More personalized emails(quality) or a Powerdialer(volume)?

We are in a market where we book more by cold calling than by cold email outreach, and our team is considering whether a power dialer is worth investing in.

From my personal perspective, I think a power dialer will drop our conversion rate, lower the quality of calls, however in theory we could get more conversations per day, which is kinda the goal.

My take on this topic is that our team should focus a bit more on personalization by emails, so in the long run, we would actually need to have fewer conversations(by calling) to get more demos booked and that would not negatively affect our conversion rate, alongside that it would help us reach the decision-makers in bigger companies, whereas a cold call just won't do because you'll be facing a hundred gatekeepers.

What's your take on this?