VOZIQ Receives 2017 CUSTOMER Product of the Year Award

VOZIQ’s Predictive Churn  Reduction Solution has been  Honored for Exceptional Innovation

VOZIQ announced today that TMC, a global, integrated media company, has named Predictive Customer churn Reduction Solution as a 2017 CUSTOMER  Product of the Year Award winner.

The 2017 CUSTOMER Product of the Year Award recognizes vendors that are advancing the call center, CRM and teleservices industries one solution at a time. The award highlights products which enable their clients to meet and exceed the expectations of their customers.

We are delighted and honoured! 🎉

CUSTOMER Products of the Year

“On behalf of both TMC and CUSTOMER magazine, it is my pleasure to honor VOZIQ with a 2017 Product of the Year Award,” said Rich Tehrani, CEO, TMC. “Its Predictive Customer Churn Reduction solution has proven deserving of this elite status and TMC’s CUSTOMER magazine look forward to continued innovation from VOZIQ in 2017 and beyond.”

For more than 20 years, TMC has been honoring technology companies with awards in various categories. These awards are regarded as some of the most prestigious and respected honors in the communications and technology sector worldwide.  Winners represent prominent players in the market who consistently demonstrate the advancement of technologies. Each recipient is a verifiable leader in the marketplace.

About CUSTOMER

TMC’s CUSTOMER magazine premiered in September 2012 and is the industry’s new, definitive source for news, product information, and strategies for communications that engage customers and potential customers. Each issue of CUSTOMER includes news and insights on the latest developments in agent training, analytics, ERP, IVR, social CRM solutions, mobile apps, workforce management and more.

About VOZIQ

VOZIQ is an award-winning customer analytics company which provides predictive text analytics solutions to Fortune 500 companies. These solutions leverage contact center agent notes as a source of strategic intelligence about customer experience and customer care costs. Unification of other customer data sources and predictive modelling further helps recurring-revenue businesses identify at-risk customers and design proactive strategies to prevent customer churn.

VOZIQ’s affordable predictive text analytics has delivered outstanding ROI to some of the industry-leading businesses by helping them retain their customers, reduce care costs, boost customer loyalty and drive incremental purchases.

Check the award announcement here.

VOZIQ Customer Intelligence Blog

5 Best CX Strategies to Reduce Customer Churn in 2017

VOZIQ Customer Intelligence Blog

In an era of intense competition, the customer experience is often the main differentiator. Once a sale is complete, the contact center is an enterprise’s primary touch point with its customers, whether they are consumers or businesses. When a company knows what their customers want and responds with a consistently excellent customer experience (CX), they create loyal and profitable relationships.

The best loyalty programs proactively analyze customer behavior to identify and address at-risk customers before they defect. Effective customer retention programs are enabled by customer relationship management (CRM) and advanced analytics solutions. Contact centers need these underlying systems to serve as the last line of defense, and especially for recurring-revenue businesses – that are threatened with losing their customers to competitors.

When customers are satisfied with a company and its products and services, they have no reason to look for alternatives. Effective loyalty programs anticipate customer behavior by constantly reviewing and analyzing customer activities. If a mid or large size recurring-revenue business cannot proactively retain its customers through the use of analytics and effective marketing programs, the problem falls to the contact center.

According to a research from Harvard Business School, increasing customer retention rates by 5% increases profits by 25% to 95%.

To improve customer retention and customer loyalty, subscription or recurring-revenue businesses need to first analyze customer churn and quantify its impact. This provides insight into the different customer groups that may need to be better addressed or need particular attention. Based on the industry vertical and the market, companies from these industries need to design a predictive churn model to identify potential customers who have a high probability of churn. Below are the 5 best strategies that you and your CX team can consider to make your customers happier, and reduce churn.

  1. Understand what type of churn is prominent in your company

The first important strategy would be to understand the type of churn happening in your company. When doing this, the customer types to be managed should be identified. Most often, both voluntary and involuntary churn coexist. The focus of customer churn management should be on controlling the voluntary churn by customers. Churn can further be differentiated into the soft and hard churn. Hard churn essentially occurs due to a single event. But, most likely, this is almost never the case; hence, the emphasis is more on the soft churn – the churn that is a result of multiple factors. Identifying the customer group to focus on is a key to managing the churn effectively. Churn needs to be expressed using dollar values so that the magnitude of churn is immediately perceptible.

  1. Build accurate understanding of customers

The next logical strategy is to develop a strong understanding of who are your customers. Identifying the different customer types likely to churn involves comparing profiles of customers who have churned to those who have not. This analysis should be done using all customer segmentation data available, such as behavior, purchase history, demographics, sales channels used, transaction values, etc. This behavioral profiling helps in identifying typical patterns of customers before churn.

