How Contact Centers Improve ROI By Utilizing BI Tools

by Natalie Chilton

Proving return on investment (ROI) has been a cornerstone of business since the beginning of time. If you cannot provide empirical data that a project, campaign, or service is producing a positive and lucrative effect on operations, you can surely bet that particular undertaking will get the axe from your executives.

Historically, call centers have been simply thought of as a fundamental pillar to business functionality, rather than a key source to profit and progress within the company. Now, with the advent of big data, call analytics, and business intelligence (BI) tools, companies now have the concrete ability to prove not just call center ROI, but transform your contact center into a source of business value.

Let’s discuss how you can get your enterprise contact center from an operational liability to a data-driven, money-making powerhouse.

The Weight of All That Data In Call Centers

It’s no secret that every time a customer is on the line, plenty of information is received that gives 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. A common problem encountered is that there simply aren’t enough hours in the day to manually listen to, record, and thoroughly analyze every call that comes in—and goes out of—your contact center.

Your goal should be to capture every point of data from the voice of the customer to paint the most accurate picture of interactions as possible. With natural language processing, predictive analytics, and an appropriate BI tool, you are now easily able to quickly and accurately make sense of all of your big voice data.

The Manual Call Recording Dilemma, Solved

Over the years, the power of leveraging a business intelligence tool for the contact center has become positively evident. The annual report from Dresner Advisory Services indicated that in 2017, over half of companies have adopted an intelligence analytics tool, and the number continues to rise, as high as 59% in 2018. But how exactly does your data benefit from integrating with an intelligent tool?

business intelligence icon

Business intelligence platforms turn data sets into actionable insights. Call recording and predictive analytics are incredibly useful tools by themselves, but making sense of the large sets of data they produce can be unmanageable. 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 quickly and efficiently. That’s why now 81% of businesses surveyed by SelectHub value the visualizations of their tools the most.

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Valuable insights get to the right people in a timely manner. Front-line representatives need up-to-date information to work with, as they are the ones interacting with and building relationships with the customer. If your representatives are not sharing the insights from the data, your team is operating in the dark. By allowing these insights to be shared, BI tool users reported that in 2017, their data analysis was now faster, more accurate, and provided for better business decisions. In order to leverage an analytics and reporting tool properly, consider the following steps to get started.

Unearthing the Valuable Data

You are now probably eager to jump right into reaping the benefits of an analytics tool solution, but before you do, you need to step back and think about these key steps before deciding which platform is right for you:

  • Define your business goals and what you would like to get out of the 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 business intelligence 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 connecting a predictive analytics solution such as VoiceBase to a business intelligence tool, you open up a whole new path to a better understanding of 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 whitepaper today!

To learn more, contact VoiceBase today.

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