!    

How to manage compliance in the Education Sector?

Compliance in the education sector is a big deal!

Compliance failures can be incredibly damaging for the numerous universities and colleges throughout the world, especially with increasing media vigilance. There have been many high-profile examples of costly fails. Code of Ethics Universities use great resources to ensure high standards of operations in education, research, preservation of knowledge and other significant activities. Each and every member of an institution has their responsibility in management of the resources (time, budget, attention, personnel and other resources). Business and ethical practices and processes serve as control mechanisms throughout every operation. Compliance management supports responsible operations ranging from admission processes to quality control by focusing on compliance with laws and regulations. The most obvious penalties of major compliance failures are monetary fines and expenses. But, there are other negative outcomes, including restrictions on programs & student resources. Moreover, there are problems of potential lawsuits, and damage to the reputation and financial stability of your institution. Consider grants for a moment. 5 Tips for Implementing an Effective Compliance Program
Create Rock-solid Policies and Procedures –
A well-defined code of conduct, along with your organization’s policies and procedures are the foundation of your compliance program.  Their ultimate purpose should be to protect your organization from risk – both external, legal risks as well as internal ones.
Train and Educate Your Staff –
Policies and procedures won’t do much unless your staff is familiar with them. Education and training are also an essential part of an effective compliance program. Remember that new employees aren’t the only ones who need training. Ongoing training and education based on areas of risk are important. They are a part of maintaining an active culture of compliance.
Communicate Effectively –
Maintain open lines of communication between employees and management, between students and teachers & management and partner organizations.  It’s vital to create an environment where people feel safe bringing up concerns or mistakes.
Carryout Internal Audits –
By conducting regular audits, you can identify areas of risk before they become a problem. Then,  prioritize areas for improvement, and gain a deeper understanding of processes and procedures. Since, they currently exist at your facility.
Stop managing compliance in silos
To be effective at managing compliance, higher education institutions need to implement a culture that prevents compliance failures. An effective compliance program is comprised of a culture that encourages ethical conduct and a commitment to compliance activities. This is achieved through coordination and collaboration among the various business areas and divisions, with the key stakeholders (e.g., internal audit, compliance, general counsel, human resources, etc.) all involved.
Document and Record
Documentation and record keeping is an important part of an effective compliance program and this means having effective technology in place. Spreadsheets can only go so far in effectively tracking compliance before the struggle with scalability and reliability becomes too difficult to manage. With a system in place, you can easily track and report out on the errors in compliance so that you can remedy risk areas with targeted education.
So Where Do We Begin?
VComply is here to help! Creating a culture of compliance is a dynamic process with a foundation in training and awareness. We’ve developed a perfect tool targeted towards ensuring that you and others at your facility have the tools and information to remain compliant, assess risks, and focus on what you love: providing quality education!

How important is data governance in a Gig Economy?

Everyone knows that data is an important asset for businesses. However, the business world is in a state of flux in a few different ways. One such change is the “gig economy.” We have read about Gig Economy in our previous article. This term describes a paradigm shift in the way that we staff our businesses; it represents a shift away from a long-term, stable, full-time, employee-driven workforce toward a more dynamic one that relies heavily on short-term contractors or independent workers. Gig Economy Data
How does this model impact data governance?
It’s a good question, and the answer might not be what you expect. Data is important; so is governance. In the gig economy, the human power that drives critical business activities is more fluid than under traditional staffing models. Each individual participant is not fungible. Thus,  some clearly perform better than others.  So, there is typically a mechanism to select for top performers and increase engagement with them. This should be while decreasing engagement with those on the opposite end of the performance spectrum. One might think, based on this, that the role of data becomes more fluid and transient in line with the staffing model. This is not the case. Instead, data increases in importance. The data about participants in a given ecosystem allows us to rapidly assign and transition tasks from resource to resource.  It also allows us to measure how each participant performs. Also, it drives how businesses engage with their ecosystem. After that, it decides how entities within that ecosystem interact with each other. It enforces the framework within which those players operate. Quite literally, it is what makes everything work.
Approach to Data governance
This means that the approach that we have to governing data becomes more critical as well. Can you imagine a ride-sharing application where the data was unreliable? If we didn’t know exactly where passengers needed to be picked up or dropped off? Was there was a way to tell who were reliable drivers or passengers? If we couldn’t keep track of where we went or how much it cost?Of course not, right? This means that establishing reliable, resilient and holistic governance processes for data becomes a success factor for organisations in the gig economy. It is both differentiator and competitive advantage. To safeguard competitive advantage, technology governance is about delivering value to stakeholders. It means establishing structures to maximize stakeholder value. Also, to reduce the risk equation and “optimise” it. In the case of data, the situation is no different. Data governance means that we have systematic mechanisms to ensure we’re getting the most value from the data available. It entails that we understand the risks that could arise from how we handle, store, or transmit it. VComply
How does one accomplish that?
It starts with a systematic understanding of : What are your goals ? What your stakeholders want and need? How can data help them accomplish those things? It also means establishing a process to manage and measure your risk, and a mechanism for making sure that those risks are tracked. Frameworks and standards, such as COBIT 5, that focus on governance can help you get there, but the road starts by recognising the power of data. Next step is establishing the organisational will to take action to address it systematically and holistically. The final nail is becoming educated about the options available to you to help. Boards and c-suite leaders should take the lead in establishing this is an organisational priority. Data governance is important and becoming more so as organisations become increasingly reliant on data.  But, it’s even more important in the gig economy. For those firms, data is like gasoline for an automobile engine: it’s what makes everything move, and it’s the single most important resource available to them. As such, it’s too important to leave to chance.

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