In a Q4 2016 LiveVox survey of over 2000+ contact center executives, Business Intelligence and Analytics** surfaced as the most desired feature to support business operations. We’re not at all surprised by this result, and in this post, we’ll discuss why contact center leaders are actively seeking out Business Intelligence (BI) and Analytics to harness their contact center data and show what benefits BI offers over the standard reporting.
Nexus of Change: Influencing Factors Leading to the Rise of Business Intelligence and Analytics
Let’s take a closer look at the changing business environments that demand better visibility into the business operations to make data-driven timely decisions.
Business Environment Is More Competitive than Ever: Be Faster, Smarter – or Get Left Behind
In an increasingly competitive business environment, companies need to serve their customers over and above their expectations to create a competitive advantage. Converting data, gathered by contact centers on customer interaction and customer satisfaction into actionable insight, is pertinent to achieving this goal. Pivoting quickly and improving contact center, agent, and supervisor performance with current and accurate data ensures a high level of customer service and overall performance.
Compliance is Getting Tougher
Compliance rules for contacting customers and handling their sensitive payment information are getting stringent. Apart from deploying the right technology for risk mitigation, it is important to have granular visibility and monitoring capability into the operations. As the regulations have reduced the ability to dial in high volumes, the key to maximizing outcome is to gain insights into untapped productivity and make faster, smarter decisions around performance efficiency.
Increasing Volume of Contact Center/Customer Data
As the size and complexity of businesses increase so do the volume of contact center/customer data. Contact centers with different business lines, KPI models, and multiple sites can generate millions of call detail records every month, including interactions with agents as well as interactions via messaging or self-service channels that can make identifying key strategies difficult.
And in the case of BPOs, they have to operate on behalf of multiple clients with different strategies, needs, and KPI models – increasing the complexity exceptionally. This requires an agile analytics model that is not only flexible to accommodate all these variances but is also fast and easy to update while onboarding new clients. Legacy reporting models lack these capabilities.
Static Reports Fall Short in Analyzing Data Quickly and Providing Timely Insight
Collating large volumes of data, creating custom reports, and analyzing this data on Excel can be cumbersome, manually intensive, and time-consuming. The manual steps to aggregate data from various sources could also introduce errors into reports. The business users are dependent on the IT team for even a simple report. All these factors affect the timeliness of the report, delaying the root cause analysis and decision making.
Business Intelligence and Analytics: The Next Generation Data Analysis Model
Business Intelligence (BI) and Analytics is a paradigm shift in the way data is analyzed and reported. BI and Analytics provides powerful applications, infrastructure, and dashboards to visualize data and make it actionable. Classic reporting is centered around static reports and data sharing. BI and Analytics, on the other hand, is centered around a dynamic dashboard enabling business users to uncover new facts on the fly. BI simplifies the access and analysis of information and returns insights to improve decision-making and optimize performance. Let’s discuss the advantages of using BI and Analytics in Contact Centers.
Accelerate Time to Value: Drastically Reduced Reporting Time
BI drastically reduces the time required to create reports. With BI and Analytics, managers can access reports in minutes that used to take days or even weeks to produce. Business users can make more informed and timely decisions on optimizing performance without relying on IT experts to update complex reports. In BI, extracting, building, and interpreting data is highly simplified as raw data is directly consumed from the source, eliminating human errors due to manual aggregation of multiple legacy reports. With BI, the decision time is highly accelerated, enabling data analysis to have a real impact on current operations so managers can speed up the time to value and seize each opportunity.
Dynamic Data Visualization : Deeper Analytics
BI and Analytics makes the slicing and dicing of complex datasets simple and intuitive. BI dynamically creates new graphical views using different metrics and KPIs, creating month-to-date and year-to-date comparison models. This provides new angles into your operations, uncovering visual and actionable insights into potentially overlooked areas. For example, it is easy to pull up agent-level pie charts to visually and simply show where agent performance can be improved; by looking at the various services where an agent logs in, plus statistics within a service and across all services.
Single Pane of Glass: Unlock the Full Story
BI offers an aggregated view of the data across different dimensions, providing a 360-degree view of the business. This is invaluable in forecasting and analyzing trends – insights that are difficult, if not impossible, with piecemeal data analysis. Users can also get consolidated reports from multiple systems in a single front-end solution. Without BI, this would require manual processes that typically increase data inconsistency and silos concern. BI saves you time and effort by aggregating data from multiple tools. Analyzing data with BI tools help to pinpoint bottlenecks or inefficiencies, allowing users to glean actionable insights.
Stay tuned for our next blog post that discusses how “Cloud is Accelerating the Adoption of Business Intelligence”.
**Q4016 survey participants were provided 10 choices of top challenges and were not limited to the number of choices entered.