WFO: 5 Trends Shaping Analytics and Business Intelligence
Call center workforce optimization is top of mind for leaders in financial services and beyond. This is in part because of the robust advancements made to applications that can track literally everything. From tricked-out ticketing systems to agent call recordings there is nothing we can’t pin a metric to these days. But workforce optimization is key to business leaders for one timeless reason, too: the desire to deliver a positive customer experience.
U.S. companies lose more than $62 billion annually to poor customer service. That’s a little less than the GDP of some small countries! Yikes.
So it makes sense that across today’s crowded marketplaces, keeping customer satisfaction high is mission-critical. To consistently deliver top-notch service businesses have started to turn their sights inward to identify areas for workforce improvement. After all, knowledge is power and having an engaged and informed workforce makes all the difference in customer service. But what data can get you there and how?
With intelligence at the heart of all digital businesses, business leaders must make analytics and BI a top investment priority for 2020. Gartner’s latest Hype Cycle report identified five of the main trends within this trajectory.
The BI landscape will continue to evolve, but below we’ve covered 5 emerging areas that can reap returns for everyone from the greenest agent to the most seasoned CEO.
To begin, let’s cover why a workforce optimization effort is needed in the first place. Put simply, it’s a mechanism, tool, or set of processes that can help you better understand where you’re excelling and where you can improve.
Business intelligence is like the plumbing in your house—It’s not optional. Sloppy foundational work will corrode your house, leaving it, and possibly you, knee-deep in you know what. The same logic applies to how you construct your business processes. With foundational infrastructure problems, you can’t yield productivity gains, evaluate what’s working, or get more done in less time which means you won’t earn more money.
See what I mean? Knee-deep in you know what.
What is WFO?
Workforce optimization is an umbrella concept that encompasses three areas:
- Performance management – analyzes individual performance
- Workforce management – analyses contact center volume
- Quality management – provides a contextual analysis of how agents interact with customers. This area is usually governed by a scoring system.
All three components ladder up to variations of the same initiatives, which are improving customer experiences, reducing open ticket times, increasing contact rates, and boosting productivity. When it comes to taking action on these initiatives, usually brands turn to integrated platforms that layer communication over a solid data collection and tracking foundation.
Enter business intelligence tools.
Below are the top 5 trends we’re seeing right now in analytics and business intelligence circles. These 5 areas encompass actionable strategies for enhancing performance, quality, and workforce management.
The Top 5 Analytics & BI Topics Trending Now
1. Data Discovery
To be clear, data discovery isn’t a tool. It’s a process. THE process to be exact. Discovery is an iterative, interactive, and visual way to diagnose patterns and outliers. A good WFO solution unifies all customer interaction data, including screen recordings, across all applications and channels, into a single pane of glass. This provides an environment for contact centers to continually and easily test, analyze, and train best-practices across a multichannel workforce and workflow.
For instance, having the capability to track on-screen and voice performance allows you to see a complete picture across every channel and interaction. From there you can turn over any stone you wish: workflow inefficiencies, identify agent training needs and use replays of any interaction to more effectively meet regulatory requirements.
2. Collaborative BI
Actioning the data to understand what’s happening at the agent level is the crux of workforce optimization. During the data discovery process, you’ve uncovered data points that will help improve your customer satisfaction scores. Now you need to turn that feedback into actionable improvements. Intuitive, customizable CSAT survey analytics dashboards provided through embedded BI tools allow contact centers to drill down into the root causes of positive or negative interactions across voice and digital channels, enabling continuous and visible improvements in your consumer satisfaction performance.
3. Connected Clouds
In order to make strategic decisions big and small, you need the ability to combine data streams from disparate sources. This is where the true omnichannel benefit is derived. In a true omnichannel environment where customers have a frictionless, single conversation across every available channel, data flows the same way.
4. Decision Intelligence
After mining all of that data you’ll be equipped with best-practices for new workflows moving forward. In order to systematize those best practices consider automating parts of your flow for consistency across your contact center ecosystem. For example. maybe you’ve identified that some agents get stumped by the same lines of customer inquiry. Utilize logic trees that operate with if/then branching when creating scripts for troubleshooting. Look for platforms that embed script builders and offer performance analytics for those scripts once deployed.
5. Operationalizing and Scaling
A platform with built-in business intelligence and workforce optimization capabilities enables you to drive additional value to move your organization in the right direction The insights derived from using features like screen recording and call playback to go a long way for training and present actionable items that can move the customer experience needle.
When evaluating WFO strategies and platforms, look for ROI and value, segment your customers, and pinpoint for slight differences or changes you can identify as an opportunity for improvement. Start by asking yourself these questions:
- What are the main objectives of your organization?
- What are the primary goals that measure success in your contact center? What are the secondary drivers for those goals?
From there you can determine what metrics matter and why, and embark on a steady improvement process that’s flexible enough to grow as you do.
LiveVox is a leading provider of enterprise cloud contact center solutions, managing more than 14+ billion interactions a year across a multichannel environment. With over 15 years of pure cloud expertise, we empower contact center leaders to drive effective engagement strategies on the consumer’s channel of choice. Our leading-edge risk mitigation and security capabilities help clients quickly adapt to a changing business environment. With new features released quarterly, LiveVox remains at the forefront of cloud contact center innovation. Supported by over 450 employees and rapidly growing, we are headquartered in San Francisco with offices in Atlanta, Denver, Bangalore, and Colombia. To learn more, schedule a demo today.