The Untapped Resource Most Enterprises are Missing From Their Digital Transformation Strategy
In the past, technological innovation within companies has been viewed as a cost rather than an opportunity for a new profit-producing asset for the business. Everyone wants to say they’re undergoing a digital transformation, but most are still met with internal hurdles, consensus building struggles and the constant budgeting back and fourths to get approval for a technology you believe is the best thing for the company. As a result, departments such as IT and customer service divisions often bore the brunt of budget cuts and skeleton crew operations.
Perhaps no department in an organization has been reduced to minimal revenue-generating expectations more than the contact center. Agents are expected to resolve customer inquiries such as product troubleshooting, billing issues, and general questions in a timely fashion in order to maintain optimal operational efficiency while keeping enthusiasm high and providing the customer with an optimal customer experience. This has required a high level of management, coaching and scoring due to the fact that agent turnover is extremely high and the number one problem in most contact center organizations.
Recently, there has been a new lens cast on the contact center as an integral member of the team and phrases like ‘cost center’ are starting to be mumbled less and less. This is partially due to the growth of customer experience as a leading differentiator and partly from the realization that data is often a business’ most valuable asset- and the contact center is in the business of collecting data on a massive scale.
Big Data: the Game-Changer in the Enterprise Call Center
The advent of big data has spawned a new dimension of how we conduct business on a day-to-day basis. Components such as your website, social media presence, and contact center interactions are just a few examples of where you can unearth valuable information about your customers and how they interact with your company and brand. These insights can greatly inform future business decisions and strategies to help you provide the best products, services, and experiences to your audience.
Enterprise organizations are beginning to understand the tangible value that contact center operations bring into the fold. And a majority of that value is found buried deep inside the hundreds of thousands of calls that go in and out of the call center on a daily basis. However, manually sorting through countless customer conversations for information is a costly and time consuming undertaking.
Identifying the right strategy to harness organic customer feedback and insight to drive decisions is one thing. The actual execution of converting unstructured voice data into structured data and analyzing that for insights is quite a different task.
Solution: Cloud-Based Speech Analytics
Fortunately, cloud-based speech analytics solutions like VoiceBase have become the go-to answer for modern enterprises to navigate contact center data within their favorite BI tool, like Tableau. Speech analytics solutions bridge the gap between the massive volume of data that your call center produces each day to help you provide a number of company-wide actionable improvements. Through the automatic scoring of agent phone calls and other omni-channel interactions, you are able to provide:
- Better training: Paint a picture of each of your agent’s performances on the phone. Reveal who top performers are, and use their behaviors to help train lesser-performing agents. This helps improve average handling time and first call resolution rates.
- Improved products and services: Always have a hand on the pulse of your product quality and feedback to make swift and effective changes to increase adoption, basket size, and overall revenue.
- Bolstered security: An IDology Fraud Report found that industries such as finance and retail have seen a 30% increase in the number of fraudulent calls in recent years. With speech analytics, you are able to redact sensitive customer information as well as flag these fraudulent incidents for immediate review and action.
To learn more about how to lead a digital revolution within the contact center – download this Modern Speech Analytics Playbook to understand the architecture of the modern enterprises’ contact center and how efficiently surface insights that your team can actually take action on.