On a broader level, contact center
analytics can be termed as an integrated pack of tools adopted by
contact center segment of diverse businesses for effective operational
performance. These analytical tools aid the contact center segment in
tracking key performance indicators (KPIs) and drawing insights about
business intelligence (BI).
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Some of the key reasons in adopting
contact center analytics are to track and measure business performance
at each level, to monitor and review performance not only from
customer’s viewpoint but also harmonize it with employee and management
thought process, to effectively improvise the customer response
management, and others. However, the contact center analytics market has
been developing and gaining wider adoption into contact center business
since demi-decade.
The significant benefits of contact
center analytics is that it helps in monitoring the service quality of
each employee-customer interactions and thereby help in streamlining
operational and business issues. Contact center analytics also aid in
reducing operational & overhead expenses. One time implementation
of contact center analytics alleviate frequently repeated issues.
Furthermore, customer experience is the
valuable element in any contact center business segment. So it’s
important in transforming this experience into a metric to address
customer issues on a persuasive level with the help of contact center
analytics. Moreover, any organization is expected to multiply its
revenue generation process. Contact center analytics helps to
distinguish novel cross-selling & up-selling opportunities to
improve this sales generation goal.
A focus on customer experience is
increasingly adopted by contact center business segment irrespective of
the size, type, core activities and position of contact centers. This
factor is expected to drive the contact center analytics market. As more
customers are turning towards other marketing channels, contact center
segments are turning towards effective monitoring of past and present
recordings to assure minimum churn of customers.
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Moreover, a 360° approach is
demanded in analyzing customer interactions. Another factor which is
expected to drive this market is the performance management of contact
center workforce. Most of the businesses across globe is facilitated by
the contact center segment for effective communication of its products
or services. Hence, it becomes very much essential to manage the
contact center workforce efficiently. Contact center utilizes the
analytical tools such as relevant KPIs and other metrics to manage their
employees.
Besides, companies are aiming at
improving their first call responses. This can be achieved by training
the employees well enough to detail their customers over phone about the
new product release and offerings along with addressing their issues by
consuming less engagement time per customer. This indirectly help in
reducing operational cost and allows customers to gain turn up
voluntarily for another call. Hence, this factor of improving first call
response is expected to drive the contact center analytics.
The challenges ahead of contact center
analytics market is that contact center businesses are still struggling
to prioritize their budgeting in line with adopting high analytical
tools into their contact center operations. Still, the contact centers
are engaged in manual handling of excel sheets in monitoring and
recoding the daily operational data. Furthermore, the tech savvy
customers of the urbane society are turning towards internet search for
gathering any information.
Hence, this is a restraint for the
implementation of contact center analytics when number of customer
turning towards contact centers are itself less. This is a restraint due
to the high cost associate with the implementation of contact center
analytics. The implementation of contact center analytics is expected to
create opportunity for contact center to reduce their operational
errors as every operational aspect is expected to be streamlined inside a
contact center. Additionally, methodized coaching is enabled to the
contact center workforce using a contact center analytics program. This
indirectly helps the contact center business to improve their
operational productivity.
The contact center analytics can be
segmented broadly on the basis of type of analytics such as speech
analytics, text analytics, predictive analytics, self-service analytics,
desktop analytics, cross channel analytics, and others. Besides, the
contact center analytics is also segmented on the basis of Banking,
Financial Service and Insurance (BFSI), wholesale & retail, IT &
telecom, healthcare, logistics & transportation, hospitality &
travel, media & entertainment, utilities, and others. Additionally,
the contact center analytics market can be geographically bifurcated as
North America, Europe, Asia Pacific, Middle East & Africa and South
America.
Key players playing major role in the contact center analytics market
includes 24/7 Customer, Inc., Aspect Software, Inc., Calabrio, Inc.,
CallMiner, Inc., EdgeVerve Limited, Five9, Inc., Genesys
Telecommunications Laboratories, Inc., Genpact Limited, inContact, Inc.,
Servion Global Solutions, West Corporation and ZOOM International.
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