What is IDP?

An Intraday Plan (IDP) refers to a strategy used in trading and business operations to monitor and analyze activities within a single trading day. Intraday reports (or interval reports) provide real-time data on performance, allowing for timely adjustments and decision-making.

How to Calculate IDP

1. Forecast Call Volume:
   • Use historical data to predict call volumes for each interval (e.g., 30 minutes) throughout the day.
   • Consider factors like day of the week, holidays, and marketing campaigns.
2. Determine Required Staffing:
   • Calculate the number of agents needed for each interval based on the forecasted call volume and average handling time (AHT)
   • Use Erlang C or similar workforce management (WFM) tools to determine staffing requirements.
3. Create Initial Schedule:
   • Develop a schedule that aligns with the forecasted demand, ensuring you have enough agents for each interval.
   • Include breaks, lunches, and other activities in the schedule.
4. Monitor Real-Time Performance:
   • Continuously monitor call volumes, agent availability, and service levels throughout the day.
   • Use WFM software to track real-time date and compare it with the forecast.
5. Adjust the Plan as Needed:
   • If call volumes are higher or lower than expected, adjust staffing levels accordingly.
   • Reassign agents, adjust break times, or call in additional staff if necessary.
6. Communicate with the Team:
   • Keep team leaders and agents informed about any changes to the plan.
   • Use dashboards and real-time reports to provide updates.

Example Calculation

Let’s say you forecast 100 calls in the 10:00-10:30 AM interval with an AHT of 5 minutes. Using Erlang C, you determine you need 10 agents to handle the calls within your service level target.

1. Forecast Call Volume: 100 calls
2. AHT: 5 minutes
3. Required Staffing: 10 agents (calculated using Erlang C)
4. Initial Schedule: Schedule 10 agents for the 10:00-10:30 AM interval.
5. Monitor and Adjust: If actual call volume in 120, you may need to reassign agents from other tasks or intervals to handle the increased demand.

Why IDP Matters

IDPs are crucial because they:

• Enable real-time decision-making: By providing up-to-the-minute data, IDPs help businesses and traders make informed decisions quickly.
• Improve responsiveness: Immediate insights allow for rapid adjustments to strategies and operations.
• Enhance performance tracking: Continuous monitoring helps identify patterns and trends that can inform future strategies.

Factors Influencing IDP

Several factors can influence the effectiveness of an IDP, including:

• Market volatility: High volatility can lead to rapid changes in data, requiring more frequent adjustments.
• Data accuracy: Reliable and accurate data is essential for making informed decisions.
• Technology: Advanced tools and software can enhance the ability to collect and analyze real-time data.

Strategies to Improve IDP

To improve your IDP, consider the following strategies:

• Invest in technology: Use advanced analytics tools and software to gather and process data efficiently.
• Train staff: Ensure that team members are skilled in interpreting and acting on intraday data.
• Set clear KPIs: Define specific metrics to track and analyze throughout the day.
• Regular reviews: Conduct frequent reviews of intraday data to identify areas for improvement.

Related Terms

• Intraday Trading: Buying and selling financial instruments within the same trading day.
• Real-time Analytics: The process of analyzing data as it is collected.
• Key Performance Indicators (KPIs): Metrics used to evaluate the success of an activity.

Conclusion

An Intraday Plan (IDP) is a valuable tool for businesses and traders to monitor and adjust their strategies in real-time. By understanding and implementing effective IDP practices, you can enhance decision-making, improve responsiveness, and optimize performance.