  1. Explore newer data sources to gather customer intelligence

More and more recurring-revenue businesses are looking at previously untapped sources of customer data from contact centers to create deeper knowledge about the drivers of customer experience. This deeper intelligence helps these companies to manage customer experience effectively and create a competitive edge. By gathering customer perceptions of their experience, these businesses can use the data to get an insight into how to improve the quality of the customer relationship to improve customer loyalty. Such recurring revenue companies can use the data to identify where customer retention effort will have the greatest return on investment (ROI).

  1. Deploy predictive analytics to uncover new opportunities

Deploying predictive analytics to mining contact center interactions uncovers new opportunities to approach customer retention effectively. All the interactions a customer has with a contact center have enough clues about their satisfaction or dissatisfaction. Typically businesses fail to leverage these interactions as a source of customer intelligence. Predictive analytics enables identifying these clues and categorizes the customer as ‘satisfied’ or ‘dissatisfied’ based on their previous interactions, and then assigns a propensity to churn score.

The typical indicators of an at-risk customer are:

  • Large number of calls
  • Expression of dissatisfaction
  • Competitor mentions and comparisons
  • Enquiry of alternative price plans
  • Customer experience issues
  1. Focus on proactive retention approach

The typical approach to retain a customer is reactive, where companies generally wait for a client to contact their support team before beginning a conversation. Instead, recurring-revenue businesses should reach out to customers proactively and anticipate their needs. Take the time to analyze how a customer is using their product/service as well as their relationship with customer support. Customer insights from unstructured data help the creation of proactive retention strategies via customer service teams and marketing campaigns.

Proactive retention effort works better because customer dissatisfaction is much more heavily correlated to defection than customer satisfaction is to loyalty, keeping obstacles, problems, and difficulties out of a customer’s path will almost certainly reduce the likelihood that the customer will defect from your brand.

Churn Reduction Solution

Prescriptive Analytics: The Solution to Reduce Churn through Definite Actions

Churn Reduction Solution

More and more recurring-revenue businesses are looking at previously untapped sources of customer data from contact centers to create deeper intelligence about the drivers of customer experience. This deeper intelligence helps these companies to manage customer experience effectively and create a competitive edge.

By gathering customer perceptions of their experience, these businesses are able to use the data to get an insight into how to improve the quality of the customer relationship to improve customer loyalty. Such recurring-revenue companies use the data to identify where customer experience improvement efforts will have the greatest return on investment (ROI).

Business analytics in increasing customer loyalty

Business leaders often find it difficult to use customer feedback in the form of unstructured text for identifying loyalty improvement and ROI optimization opportunities. Here comes the crucial role of business analytics, which generally includes three phases: Descriptive, Predictive, and Prescriptive:

  Descriptive Analytics Predictive Analytics Prescriptive Analytics
Which questions are answered? What happened?

How many customers?

Where revenue is less?

Why it is so?

What will happen next?

What trends will continue?

What if we change pricing?

What is the best course of action for a given situation?

Which offer is most likely to be accepted by a particular customer?

How it is done? Use of KPIs, dashboards, and charts Use of statistical methods and predictive modeling to understand the relationships in input data & predict the outcomes. Use of advanced statistical optimization and simulation techniques with inputs and constraints to recommend what actions to be taken.
General examples How many customers have churned? Why did they churn?

How many customers will churn in the next few months?

What actions need to be taken to retain these predicted churners?

 

Prescriptive analytics in preventing churn

According to Gartner, prescriptive analytics are the next step in the value chain after predictive analytics. Often referred to as the “final frontier of analytic capabilities”, prescriptive analytics involves the application of mathematical and computational sciences to suggest decision options to take advantage of the results of descriptive and predictive analytics.

With the capability to constantly gather new data to re-predict and re-prescribe, prescriptive analytics can automatically improve prediction accuracy and prescribe better decision options to business leaders.

Prescriptive analytics ingests hybrid data, a combination of structured (numbers, categories) and unstructured data (IVR Logs, CRM Textual Notes), and business rules to predict what lies ahead and to prescribe how to take advantage of this predicted future without compromising other priorities

By using prescriptive analytics in a churn situation, business leaders can decide which type of remedial actions can be used for different customers likely to churn.

For example, a leading global airline was delayed on the tarmac for a half hour. As soon as the flight landed, all the business class passengers received an email from the airline apologizing for the delay and offering a $50 voucher towards their next flight. Similar actions can be taken in contact centers where high profile customers who are on the verge of leaving due to some glitch can be identified and a marketing plan is executed to retain them.

