Analytics help unlock the value of customer insights

February 13, 2013

Typically, contact centers accumulate a wealth of data during their customer interactions. Realizing its potential, companies are now mining these large data sets to achieve deeper insights. Using the derived insights, they can effectively complement their traditional business intelligence to deliver enhanced customer experience and successful marketing campaigns.

Increasingly, BPO service providers are deploying analytics to gain actionable business insights from the vast volumes of transactional data gathered during long-term client engagements. A robust Business Intelligence system can help BPOs collect data from customer interactions, analyze it to understand customer insights and convert it into recommendations that can improve the performance of all departments.

Building an analytics capability lets companies have a single source for consistent, high-quality data about the performance of a particular process or function. Moreover, analytics can deliver great value by offering more insights by tracking data across various departments of the organization.

As per the Aberdeen Group’s ‘Speech Analytics: Listen to your Customers’ benchmark report, approximately two-thirds of interactions in contact centers involve voice — phone and/or Interactive Voice Response (IVR) conversations. Currently, nearly half of all contact centers are using speech analytics tools to analyze voice conversations. This number is expected to rise steadily in the future since companies are leveraging the importance of voice within their broader multi-channel customer conversations.

Speech analytics can also be used to identify crucial data on key trends driving customer behavior. The report shows that 95 percent of speech analytics users are focused on applying speech analytics for post-call analysis. However, by using real-time speech analytics, agents can now capture timely insights based on customer sentiment. This can be done by empowering them with all the information on their desktop to see customer feedback about the brand pre- and post-interaction.

Undoubtedly, embedding analytics into business processes can help companies not only reduce cost overheads and improve efficiencies, but also generate useful insights that can help organizations to successfully create a distinct competitive advantage.