How Analytics Enable You to Bring Your Company Closer to the Customer than Ever Before
There are divergent opinions in what technologies are most effective in creating a better customer experience, but one thing that just about every expert agrees upon is analytics can be a real game-changer.
According to a recent Harvard Business Review Analytics Services study, published in Forbes magazine:
- 70% of enterprises have increased their spending on customer analytics solutions over the past year.
- 58% of enterprises are seeing a significant increase in customer retention and loyalty as a result of using customer analytics.
- 60% view using real-time customer analytics to improve customer experience across touch points and devices as extremely important today.
- 44% of enterprises are gaining new customers and increasing revenue as a result of adopting and integrating customer analytics into their operations.
The move toward greater use of analytics has been swelled by a wave of converging technologies including artificial intelligence, the internet of things (IoT), and cloud computing. The exceptional speed and precision advanced customer data analytics continue to improve at an exponential rate, making them a must-have for businesses seeking to forge stronger connections with their audience.
As further noted in the Harvard Business Review Analytics Services study, the number of corporate executives who responded to the study indicated that the importance of having the capability to use customer analytics to improve customer experience across all touch points rose from 60% in 2018 to a projected 79% for 2020.
But it’s an oversimplification to just state that analytics can be beneficial to businesses. Analytics tools encompass a broad spectrum of categories and technologies that need to be understood and evaluated before being implemented and integrated into a company’s CX strategy.
Can text and speech be analyzed in the same way? Why or why not and how should companies be thinking about text analysis vs. speech analysis? Both text and speech analytics enable organizations to optimize customer engagement by looking deeper into interactions its agents have with customers, regardless of channel –phone, email, chat, social media, or surveys as well.
Speech analytics uses speech recognition software to convert spoken words of recorded calls into text where analyses can be performed. When used effectively, it can help identify the reason behind a call, the products mentioned and the caller's mood. Sophisticated speech analytics software can analyze phrases used by customers to quickly identify their needs, wants and expectations and indicate areas that need improvement for front-line personnel.
Text analytics is the process of transforming unstructured text documents into usable, structured data. It works by deconstructing sentences and phrases into their components, and then examining each part's role and meaning using complex software rules and machine learning algorithms. One can analogize it to slicing and dicing piles of diverse documents into easy-to- interpret data pieces. By more closely examining communications written by--or about-- customers, business can identify patterns and topics of interest, and follow up with practical action based on what has been learned.
Desktop analytics offer contact center managers a method of capturing and analyzing user activity at the desktop level. The data gathered about individual application usage and across applications can not only impact the customer experience but ultimately affect the IT resource budget as well. It resides on each individual agent's desktop, compiling a list of every application, URL, and more the agent accesses during the day. This empowers companies to determine if contact center personnel are adhering to standards and see how well they are relating to customers.
Leading analytics provider Calabrio will take a deeper dive into the constantly growing use of analytics---and examine its specific role in enabling companies to become more customer-centric—in two complementary…and complimentary…webcasts on CrmXchange.
The first of the two presentations –“The Beginner’s Guide to Analytics” --will take place on Thursday, February 20. Presented by Contact Center Analytics Consultant Mark Fagus of Calabrio, it will explore such key topics as:
- The differences between speech, text and desktop analytics
- Analytics technologies, such as LVCSR (Large-Vocabulary Conversational Speech Recognition), Phonetics and STT (speech-to-text)
- The top 10 analytics business use cases
The second webcast – "Unlock Customer-Centric Intelligence" on Thursday, March 12, will expand on how companies can make the most out of using analytics by empowering themselves to reach higher levels of comprehension by developing new insights to deal with their customers. Brad Snedeker, Director Product Marketing, Calabrio, will delve into features that companies can use to their advantage, including:
- Embedded analytics – learn how analytics have been surfaced throughout the application to provide easy access to key insights without having to go outside everyday workflows
- Unified, self-service dashboards – compelling and personalized insights within dashboards that can double as homepages
- Enterprise KPIs – out-of-the box performance management tools
- Speech-to-text enhancements – find out how to achieve increased accuracy and speed of transcription
Register now for the first or second of these informative Calabrio webcasts….even better, sign up for both! Each will take place at 1:00 pm ET. If you cannot attend the live presentations, you can download each one 24 hours after it is completed.