Automate decisions with prescriptive analytics

In contact centers, prescriptive analytics play an important role in providing the instructions to contact center leaders about what to do or what not to do. Particularly when there are too many options, variables, constraints and data for a person to evaluate without assistance from technology, prescriptive analytics enables contact center managers to take the lead. In contact centers, agents often have to depend on prescriptive analytics to know the appropriate options, amount, and under what conditions, a prospective customer can be extended varying levels of credit.

In business where the customer experience matters the most, prescriptive analytics can provide key decision makers with the capability to automate actions. With prescriptive analytics in place, it is easy to automate instructions and suggest the best options for the person to act upon.

Particularly in contact centers, prescriptive analytics can be put to use to automate decisions in churn situations like high risk callers who can be automatically diverted to special agents or emailed special retention offers.

Prescriptive analytics

Source: Gartner

Conclusion 

With prescriptive analytics in place, decision makers can quickly extract actionable knowledge from the available data and define effective actions for the future. Based on advanced machine-learning, technology prescriptive analytics provides actionable rules and insights, which are inferred automatically from data coming from multiple heterogeneous sources. This helps leaders to approach and solve the problem in three ways – understanding why customers churned in the past (rules of behavior, ranking of drivers), forecasting who is going to churn and undertaking specific actions (marketing and sale) that prevent each individual decision to churn.

Churn Reduction Solution

 

 

Contact Center KPIS

Improving Customer Experience With Key Contact Center KPIs

In today’s “Age of the Customer,” we are dealing with highly demanding customers. They are more knowledgeable and have many exciting options in each and every industry to meets their requirements. Customer loyalty has become a rarity and it takes a great deal more effort to keep customers happy and satisfied today than it took a decade ago.

Today’s companies are proactive in engaging customers to move them along their lifecycle in a low-effort and supportive manner. Even with the emergence of multiple channels of customer communication, the call center remains a critical element of the customer experience.

Contact Center KPIS

The Customer Nerve Center

Call centers today act as inquiry centers, sales platforms, customer service sources, etc. When it comes to call centers, customers want accurate, relevant, empathetic, but most of all, quick calls. This doesn’t necessarily mean short call times but rather effective call times. A call that doesn’t lead to a repeat call with reasonable handling time and a satisfied customer at the end is the ideal scenario. Every call center aims for this but most are not able to achieve it. Some of the reasons are executives don’t have accurate answers for the following questions:

  • Why are my customers calling (Root Cause)?
  • What is causing repeat calls (Low FCR)?
  • Are my customers satisfied with the service provided (CSAT Scores)?

According to experts, customer experience is the key differentiator for any business’s success, and CSAT scores have been dropping for some time now. One of the key reasons for this drop is that contact centers are still looked as cost centers. However, there is an urgent need for call centers evolve into resolution centers. This requires a cultural change across the company where the contact center is seen as an intelligence hub.

The Customer Intelligence Hub

In a typical call center scenario, agents take notes when they handle customers’ calls. In these notes, they note down the reason for the call and the action they have taken to resolve the issue. In other words, call centers are capturing your customers’ real world problems. It is time companies start leveraging next-generation text analytics technology to turn their call centers into enterprise intelligence hubs, which will help the company listen to their customers proactively and implement the necessary changes to provide an excellent customer experience.

By mining contact center interactions, we can understand the root cause of where customer experience is broken. By specifically focusing on current call center KPIs, especially FCR (repeat calls), CSAT (dissatisfied customers) and IVR, we can get straight to the opportunities.

Focus on Key Call Center KPIs

These three metrics form the life line of call centers and any CX program, too. However, the most important challenge is how these stats are calculated. FCR definitions vary across industries and verticals. Benchmarks for these are mostly subjective. Some of the considerations before calculating would be:

  • Are you measuring repeat contacts across the channels?
  • What is the time period for a call to be considered repeat call?
  • And the most important ones:
    • Was it the same issue that caused a repeat call?
    • Could the repeat call be avoided?

The challenge with the CSAT score is that knowing whether a customer is satisfied with their most recent interaction is not quite enough to gauge long-term happiness and loyalty. Being happy with a single interaction does not necessarily indicate someone’s likelihood to buy something else or to recommend your company to someone else.

Analyze Agent Notes with Text Analytics

With any customer experience measure, be it FCR rate, CSat score, or IVR optimization, it is better to supplement this with qualitative research to really understand the reasons behind the numbers and to ensure you have actionable outcomes to address any issues uncovered. A measure alone isn’t useful unless you use it to drive and optimize customer experience.

