There’s a global crisis in motion and businesses are adapting to new challenges they’ve never faced before, with little to no precedent. The way call centers handle their data is crucial, and now that many around the globe will have to rapidly switch to a telecommuting model, they are faced with a whole new set of challenges.
Lowering operational costs and improving return-on-investments (ROI) are top of mind for most enterprises with a contact center. Historically, accessing the wealth of customer interaction data resulting from customer interactions across the entire organization has been a challenge.
"I showcased one of the dashboards at the end of my executive track of what data literate teams could look like - that companies can move beyond literal reporting to a place that becomes transformative to their business. It resonated." -Bridget Cogley, Tableau Zenmaster
Data drives insights, and insights drive business. If your company has a contact center, it’s likely that standard KPIs like agent performance and call times are metrics being tracked. These KPIs help managers improve agent performance, customer experience, and operations costs. But for most enterprises, the data insights stop there.
Marketers and agencies are under constant pressure to prove ROI. But tracking your digital ads are difficult if you have no way to tell which ads drove calls and resulted in sales. Speech analytics allow marketers to connect the dots and follow the customer through the funnel in order to make smarter decisions about ad spending.
Why should you use a business intelligence (BI) tool? Because big data is everywhere, and you need a reliable way to distill and consume that information effectively. Put simply, a BI tool is a type of application software designed to retrieve, analyze, transform, and report data for enterprises.
Since the 1960s, business intelligence has been evolving alongside the technology it accompanies, and when in use, it provides a holistic and comprehensive view of your business data. These tools, such as Tableau, can extract information gathered from your business’ designated data warehouse to provide targeted intelligence in a timely manner, and improve the decision-making process.
Whether they realize it or not, every department is collecting data on a daily basis. VoiceBase helps these businesses gain a better understanding of their customer’s wants, needs, and concerns by automatically transcribing, analyzing and predicting events within customer data using AI-powered speech analytics.
Without a BI tool, all of this insightful data is just sitting there–unorganized and under-utilized. Unstructured data is not only a huge problem, but a growing liability, with Gartner estimating that as much as 80% of the world’s data is unorganized. “We found that while 74% of firms say they want to be ‘data-driven,’ only 29% say they are good at connecting analytics to action. That is the problem,” says Brian Hopkins, VP Principal Analyst at Forrester Research Inc. It’s time to connect the dots, and implement a business intelligence tool. Here’s five benefits to using a BI tool with your speech analytics efforts.
Speech Analytics tools can be used to evaluate all of the calls going in and out of a call center for important customer experience (CX) insights. If you’ve ever called a 1-800 number, you probably know how a great experience during that call can affect your opinion of the brand and whether you will continue doing business with them. Better CX is proven to be linked to overall profit, so modern organizations look for ways to track and optimize CX across the entire enterprise. Research shows that increasing customer retention by a mere 5% can result in a profit gain of 25%-95%!
Proactive Dealer Solutions used Voice analytics solutions to analyze every call going in and out of their dealerships to learn more about their customer journey. What they discovered allowed them to take action and improve processes internally to optimize the way customer interactions were handled, which had positive impact on their sales.
Their goals included getting customers to call, and then make an appointment within a dealership so that a representative could move the sale forward. With thousands of calls flowing in and out of dealerships in multiple locations, Proactive Dealer Solutions needed a way to extract data from all their calls, automatically, without the need for manual human transcription or spot-checking. They needed to see trends and anomalies across all the data, in order to gain actionable intelligence.
After leveraging the learnings they gathered with speech analytics, Proactive Dealer Solutions saw a decrease in the amount of calls that were being missed by reps, and an increase in appointment conversions per call.
Overall, they saw a lift in sales of over $100,000 per month! A data-based success.
Speech Analytics can optimize sales by capturing the dense amounts of customer interaction data and providing business analysts a look into what's happening on calls at a macro level. Results are clear: the content of your calls will determine what's in your revenue numbers at the end of the month.