Glossary

Helpful A-Z glossary listing key terms, acronyms and their definitions.

L

Labor Saturation Rate

The Labor saturation rate is defined as a rate that measures to what extent or degree a job already exists in a certain labor market. It is calculated by dividing the number of certain positions by the total working population of the specific area. A saturation rate between 1% and 2% is considered to be healthy.

LAMA

LAMA is the acronym of four key steps in customer service interaction - Listen, Acknowledge, Make a statement, and Ask a question. It is a call-management technique that focuses on listening and interaction with customers for effective call control.

LAN

See local area network.

Last-Mile Delivery

Last-mile delivery refers to the process of moving and delivering products from the transportation hub to the customer’s residence.

Law of Diminishing Returns

Refers to minimal improvements in a service level. With the addition of more customer service agents, productivity is bound to increase to a maximum, then starts to decline and eventually becomes negative.

LDQ

See longest delay in queue.

LEC

See local exchange carrier.

Level Zero Solvable

Level zero solvable is a metric that measures the percentage of customer concerns resolved by an agent or representative, that could have been resolved by a self service function such as FAQ.

Lifetime Value (LTV)

AKA customer lifetime value. Refers to a metric that estimates the average revenue or net profit a customer will generate throughout their lifetime as a customer.

Live Chat

Live chat is an online communication support channel that enables agents and customers to exchange electronic messages in real time.

Live Monitoring

Live monitoring refers to a feature that enables supervisors and managers to monitor, evaluate and asses real time interactions between customer service agents and customers across various communication channels, in order to ensure customer service quality and provide relevant assistance to agents.

Load Balancing

Managing and organizing contacts between queues and customer service agents.

Local Area Network (LAN)

A network of interconnected computer systems within a limited area that facilitates sharing of information.