Every day, the world creates 2.5 quintillion bytes of data. That is a staggering number that the human mind can’t even begin to fathom. And if we can’t picture that figure in our heads, how can we be expected to make sense of it all on our own to make informed business decisions?
Luckily, we don’t have to! Big data has become one of the most valuable assets for enterprises—the countless pieces of information that come in and out of your business contain the data that can drive up sales, cut operational costs, and improve inefficiencies in your operation. However, you’ll need a powerful tool to reap the benefits of all of this data, especially the spoken information in your call recordings.
Business Intelligence (BI) tools have emerged as one of the most imperative components for businesses today. These software solutions allow you to easily mine data, analyze it, and create reports to identify trends and build business strategy. Put simply, implementing a BI solution is the best way to ensure you’re getting the most out of your call data, and that every department can surface insights.
So, what are some of the other benefits of adopting a BI tool? What are some of the things you need to integrate together in order to take advantage of big data?
What compromises a full BI suite?
There are several components you will need to build a solution for visualizing your call center data:
- Call recording—What was once an expensive and difficult solution to use is now an affordable and user-friendly tool. Call recording services are a ubiquitous and cost-effective commodity that should be at the center of your speech analytics strategy.
- Speech Analytics Solution—Speech analytics solutions are typically cloud-based speech analytics platforms to help monitor your agents, extrapolate NPS scores, and alert you when customers are about to churn. They also ensure the safety of sensitive data through encryption and redaction of private customer information. This allows you to automatically score 100% of calls and surface intelligence for agent and sales optimization.
- Cloud Storage—Cloud storage is an integral component to enterprise data management today. With the sheer volume of voice data coming through your organization, you’ll need vast amounts of storage that is easily accessible.
- BI Tool Integration— Last but not least, you need a BI tool! Business Intelligence tools source the data from a data warehouse and provide business users with the proper tools to analyze their data and extract information. It supports the transformation of raw data into useful information to support businesses in decision making processes. BI tools provide businesses with reporting functionality, tools for identifying data clusters, statistical analytics, business performance management and predictive analytics.
How to build this solution
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?
- Define your objectives: What functionality do you have now that is crucial, and what new functionality do you need that would be difficult, expensive, or hard to implement in your current architecture?
Identify solution providers: If data is important to you, make sure your call recording provider can deliver stereo or dual-channel call recordings, so you’ll know who said what. Pick a speech analytics provider that can give you the answers to your questions like “How likely is this customer to churn?” or “What would this customer’s NPS score have been?” instead of just delivering a transcript that you still need to analyze.
Bring in your team: There’s no point in building something if there’s no stakeholder buy-in. Ask your team if there’s a preferred BI tool that they have expertise in. Why not send all of your data to one place for reporting and data visualization?
Develop a cloud migration strategy: Determine where your data will live and how you will handle the migration to this new architecture. Is it in your data warehouse or in an application that you can log in to? Will your current vendor give you your data, or do you need to start collecting it now before your contract expires?
If you follow this roadmap, you will find yourself on the path to better technology, better data, and, as an ultimate result, better business decisions. By partnering with VoiceBase, you are ensuring that your BI integration is getting the most out of the True Voice of the Customer.
To learn more, contact VoiceBase today.