Companies have traditionally viewed their contact centers as cost centers and have consequently focused most of their energy on making agents as efficient as possible. However, companies are now beginning to realize that contact centers actually contain a wealth of deep, untapped information about customers in the form of agent notes.

Unstructured Customer Interactions Hold the Key to CX Satisfaction   

In this context, companies are required to tap into this rich vein of information by shifting their focus away from agent productivity and towards enterprise intelligence. To construct a more holistic picture of their customers’ experiences, companies should take the unsolicited, unstructured voice of the customer (VoC) feedback they capture in the contact center, apply text analytics on the unstructured agent notes to extract intent and sentiment, and combine it with data they collect from other sources, such as CRM and IVR.

The opportunity to mine data from customer service interactions is significant. By looking beyond just what customers did and analyzing their perceptions of every customer service interaction, businesses can generate useful data that can be leveraged to drive meaningful business decisions. Customer interactions are definitely a great place to begin to reach the goal of retention. By implementing a text analytics solution, businesses can create a better overall customer experience. Higher CX scores will translate to long-term loyalty, which supports strategic business objectives like bolstering brand image and building revenue through cross-sell and up-sell opportunities.

 

Download the ebook and share your feedback on the comment box below!

7 STEPS TO GET ROI FROM CONTACT CENTER ANALYTICS

 

Voziq cem2016 cioreview

VOZIQ Recognized as One of the 20 Most Promising CEM Solution Providers 2016!

Here is another feather in cap for us! After receiving the CRM Excellence Award 2016 a few months ago, VOZIQ has now won another accolade: the reputed CIO Review magazine has featured VOZIQ in 20 Most Promising CEM Solution Providers 2016, an annual list featuring 20 companies which are at the forefront of providing CEM solutions (customer experience management) and impacting the marketplace. These are also the best solution and service providers who exhibit extensive business knowledge and innovative strategies in the industry.

We are delighted and honoured! 🎉

 VOZIQ Named to 20 Most Promising CEM Solution Providers 2016

With customers rapidly embracing new, digital channels of communication, the CEM solution providers (Customer Experience Management) space is transcending to newer frontiers. The utility of mobile devices—Smartphones and tablets—as a medium of interaction is well leveraged by companies to communicate and connect with their customers. Essentially, firms are embracing innovative customer experience methodologies that place consumers at the heart of their business strategies. Every time a customer communicates with a service provider, be it for downloading a digital application, updating a service, paying bills, or calling customer care; brands are looking to provide an omni-channel experience, which will boost customer loyalty and retention.

To sail through the volatile market, companies are now focused on developing one-to-one communication channels built around customer’s specific needs. Coupled with latest technologies like big data, analytics, and cloud, these channels will optimize end-to-end customer experience process.

In this edition of CIO Review, we are focusing on CEM solution providers that provide state-of-the-art services and tools to reduce the pain-points related to customer experience management. We also present to you “The 20 Most Promising CEM solution providers 2016,” featuring the best solution and service providers who exhibit extensive business knowledge and innovative strategies in the industry.

A distinguished panel comprising of CEOs, CIOs, VCs, analysts, and CIO Review editorial board has selected the top solution providers from over three hundred companies. The listing provides a look into how these solutions work real time, so that you can gain a comprehensive understanding of what technologies are available, which are right for you, and how they shape up against the competition.

– CIO Review Editorial Board

20 Most Promising CEM Solution Providers Certificate

Taking a Different Approach than Most Other CEM Solution Providers

Modern organizations are emphasizing on improving customer experience (CX) at each point of interaction. Although, ideally this should result in increased levels of customer satisfaction, recent surveys by IBM paint a different picture.

“80 percent of executives believe they deliver great CX, whereas only eight percent of the customers second this fact,” says Dr. Vasudeva Akula, Co-Founder and Head of Data Science and Customer Analytics Practice, VOZIQ. “There is a huge gap between what the company thinks and what the customer sees because companies fail to understand what the customer is trying to accomplish.”

VOZIQ uses a critical differentiator—contact center interactions—to close this gap by understanding customers’ preferences and the points at which the quality of service is lacking. The company leverages predictive text analytics by mining structured and unstructured data from the contact centers, including post-call agent notes from CRM systems, to understand customer needs at a very large scale.

“Instead of survey-based approach to understand CX by asking the customers ‘how well are we doing, and tell us where we can improve’—an organization can leverage the call center as a listening post to understand expressed as well inferred CX insights,” says Dr. Akula.

