Analytics is About Answers

A picture may say a thousand words, but numbers never lie. And it is for this reason analytics is an area garnering growing attention. From politics to the call center and beyond leveraging data to provide actionable insight is an invaluable tool no matter what dog-eat-dog industry you are involved.

The waters of data-driven decision making are warm, and a recent report on the growing use of speech analytics highlights this point. According to a recent report from MarketsandMarkets,  the speech analytics market will grow in valuation from nearly $600 million to more than $1.5 billion by 2020. This represents a CAGR of 22 percent over that time.

Speech analytics are just a piece of what data brings to the table. For the call center, the IVR provides a wealth of data, with the capability to provide the firm greater visibility into:

• Why the call was placed
• How many callers were properly identified
• How many callers were improperly transferred
• Self service rates

One of the best ways to ensure exceptional service is via agent evaluations. By monitoring and analyzing both customer and agent behavior, an analytics solution can point to areas in need of improvement—for instance, up-sell or cross-sell opportunities.

In the past, one would print out or view daily activity reports displaying key metrics and performance. Today, however, the world works in real-time, and analytics solutions available today offer actionable insight as interactions occur.

A loyal customer will return time and time again, but earning that trust is not always as easy as it sounds. It is built on each positive interaction and each issue resolved, by giving the customer what they want. While ignorance is bliss for many, knowledge is power for others.

Don’t leave your business in a Hodor-like state, avoid knowing nothing, take the reins and fly…you may be surprised where you land – it won’t be Westeros, but I know it will be good!

Edited by Stefania Viscusi