Predictive Analytics

Speech analytics has become an important feature in the operation of many contact centers. These sophisticated systems have the ability to precisely identify words and phrases that can be used to guide the customer through help menus and connect them with appropriate agents. Speech systems can also be used to gather a considerable volume of information that can be used to gauge insights about a brand and many other valuable data points; the ability of these systems to collect information from the entire call made to a center means it can accomplish what even a large team of people cannot. It is not surprising that many global call center leaders have been using analytical systems to improve customer experience (CX) and accomplish other essential operational goals, including revenue, reduction in customer effort and channel switching. As advanced as these systems are, the ability to predict customer needs and behavior is even more cutting edge. Predictive analytics has gotten a lot of buzz but can it really improve CX strategies and outcomes? Solve Problems Before They Arise Systems capable of predictive analysis can provide invaluable insight into emerging problems. This peek into the near future gives business decision makers and departmental leaders time to develop strategies that address these concerns before damage control is required. Preempting problems often takes much less time and overall effort compared to repairing the damage after the fact. Often, a small increase in problems reported with a particular feature gives employees enough information that the feature can be fixed before the problem affects the broader population of users. All this means less downtime for maintenance, fewer reports related to the problem, and more effective delivery of service. Knowing that customers are likely to be calling about a particular problem also lets agents present those solutions first, thereby resolving calls in much less time. Driving Revenue Through Improved Customer Experience Analysis systems with predictive capabilities are closely related to revenue driving because they help accomplish the features of CX most closely correlated with increased revenue, namely: Research into customer demographics Insight into customer behavior Strategy for problem-solving and improved outreach Simply collecting data has never been enough to actually leverage the advantage that information volume potentially has. Smart sorting and analysis are required to perceive evolving trends and patterns. Industry insight and experience developing CX will help pinpoint the strategies most likely to achieve optimal outcomes. While no system is capable of replacing experience, CX specialists will have a much larger collection of information from which to draw conclusions about experience improvement. Outperforming Competition and Supporting Company Growth Companies that excel at CX outperform their competition, resulting in greater revenue and market domination. Widespread brand awareness also takes place as a result of improving CX strategies and delivery. Increased revenue and market domination will allow companies to grow to the next level. Identifying highly precise segments of a customer population will allow targeted messaging and service provision relevant to the concerns affecting that particular group. This nuanced segmentation of customers actually improves the likelihood that people will respond positively to outreach strategies. Implementing predictive systems will provide highly relevant data that can be immediately leveraged towards key organizational outcomes – all through improving the experience offered to customers. This blog was first published on LinkedIn.