With customer demands getting more sophisticated and personalized, this philosophy of perceiving customer support service as a cost centre is quickly losing its pace. Organisations that are analytics driven reap intangible benefits like – enhanced lifetime value for their customers, reduced customer churn and higher levels of customer recommendations. Additionally, through the internal employee engagement program organisations are witnessing higher employee retention and productivity.
Future ready organisations are thinking beyond descriptive analytics and are yearning for prescriptive and predictive analytics to accelerate their customer experience strategies to the next level. While Descriptive analytics enables enterprises to query data integrated from multiple applications to create reports, dashboards that firms can access via applications, the next generation prescriptive analytics is an amalgamation of descriptive analytics, artificial simulation, math to improve the impact of human decisions or an app’s algorithm.
India’s telecom sector is traversing the tough road of consolidation with upbeat competition and surge in consumerization. In her interview to communications today, Aruna Sundarajan, Telecom secretary has rightly shared that “the days of regulatory arbitrage are over. Are telcos going to be mere utilities, or they can become more than that and offer real value to customers. Let’s look at cloud, data centers, artificial and virtual reality, big data analytics — all are converging.”Infact the contemporary adaptation of the word consumerization speaks volumes about how the retail customer is the real game-changer. The explosion of multi-channels’ analytics combining speech, text and social media analytics combined with digital feedback leaves ample room for a great Customer Experience showcase. In-fact the digital channels, contact centres, retail marketplaces, and the back-office are the four integral pillars of customer-experience.
For India’s banking sector too the rise of digital has led to a natural demand by customers to communicate with brands via multiple channels. As showcased through Verint’s Digital Tipping research Indian customers prefer the digital route when engaging in a mid-complex/complex customer service request.
International Bank with operations in India leveraged Verint Speech Analytics & Real-time Speech Analytics to drive Sales Enhancement. With Verint Speech Analytics, the bank was able to surface positive language and best practices used by the best sales agents. Learning from Verint’s Speech Analytics was further used to provide sales guidance to the agents in real-time and as a result the sales pitch rate was doubled in a short span of 6 months.
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India’s leading private sector banks deployed Verint Speech Analytics to drive operational efficiency resulting in significant average handle time ( AHT) optimization driving instant ROI.
As Indian banks are poised to accelerate in the fast lane, they are looking for technological advancements which can:-
- Fine tune their customer experience strategy there by enhancing digital experience.
- Leverage on speech, text analytics and Enterprise feedback for predictive customer insights and feedback management.
- Empower employees through a stronger “Voice of Employee” (VoE)
- Knowledge management to empower customers and employees.
Holistic analytics and enterprise feedback platforms can power India’s telecom and banking and BPO’s as frontrunners to improve their game-plan by:-
- Automated theme detection to identify areas of concern.
- Gauging customer sentiments
- Identifying trending words and phrases
- Speech Analytics through its speech engine incorporates phonetic and transcription in combination with natural language processing (NLP), to enable the analysis of calls in real time and to build a complete semantic index of the big data in recorded calls.
- Digital feedback using customer initiated or Enterprise Initiated feedback.
Through customer engagement and workforce optimization solutions Indian enterprises can gain greater visibility by blending customer-facing and back-office operations environments.
As more and more organisations are striving to map the voice of employee with the voice of the customer the year 2018 and beyond belong to-
- Unified onmichannel customer engagement strategy– Omni channel l/digital customers are prone to higher attrition rates; they can start a customer service inquiry or request for a new product in one interaction and continue it in another. It is important to highlight here that customers don’t think in silos but the organisations can receive insights from the same customer in silos. Omnichannel refers to the technology and management strategy that is bringing together in a unified manner the multiple channels of customer communications that are typically deployed in the contact center. In the multichannel environment, recorded and other information resources for customer’s communication history is stored in information silos, independent of other channels. In other words, customer information gathered during a phone contact tends to reside in a separate database record of phone contacts. The same hold true for other channels as well like emails, social media posts, and so on. Changing consumer demographics and communications preferences are creating an environment in which silo’ed multichannel communications are no longer ideal for customer experience optimization. Omnichannel customer engagement ensures that the customer’s entire journey is tracked across channels in order to create a consistent, optimized experience. The organisation being at the receiving end gains Enterprise-wide, Holistic, Actionable Intelligence™ to deliver seamless customer service.
- The trifecta of speech, text analytics and Knowledge Management (KM) – Earlier this year Gartner introduced a “New Magic Quadrant for Workforce Engagement Management (WEM).” The voice of the employee is an integral matrix for the WEM. Knowledge management can be the necessary building block for WEM. Knowledge Management focuses on delivering the right information needed, and all the information needed, for a specific situation. Its primary goal is to provide relevant contextual content in the natural flow of conversation. The knowledge management methodology emboldens the customer engagement manager to deliver optimized customer experienceTogether, KM + Speech/Text analytics allows enterprises to understand the entire customer journey. To start, organisations can setup speech categories to automatically tag calls that should be further reviewed due to potential knowledge issues. Next, we need to build a common ontology so the speech call drivers align with the task-focused KM taxonomy. This is key to being able to align the speech & text data with KM usage patterns. Finally, organisations can create knowledge analytics that correlate KM usage with the customer outcomes (both positive and negative) that are identified in Speech & Text analytics.
- Speech Analytics in Indic languages– The KPMG-Google report “Indian Languages- defining India’s Internet” affirms that the Indian Internet language users are expected to account for nearly 75% of India’s Internet user base by 2021. The e-commerce disruptions have also opened newer revenue pockets in Tier3/4 cities and rural areas. The time is ripe for organisations to invest in a comprehensive language technology which enables speech analytics in Indic languages. One of India’s leading telecom provider has have enabled speech analytics in 10 Indic languages including Hinglish words which replicate manual call categories but are generated automatically without introducing any user bias. Any system generated theme can be transformed into a call category for long-term analysis with the just a click of a mouse. Speech analytics in Indic languages empowered the Telco to:-
- Quickly build unbiased and the most impactful categories that reflect current Indic customers’ issues and concerns across thousands of calls, helping the Telco to differentiate for regional customers.
- The solution empowered the Telco to stay on top of customer perceptions and what’s being said during calls.
- Leap into Predictive and Prescriptive analytics– Predictive Analytics can take a wide range of previously unconnected data items from disparate data sources and nesh them together to make educated predictions about future behaviour. PA helps contact centers better understand their customers, Emotions, or how experiences make a customer feel.
Data scientist use PA in many industries from improving hiring process to retention to quality monitoring to prioritizing interventions. Predictive Analytics can help make better decisions regarding customers, Employees and operational processes.
India is currently amongst the top 10 big data analytics markets in the world and the industry is poised to grow eight-fold to $16 billion by 2025. It is important to build analytics led eco-system which can fuel more intelligent, Provide flexible deployment choices, faster and accurate way to act on emerging trends, issues and opportunities.