Proving return on investment has been a cornerstone of business since the beginning of time. If you cannot provide empirical data that a project, campaign, or service is having a positive and lucrative effect on operations, you can surely bet that that particular undertaking will get the axe from executives.
Justifying ROI is often associated with departments with auxiliary benefit to the organization. One of the most common entities that come to mind is marketing. While it’s increasingly evident that marketing efforts are paramount to the overall success of the business, one of the biggest challenges is compiling definitive evidence that marketing efforts are bringing in money.
Historically, call centers have been thought of as necessities to business functionality rather than a source of profit and progress within the company. Now, with the advent of big data, call analytics, and business intelligence (BI) tools, companies now have the ability to prove contact center ROI. Let’s discuss how you can get your enterprise call center from an operational liability to a data-driven, money-making powerhouse.
Call centers are weighed down by infinite data
It’s no secret that every time you are able to get a customer on the phone, you are creating a pool of information that give you better insights for improving your business. Things such as keywords, competitor mentions, sentiment, and agent monitoring are just a few of the things that give you a glimpse into this valuable data. The problem is that there simply isn’t enough hours in the day to manually listen to, record, and analyze every call that comes in and goes out of your call center.
You want to be able to capture every morsel of data that comes out of the voice of the customer to paint the most accurate picture of your customer interactions as possible. With neural language processing and predictive analytics combined with a BI tool, you are able to quickly and accurately make sense of all of your big voice data.
The manual call recording dilemma, solved with BI Tools
Over the years, the power of leveraging a BI tool for the contact center has become abundantly evident. A recent study conducted by Forrester on the effectiveness of one BI solution provider, Tableau, found that three companies cited a 127% increase in ROI over a 13-month period as a result of the BI tool. But how exactly do your call center analytics benefit from integrating with a BI tool?
- BI tools turn data sets into actionable insights: Call recording and predictive analytics in and of themselves are incredibly useful tools, but making sense of the large data sets they produce can be cumbersome and timely. A BI solution is able to take this raw data, compile it, and present it in a visually-digestible manner. Easy-to-decipher reports and graphs allow you to jump right into the heart of the data.
- Getting those insights to the right people in a timely manner: Frontline reps need real-time data to work with as they are the ones interacting with and building relationships with the customer. If your reps are not sharing insights, they are technically operating blind. Businesses need to create a solid foundation using the right metrics.
Unearthing the valuable data
You are probably eager to jump right into reaping the benefits of a BI tool solution. However, before you do, you need to step back and think about these key steps before deciding which tool is right for you:
- Define business goals and what you would like to get out of this data
- Create specific strategies and actions that will drive you toward those goals
- Select specific metrics that show incremental progress
- Define the data you would like to visualize
- Decide who will best analyze the data and what you will do with the data
Integrating a BI Tool is an efficient way for companies to gain a larger ROI by saving time, costs, employee resources, and risk in identifying proper insights in your company’s data. By conjoining a predictive analytics solution such as VoiceBase with a business intelligence tool, you open up a whole new way to better understanding the Voice of the Customer.
To learn how to avoid the pitfalls of premise-based solutions and what cloud contact center building blocks are right for your business, download the white paper today!
To learn more, contact VoiceBase today.