Verint® Systems Inc. (NASDAQ: VRNT) today announced enhancements to Impact 360® for Back-Office Operations, part of its comprehensive, next-generation Impact 360 Workforce Optimization suite from Verint® Witness Actionable Solutions® - and the industry’s most complete back-office workforce optimization (WFO) offering for four years running. New functionality includes advancements in volume and inventory management and in work item processing and tracking, both of which can help managers address and counter the complexities of managing workloads across back-office functions and departments.
The Impact 360 solution is comprised of software uniquely designed to enhance the effectiveness of back-office functions that help evaluate operational effectiveness, determine system and process efficiencies, monitor workflow, reduce errors, identify trends, and implement changes to enhance the customer experience and drive profitability. The latest enhancements incorporate feedback from Verint’s customers spanning an array of industries, including insurance, healthcare, banking, pharmacy benefits management and transportation.
“Workforce optimization in the back-office is relatively new for us. Verint has not only invested in developing functionality to meet the specific needs of back-office operations, but it provides critical back-office consulting expertise,” shares the vice president of customer service operations at a large financial services firm. “Verint worked closely with us to make sure the solution fit our requirements and was successfully incorporated into our management approach and methodologies.”
Leveraging Inventory Management
Impact 360 for Back-Office Operations helps meet the unique inventory management needs of operational processing groups, such as order fulfillment, payments and claims. The nature of the work completed in back-office operations demands greater flexibility across technologies leveraged. Managers need visibility into actual volumes being processed, as well as the ability to manage inventory levels to meet processing deadlines. The Verint solution includes a volume management tool, referred to as Pulse, which enables managers to monitor actual volumes and throughput intra-day against forecasted volumes, in addition to processing targets or goals. This functionality helps ensure that service level agreements (SLAs) are met by recognizing the impact of outstanding work, along with new work items, to determine optimal staffing requirements.
The latest enhancements also provide managers with new flexibility for how they wish to set up and report on their inventory. For example, a manager can set an inventory start for one or all work queues based on the ending inventory or backlog from the previous scheduling period, or the current inventory from within Pulse.
They can also customize how they report on their inventory - either at the current moment, or by end of day or end of week. The solution captures and enables managers to view not only average volumes per day, but actual volumes intra-day and by end-of-day. While averages have been the industry norm for managing volumes, they limit a manager’s ability to accurately plan and forecast capacity. Using actual volumes in managing inventory creates greater operational efficiencies by matching resources to volumes and minimizing idle time.
Enabling Work Item Tracking
In back-office operations, items processed - such as orders, payments, claims or applications - have varying deadlines for completion, some within hours, others within days or even weeks. It can be challenging to monitor the progress and aging of them across multiple departments and touch points through to completion. With such new functionality as Work Item Tracking, managers can track a single item through the processing steps, report on the aging of items, and identify those at risk of missing deadlines or threatening SLA. Armed with this actionable intelligence, managers can proactively re-prioritize work to meet targeted service goals.
“Managing workloads to service deadlines, and following work items across multiple functions and touch points, requires solutions and capabilities that do not exist in traditional, contact center workforce optimization suites,” explains Nancy Treaster, senior vice president and general manager, Verint Witness Actionable Solutions. “Verint has heavily invested in developing the capabilities needed, both in technology and expertise, to help our customers optimize the workforce in their back-office environments.”
About Impact 360 for Back-office Operations
Impact 360 for Back-Office Operations is part of the Impact 360 Workforce Optimization suite. Designed specifically for such back-office functions as billing, claims processing and order fulfillment, it combines robust forecasting, scheduling, and resource planning functionality, with adherence, scheduling to deadlines and the ability to build and analyze what-if capacity scenarios. Performance management, which encompass advanced scorecards and executive dashboards, as well as quality management, reporting and training comprise additional and integral capabilities within the solution. Key to overcoming the data challenges in back-office environments, the Impact 360 solution features variance measurement functionality and multiple means of capturing volume and activity data, as well as in-depth desktop analytics, including application and process analysis, process guidance and data propagation.
Verint’s Impact 360 for Back-Office Operations is a practical solution for helping organizations improve throughput, achieve service level agreements (SLAs), retain staff, and enhance the customer experience.
About Verint Witness Actionable Solutions
Verint® Witness Actionable Solutions® is the leader in workforce optimization software and services. Its solutions are designed to help organizations capture customer intelligence, uncover business trends, discover the root cause of employee and customer behavior, and optimize the customer experience. From contact centers to remote office, branch and back-office operations, its award-winning, next-generation Impact 360® Workforce Optimization suite is the industry’s most unified solution set—featuring quality monitoring and recording, workforce management, speech and data analytics, customer feedback surveys, performance management, eLearning and coaching. Impact 360 helps improve the entire customer service delivery network, powering the right decisions to help ensure service excellence and transform organizations into customer-centric enterprises.
About Verint Systems, Inc.
Verint® Systems, Inc. (verint.com) is a global leader in Actionable Intelligence® solutions and value-added services. Our solutions enable organizations of all sizes to make timely and effective decisions to improve enterprise performance and make the world a safer place. More than 10,000 organizations in over 150 countries—including over 80 percent of the Fortune 100—use Verint solutions to capture, distill, and analyze complex and underused information sources, such as voice, video, and unstructured text. Headquartered in Melville, New York, we support our customers around the globe directly and with an extensive network of selling and support partners. Verint is listed on the NASDAQ Stock Market under the symbol “VRNT.”
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs, and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements, including the risk that we are unable to introduce quality products which achieve market acceptance or the risk that our intellectual property rights may not be adequate to protect our business or that others may make claims on our intellectual property or claim infringement on their intellectual property rights. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the year ended January 31, 2010. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, the Company assumes no obligation to update or revise them or to provide reasons why actual results may differ.
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