Transforming Your Business with Cloud-Based Text Analytics

Typically, contact centers are viewed in any business as a cost center. Such businesses are focused on acquiring new customers, and contact centers that serve existing customers feature low on the priority list of the CXOs in the organization. However, an important fact is often overlooked by such businesses: customer retention is far more valuable than customer acquisition. A retained customer is not only already paying for the services, but is also a source of future revenue. Further, if the retained customers are happy, they bring in higher customer lifetime value, thus improving the bottom-line.

Contact centers can play a crucial role in helping you offer a superior customer experience, as well as retain your valuable customers. Let’s see how this can be done.

Why Focus on Contact Center?

Contact centers are pivotal inshaping the customer experience. Throughout the customer journey, customers turn to contact centers to voice their grievances, seek more information, or share their feedback. These customer interactions are rich in insight about customer sentiments, customer preferences, and customer’s perception of your business.Though, contact centers collect all these interactions in their databases, their full value is never extracted for generating customer intelligence. In this sense, contact centers offer a great opportunity to transform not only customer service, but other functions by basing decisions on real customer intelligence.

Power of cloud-based text analytics for contact centers

Cloud-based text analytics offer a highly cost-effective and powerful solution for realizing the full potential of customer interactions. The customer interactions are a typical set of big data: They are huge in volume, they are highly dynamic, and they are unstructured. A full-blown text analytics solution to analyze customer interactions entails a lot of dependencies, for example, on IT department to install and maintain the solution on company servers. Then there are privacy and security concerns. Further, to make sense of all the data, a team of data scientists also needs to be in place.

A cloud-based text analytics solution removes all these dependencies and helps you realize a solid return on investment. Let’s see how –

  1. Customer intelligence gold mine of call center agent notes: Customer transactions and demographics do not tell a complete story of the customer. Customer surveys rely on only a sample of your customers. Speech analytics lacks the accuracy at scale, as the technology is still evolving. Call center agent notes, on the other hand, not only offer the largest possible sample of customers but also are human-interpreted notations on each customer conversation happening at the contact center. When combined with the other sources of customer information, call center agent notes offer the richest customer insights.
  2. Make real sense of customers with text analytics: Text analytics converts the unstructured text from agent notes and transforms them into structured categories. This structured data can then be combined with CRM and billing data, as well as customer surveys and IVR menu choices to create the richest and a large pool of customer data. Slicing and dicing this data will paint a full picture of customer sentiments, customer journey, and customer experience. You can also segment customers by geography, sentiments, issue types, and so on to create a complete map of customer experience transformation.
  3. power of cloud: Deploying cloud-based text analytics means you remove the hassle of a solution installed on company servers. All the costs and dependencies that come with a server-based solution are eliminated with a cloud-based text analytics solution. This means that the ROI is realized sooner than non-cloud deployments.Furthermore, cloud-based deployment also offers best-in-the-class security, agility, and scalability.
  4. Create interventions, not just insights: Based on the insights generated from contact center interactions, contact center leaders can collaborate with other business units to offer superior customer experience, remove operational gaps, and improve marketing and sales effectiveness. 

Takeaway

The power of contact center interactions, especially those captured in the agent notes, is often neglected. Cloud-based text analytics offer a very cost-effective solution to convert these interactions into insights, as well as actions, and to realize transformative benefits across an enterprise.

(Read the original article here: Transforming Your Business with Cloud-Based Text Analytics for Contact Centers.)

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