You Might Have The Data, But Is Your C-Suite Missing Out On Profitable Insights?
by Matt Matsui, Senior Vice President, Products, Markets and Organizational Strategy, Calabrio -
June 1, 2016
You Might Have the Data, But is Your C-Suite Missing Out on Profitable Insights?
By Matt Matsui, senior vice president, products, markets and organizational strategy at Calabrio
Most executives know that collecting data is central to making operations efficient – and the importance of data scientists proves that point. However, the typical data collection systems don’t allow companies to extract the full value from data because many companies are analyzing that data in silos. In order to truly garner the best insights, companies must stop thinking that collecting and storing data is enough, and start thinking about connecting and analyzing that data across all parts of the organization. Whether structured or unstructured, the purpose of data is to extract insights into the customer and support more accurate decision-making. While it is incredibly important to analyze customer data both quickly and easily, this analysis must go one step further. Traditionally, organizations have let the contact center operate in a silo, but now companies must truly connect all data - including data from the contact center - with the rest of the organization for a truly integrated view of the customer.
The Data Landscape
A LinkedIn study found the number of data scientists has doubled over the past four years. Headcount has increased because many managers believe they need scientists to conduct the analysis that allows them to look beyond investment risks and base decisions on real insights from inside of the organization. While these insights are critical, if the right technology is in place, organizations won’t need to hire a team of scientists to conduct data analysis. There is a whole new generation of solutions that make it this analysis easy. For most organizations, the right technology can achieve same results as hiring a team of scientists. Across all departments, this type of technology is taking the guesswork out of decision-making – and it’s changing the contact center.
The contact center is robust with data that can be turned into insights about the post-sale behavior of customers. It’s the foundation for preventing churn, identifying upsell opportunities and, ultimately, is hugely important to creating the most comprehensive view of the customer.
The Story of Data
Whether a company is trying to understand a consumer’s decision to purchase one salad dressing over another or how many new customer service representatives to hire, data, at its roots, is really about people. Ultimately, data analysis strives to understand the human condition and what drives peoples’ behavior. One of the best ways to understand consumer behavior in the contact center is to analyze customer interactions with speech and text analytics. Measuring the sentiment and emotion in the voice of the customer is a company’s most important step toward putting the customer at the center of corporate strategy.
Sure, every company says they are customer-centric, but that involves an integrated approach that leverages that contact center data across the organization.
Get Wise with Data
Companies should utilize data mart capabilities to combine analytics from the contact center, workforce management, CRM systems, website, social media, surveys and product engagement tools. This will allow a management team to finally be truly customer-centric and answer some of today’s most complicated questions:
- “Can a company cite trends from its customer interaction data?”
- “How do I understand what is frustrating my customers?”
- “What types of conversations in the contact center lead to higher revenue?”
- “What can we update, feature or iterate on in order to optimize market opportunity?”
Data analysis is the most accurate way to invest in and reap the benefits of analyzing the customer experience. Companies with the right software can glean insights that not only reduce operational costs, but also inform decisions—heard first from the customer—that alter product development and deployment, reaching wider markets and yielding more revenue from existing customers.
The best news yet is that this practice is just beginning, and technology will continue to expand and grow to allow companies to garner even more insights from the contact center. Stay tuned to hear more about organizations that are changing the game, one contact center at a time.