Plug’n’Play Customer Experience (CX) Transformation

VOZIQ delivers Plug’n’Play CX Transformation, a cloud-based predictive text analytics platform with capabilities to integrate data from multiple data sources and analyze it for transformative business insights. Deployed as a SaaS Solution on Amazon Web Services (AWS), VOZIQ’s Customer Intelligence platform eliminates the tedious and time-consuming procedures of software installation and configuration.

As the name Plug’n’Play suggests, the client simply feeds customer interaction data from their contact centers into the platform. Once uploaded, VOZIQ uses preconfigured templates to identify key reasons for repeat contacts, customer dissatisfaction, and gaps between top and bottom performing agents in sales or customer retention scenarios. It ingests the processed customer data, and performs deeper analysis of revenue impact by linking customer interactions with past and future transactions to deliver significant ROI for their clients.

VOZIQ also provides Managed Analytics Services, which involve a dedicated team of data scientists working as an extension of client’s team. It provides accelerated ROI for their customers on a pay-as-you-go basis, also providing time for internal talent to pick up the best practices for managing the solution on their own.

VOZIQ emphasizes uniqueness of its methodology that delivers wider CX gains for its clients very quickly. “We stitch entire customer contact history together and create an accurate view of customer intent, calculate customer effort and sentiment, and finally link the insights with customer identity for deeper CX intelligence,” says Dr. Akula.

We stitch entire customer contact history together and create an accurate view of customer intent, calculate customer effort and sentiment, and finally link it with customer identity for deeper CX insights.

– Dr. Vasudeva Akula

When a client from a subscription-based technology service industry needed a customer retention solution for minimizing their customer churn rate, “we used contact center interactions as a differentiator by identifying customer intent, effort, and sentiment. We then applied predictive algorithms on this unified data to create churn propensity scores that are more accurate and dynamic,” says Dr. Akula.

The biggest success factor, according to Dr. Akula is, how they delivered recovery actions on likely churners by directly integrating propensity to churn with their interactive voice response (IVR) system to re-route likely-to-churn customers to special teams tasked with retaining the customer proactively by delivering qualified offers, newer products, as well as higher level of service.

With this approach, the solution has delivered 500 percent to 1000 percent ROI resulting in increased annual revenue.

VOZIQ’s strategic roadmap involves partnering with IVR vendors, as “IVRs can leverage customer intent to deliver business-driven routing capabilities to reduce cost-to-serve, drive sales, increase customer retention, and reduce customer effort,” says Dr. Akula. The company will also improve the predictive analytics capabilities, and remain 100 percent committed to CEM innovations in contact center domain. “VOZIQ is planning to provide built-in integrations for CRM Systems from Salesforce and Microsoft for hassle-free transfer of data,” concludes Dr. Akula.

(Source: Original article appeared on CIOReview.)

 

webinar-cta

5 Ways to Create Customer-Aware Contact Centers

5 Ways to Create Customer-Aware Contact Centers

Contact center leaders and managers face a real challenge when it comes to reducing costs without compromising on the levels of efficiency, quality and customer experience. While contact center leaders are expected to keep customer satisfaction levels and NPS high, they are also expected to look for ways to cut the cost-to-serve customers. If you look at it, it would appear that cutting down the cost-to-serve may actually negatively affect the ability to serve the customer better, thus leading to poorer customer satisfaction levels.

5 Ways to Create Customer-Aware Contact Centers

However, this isn’t really true. Increasing customer satisfaction while decreasing abandoned calls and escalations is vital for contact center executives today. While high-quality support is critical, poor responsiveness can drive customers and prospects to competitors.

In this context, let’s see how contact centers can boost efficiency and cut costs, while still serving the customers better by utilizing customer and operational insights.

Contact center inefficiencies hindering customer awareness

According to research by Capgemini, the cost-to-serve in contact centers is a consequence of three inefficiencies:

  1. Ineffective and complex call center processes
  2. High customer contact ratios
  3. Non-ergonomic IT user interfaces

Another critical piece in the whole picture is the call center agent who actually deals with the customers. The three inefficiencies listed above directly affect the performance of the call center agent, thereby affecting not only the costs but also customer satisfaction levels. It is crucial for organizations to understand that customers are increasingly expecting a personalized experience while interacting with a call center agent.

Deploying analytics to understand customer intent

Contact center interactions present an enormous opportunity for businesses to make decisions based on real customer perceptions, needs and issues.

However, these customer interactions are seldom put to effective use due to various reasons. These interactions are spread across various customer-facing functions and several data silos across the organization. A large chunk of these interactions are in the form of unstructured data, and turning this unstructured customer feedback into useful insights is an uphill task for any organization. Typically, contact centers fail to synthesize and fully utilize all this data that they capture so meticulously.

