December 16, 2010
Four Uses for Embedded BI Analytics
By David Sims, TMCnet Contributing Editor
Angel, a vendor of business analytics tools and services, has produced a study recently looking at the value of BI analytics and the “information and insight you can gather to improve the customer experience and gain a competitive advantage.”
The study discusses technology innovations that make BI analytics easy to implement. “Once considered too complex and expensive to be practical, technology has advanced to make BI analytics easily accessible through a built-in integration into the voice application,” company officials say, adding that in their opinion, Software as a Service (SaaS (News - Alert)) is “the ideal way to implement a BI analytics product in tough economic times.”
SaaS is faster to implement, much less expensive than a standalone BI analytics solution that is not part of the voice application, and it carries a much lower risk burden than traditional enterprise software.
Business intelligence analytics can also identify trends and patterns in customer behavior and attitudes to understand the impact every customer experience has on costs, profitability, retention, customer satisfaction and brand loyalty, the study finds, while enumerating four principal advantages of the practice:
Discover reasons why callers opt out of the Voice Application. Many customers don’t complete transactions in the voice application due to confusing menus or lack of sufficient prompts that cause a caller to abandon self-service for an assisted call. This results in a rise in costs for agent-assisted calls.
Gain insight into VUI design effectiveness. Voice User Interface (VUI) design can make all the difference in the effectiveness of a voice application. A simple and smart VUI design that anticipates your customers’ needs and automates tedious tasks results in higher customer loyalty that ultimately impacts the bottom line with lower churn rates and increased sales.
Determine reasons for customer defection. Often it takes months to find out why customers cancel their accounts, and then it’s too late. By spotting issues that indicate potential customer frustration, it’s enables enterprises to address those issues with individual customers and save the account.
Gain intelligence into application performance. Performance and reliability are the lifeblood of a voice application. Exposing hidden task / automation performance and reliability issues in the entire chain of voice application layers, enterprises can identify the root cause of the problem and fix it before it escalates.
David Sims is a contributing editor for TMCnet. To read more of David’s articles, please visit his columnist page. He also blogs for TMCnet here.
Edited by Chris DiMarco