Contact center workforce management (WFM) is a set of processes that ensures the right number of agents with the right skill sets are available at the right time. It has four components: forecasting interaction volume, optimizing agent schedules, assigning agents to shifts, and managing intraday activity. When done right, WFM boosts agent engagement and customer…
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What Is Direct-to-Consumer (DTC) Ecommerce?
Direct-to-consumer or DTC ecommerce is a retail model in which a business designs, creates, and sells its products to the end consumer. DTC has increased in popularity over the last 10 years, largely due to prominent startups like Warby Parker, Casper, and AllBirds that follow this model. But while high-revenue startups have popularized the DTC…
What Is a RACI Chart? A Guide for Small Businesses
A RACI chart, a type of responsibility assignment matrix (RAM), is a visual tool for defining team members’ responsibilities on specific tasks or outputs. To understand better what a RACI chart is, picture a diagram in a table format. The first column enumerates the project assignments, and the rest of the columns reflect the different…
What Is an Accrued Expense and the Required Journal Entry?
An accrued expense is a current liability used to record expenses that have been incurred but not yet paid. In accounting, expenses are recognized when they are incurred, not necessarily when they are paid. Therefore, if a company has received goods and services but has not yet paid for them by the end of an…
What Is MOQ? Retailers’ Guide to Minimum Order Quantities
A minimum order quantity (MOQ) is a sales strategy used by wholesalers and other B2B suppliers in which they set a minimum number of products they will sell in a single order. For example, a clothing supplier may require that retailers purchase a minimum of 100 T-shirts per order, not allowing them to purchase any…
What Is Lean Project Management? Benefits & When to Use It
Lean project management is the process of delivering value to the customer and minimizing waste. It is a subset of the larger agile project management framework, developed primarily for manufacturing to eliminate inefficiencies from work processes. Proper application of the lean methodology results in higher customer satisfaction, lower costs, and enhanced product quality. Discover what…
Internal Recruitment: What It Is, Benefits & Tips
Internal recruitment refers to the process of filling job vacancies within an organization by hiring from among the existing employees, rather than recruiting from outside. It is a talent acquisition strategy used by companies to leverage their current talent pool when sourcing candidates for open roles. The most common types include promotions, transfers, and internal…
What Is Click-to-Dial? Benefits for Small Businesses
Click-to-dial, sometimes called click-to-call, refers to the technology that allows a user to initiate a call by clicking a button or a text indicating a phone number. Click-to-call buttons may be placed on a website, such as on product pages, enabling web visitors to click the button and instantly connect to a business without keying…