Customer interaction

An analytics solution that does the job of integrating and analyzing the unified customer dataset can uncover unique opportunities to manage the contact center costs, all the while actually boosting customer satisfaction levels.

customer satisfaction

 

Create Customer-Aware Contact Centers with Text Analytics

Cloud-based text analytics technology provides significant opportunity to convert unstructured customer interactions into transformative insights about customers and their experiences.

Text analytics solutions have the power to deliver a significant ROI very quickly, by eliminating time-consuming, on-premise software deployments. Let’s take a look at the five unique ways in which text analytics can boost contact center efficiency and cut the cost-to-serve:

  • Call reasons analysis: Call centers often fail to identify call reasons accurately. Millions of agent notes captured after each call hold a key to understanding and categorizing the exact intent of a customer contact. Applying text analytics to agent notes leads to identifying customer intent at scale. Customer intent capture in turn leads to several opportunities to improve processes and agent performance. customer Intent report                                                              Customer Intent Report
  • Call center activity analysis: Call center activities, such as call volume, transfers and repeat calls, directly add to the overall cost-to-serve customers. A text analytics solution can help in correlating the activities with call reasons as well as customer segments, thus identifying opportunities to improve first call resolution rate (FCR), decrease call transfers, and transfer more interactions to self-service channels.
  • Root cause analysis: There are millions of agent-created notes in call centers filled with human-interpreted data about every call received. Apart from customer intent, this data can also shed light on the root causes of customer experience issues as well as customer sentiments. Understanding the root causes of repeat calls, call transfers, and call volume leads to a focus on alleviating customer irritants as well as on process improvement opportunities.
  • Agent performance analysis: Connecting call reasons, call center activity and root causes to agent performance leads to analyzing the agent performance and identifying both top and bottom performing agents. Based on this analysis, data-driven strategies can be designed to business-driven quality management and agent coaching.
  • IVR analysis: Tracking, benchmarking and improving IVR performance is key to designing better IVR. Deploying IVR analytics to measure IVR performance, then integrating the insights with the data from the analysis of agent notes leads to optimization of the IVR performance with a focus on transferring customer contacts either to self-service channels or the best equipped agents. The text analytics insights can also be fed back into the IVR system via APIs in order to improve IVR performance.

Takeaway

Improving contact center efficiency is crucial not only to managing costs and improving performance but also to addressing the root causes of customer satisfaction issues across the enterprise. Applying text analytics on customer interactions data aggregated from IVR, agent notes, CRM and billing systems equips contact center leaders with actionable insights into the best opportunities to improve customer experience and boost revenue as well as reduce operational costs.

Download the ebook and share your feedback on the comment box below!

VOZIQ’S CONTACT CENTER EFFICIENCY SOLUTION

 

7_Step_Plan_to_Contact_Center_ROI featured image

7 Steps to Get ROI from Contact Center Analytics

7 STEPS TO GET ROI FROM CONTACT CENTER ANALYTICS

Today, at a time when customer choice and empowerment is at its peak, each and every organization’s constant endeavor and focus is on aligning its strategies in accordance with customer preferences. The wealth of data in the form of customer feedback has the potential to decide businesses’ fates. Businesses today are depending more and more on sorting through the complex maze of customer interactions to gain insight into their customer dynamics.

Contact centers are proving to be one of the most valuable sources for understanding the customer because of the huge data streams that they collect in their daily operations. This data can be structured and/or unstructured and can be acquired from different sources, such as call recordings, emails, chats, IVR interactions, web click streams, CTI streams, customer feedback, quality monitoring, CRM systems and other applications.

Analyze unstructured customer data

Most large enterprise contact centers struggle to properly leverage the unstructured data, such as post-call agent notes, which are actually the largest sample of human-interpreted data about their customers, mainly because it is in unstructured textual format. When leveraged with the right tools, the post-call agent notes actually have the potential to deliver high ROI relatively quickly.

It’s critical for businesses to understand the link between customer experience and business results. With this information they can make informed decisions about how much incremental money, time, and effort they want to spend on making changes. Temkin Group in a report said that a modest increase in customer experience at a typical $1 billion company can earn an additional $272 million to 462 million in revenues over three years.

Need for ROI-driven analytics

Leading businesses fully recognize the value of timely, useful, and actionable information about their customers. With the conversion of huge amounts of unstructured customer interactions into useful insight-based information very quickly, cloud-based contact center analytics gives the competitive edge to the enterprise. While the competitors are wasting manpower and resources working on clumsy customer databases to make sense out of them, a customer-aware contact center can take an unassailable lead with the right investment in ROI-driven, real-time analytics to get closer to their customers by completely understanding their needs and preferences.

However, because analytics is a new application that’s relatively unknown both within the contact center and across the enterprise, it is perceived as a risky investment across other departments. The CFO, or the person who approves technology projects, may prefer to resist deploying analytics until its benefits are more proven. In such a scenario, forward thinking contact center leaders should make it clear how analytics can be a strategic differentiator and can deliver significant financial benefits. Building a business case for analytics is similar to building a case for any other contact center investment, except that the potential benefits may come from incremental revenue as well as cost savings and improved customer service.

Identify missing link in CX puzzle

On the other hand, it also needs to be said that among the most important beneficiaries of analytics are enterprise customers. Today, much of what customers share with enterprises is ignored because agents do not have a system or process for formally gathering and communicating this data. In most cases, CRM applications capture transactions but generally do not reflect customer experience. As such, many companies are leaving opportunities on the table; a report by McKinsey found companies focused on providing a superior experience across customer journeys can realize a 10-15% increase in revenue and a 20% increase in customer satisfaction.

Contact center leaders should understand and identify the opportunity cost of failing to deploy a text analytics system and what happens if they pass up the opportunity to gain insights from real-time analytics. They should also evaluate how many customers they are losing, and how many of those lost customers could have been saved if analytics were in place. They need to have a proper action plan to better identify the missing link in the customer experience puzzle, to assess maturity of existing analytics systems, make a business case, and, finally,leverage unstructured data to generate significant ROI.

So, how do you ensure the contact center analytics delivers ROI?

Download our eBook, 7 Steps to Get ROI From Contact Center Analytics, to learn more about a seven-step action plan that will enable contact center leaders to get the maximum ROI from contact center analytics. Here’s a snapshot of the key steps discussed in the eBook.

Step 1: Assess the analytics maturity of your contact center

Step 2: Build on existing capabilities

Step 3: Focus on a few, critical KPIs

Step 4: Ensure buy-in and effective change management

Step 5: Look for insights that lead to actions

Step 6: Deploy text analytics to understand customer intent

Step 7: Harness the power of the cloud

Download the ebook and share your feedback on the comment box below!

7 STEPS TO GET ROI FROM CONTACT CENTER ANALYTICS

 

 

 

VOZIQ Receives CRM Excellence Award 2016

Reston, VA, May 9, 2016 — VOZIQ, the Reston, Virginia-based company that offers predictive text analytics solutions which converts contact centers into strategic customer intelligence hubs, has announced today that TMC, a global, integrated media company, has named its Multi-KPI Customer Experience Analytics Solution as a recipient of a CRM Excellence Award 2016, presented by CUSTOMER magazine.

VOZIQ Customer Experience Analytics Solution Honored by TMC’s CUSTOMER magazine for helping companies transform customer experiences

The award committee was impressed with the ability of VOZIQ’s Multi-KPI Customer Experience Analytics Solution to uncover root causes of customer behavior by applying predictive text analytics on data extracted from multiple sources such as contact center interactions, agent notes, web and CRM data—areas where known information about customer issues already exist on a large scale. The award also recognized the positive business impact of the unified customer experience intelligence in the form of a significant reduction in customer churn, and improvements in contact center KPIs such as FCR, NPS and IVR Self-Service Success Rate.

“It is an honor to be recognized as a top customer experience analytics provider in the CRM industry and I take this opportunity to thank our customers who recognized our unique value proposition,” said Dr. Vasudeva Akula, Founder-CEO of VOZIQ.

“The award is a reflection of the unique value we offer by synergizing our proprietary predictive text analytics platform, proven solutions and a professional services team that ensures customer success,” said Akula.

Winners were chosen on the basis of their product or service’s ability to help extend and expand customer relationships to become all-encompassing, covering the entire enterprise and the entire lifetime of the customer. Based on hard data, the CRM Excellence Awards rely on facts and statistics which demonstrate the improvements that the winner’s product has made in a client’s business.

“The 17th Annual CRM Excellence Award honors VOZIQ for being a true CRM partner to its customers and clients,” said Rich Tehrani, TMC’s CEO and Group Editor-in-Chief. “VOZIQ has demonstrated to the editors of CUSTOMER magazine that its Contact Center Analytics Solutions transformed the processes of their clients’ businesses by generating unique insights into efforts and sentiments of their customers,” added Tehrani.

The CRM Excellence Award 2016 winners will be highlighted in the June 2016 issue of CUSTOMER magazine.

ABOUT VOZIQ

VOZIQ turns contact centers into strategic customer intelligence hubs by applying predictive analytics and text analytics to customer interaction data, and operationalizing that intelligence to improve customer experience. These cloud-based solutions have delivered millions of dollars in ROI to enterprise customers by reducing customer churn, cutting operational costs, and offering the quickest time-to-value.

About CUSTOMER

Since 1982, CUSTOMER magazine (formerly Customer Interaction Solutions) has been the voice of the call/contact center, CRM and teleservices industries. CUSTOMER has helped the industry germinate, grow, mature and prosper, and has served as the leading publication in helping these industries that have had such a positive impact on the world economy to continue to thrive. Through a combination of outstanding and cutting-edge original editorial, industry voices, in-depth lab reviews and the recognition of innovative leaders in management and technology through our highly valued awards, CUSTOMER strives to continue to be the publication that holds the quality bar high for the industry. Please visit http://www.customer.tmcnet.com.

VOZIQ Contact:

For further information, contact Ganesh Kulkarni (Director, Product Marketing) by phone at (888) 427-2328, email at gkulkarni@voziq.com, or by visiting the company’s website at http://www.voziq.com.

VOZIQ Predictive Text Analytics for Contact Centers

VOZIQ Launches New Multi-KPI Customer Experience Analytics Solution for Contact Centers

VOZIQ’s new Multi-KPI Customer Experience Analytics Solution for Contact Centers dramatically transforms the customer experience while maximizing the utility of the contact center data!

Reston, VA, April 25, 2016 – – VOZIQ, the Reston, Virginia-based company that helps businesses leverage contact center customer interactions as a strategic data source to generate actionable intelligence about customer sentiment, intent, and effort, has today officially announced the launch of its new Multi-KPI Customer Experience Analytics Solution for contact centers.

The new Multi-KPI Customer Experience Analytics Solution leverages the company’s cloud-based VSMART Analytics Platform to create a unified view of customer experience by capturing and aggregating information from multiple customer touchpoints, disparate contact center applications, and systems.

“The solution offers a combined power of predictive algorithms and text analytics to answer critical questions like ‘What is driving customer experience?’ and ‘Is this customer at risk of cancellation?’” said Dr. Vasudeva Akula, Founder-CEO, who made today’s announcement.

Besides, the newly designed Multi-KPI Solution also “comes with an advanced operationalization suite that includes drag-and-drop modules, ad-hoc analysis capabilities, and a reporting and alerting suite,” noted Dr. Akula.

Typical solutions in the market address one or two KPIs, such as First Call Resolution, Self-service channel utilization, or agent performance optimization. The Multi-KPI Customer Experience Analytics Solution, according to Dr. Akula, comes ready with the ability to improve the following KPIs, each contributing to improving the overall customer experience:

  • Focus on boosting revenue
  • Focus on improving contact center efficiency
    • First Call Resolution (FCR) Increase
    • IVR & Web self-service Improvement
    • Call Transfers Reduction

Targeted at businesses and organizations known to rely on satisfaction surveys to understand the customer experience, VOZIQ’s new Multi-KPI Customer Experience Analytics Solution complements the satisfaction surveys with root causes of customer behavior extracted from contact center, web and CRM data where known information about customer issues already exists on a large scale.

According to Dr. Akula, the new Multi-KPI Solution is already enjoying a warm reception from many leading companies in industries such as health insurance, cable and Internet, utilities, and financial services. “By backing our cloud-based analytics technology with deep contact center expertise of VOZIQ’s professional services team, we have already delivered significant ROI to our customers,” affirmed Dr. Akula.

Meanwhile, Dr. Sunil Issar, Sr. Director of VOZIQ Professional Services, believes the new solution will dramatically transform customer service experience by uncovering deep customer intelligence from contact center interactions. With customer experience management becoming a key factor for service differentiation, Dr. Issar further noted that businesses looking at previously untapped data sources, such as customer intelligence from contact centers, can now enjoy an overall better business performance, not just contact center performance, by using the new VOZIQ-solution to understand the real needs of their customers.

VOZIQ Text Analytics Featured in DMG Consulting Report 2015

VOZIQ Featured in Customer Journey Analytics Product and Market Report

DMG Consulting released a report on the customer journey analytics industry for the year 2015-16. They have featured VOZIQ as a new entrant in the market and have included an overview of VOZIQ’s Text Analytics Solutions for Contact Centers.

DMG Consulting LLC is a leading independent research, advisory and consulting firm specializing in unified communications (UC), contact centers, back-office, and real-time analytics.

Buy the Customer Journey Analytics Product and Market 2015-16 report here, or read an abstract.