3 Ways Analytics Tools Drive CX Transformation

Insight by Yashwinee GK, Chief Information Officer, HGS

CHICAGO, July 26, 2018 /PRNewswire/ -- (Feature Article) - Advanced data analytics tools can help businesses uncover business-critical insights and gain a competitive edge. As customer experience analytics matures, it is becoming increasingly predictive and focused on personalization. A sophisticated data analytics tool can make predictions, or generate recommendations based on information gathered, thus giving contact center agents and bots more background and context on each individual customer they are servicing. In addition, analytics plays a significant role in increasing productivity. As one case in point, speech analytics can detect non-value adds, such as long conversational pauses or points in the conversation when the customer has to repeat responses. For these types of opportunities, managers and team leaders can provide agents coaching to educate them on where they have opportunities to be clearer in questions they ask customers.

Investments in analytics tools can reap significant benefits in numerous areas. Here are three major advantages of applying analytics in driving customer transformation:

    --  Analytics use Artificial Intelligence (AI) and Natural Language
        Processing (NLP) to help understand customer behavior and improve
        quality of customer interaction.Traditional business intelligence helps
        us convert data into information to understand patterns. New
        advancements like AI and NLP have stepped up customer experience. Today,
        talking to a bot is more and more akin to connecting with a human. Bots
        employ NLP for more colloquial verbiage and appropriate tone,
        recognition and understanding, to increasingly replicate a human
        interaction. Culture and customization can be applied to mimic character
        and persona of human agents. AI and bots also enable real-time
        customization of customer experience using their complex self-learning
        capability. They evolve with each customer interaction becoming smarter
        and more intuitive about customer preferences. With this AI and NLP
        innovation, interactive analytics are used to analyze customer
        conversation tone and context. At key focus is the interaction between
        the customer and agent by channel, whether it's phone, email, chat, or
        social media. Analytics create better understanding of the quality of
        the interaction between customer and agent. As a feedback mechanism,
        analytics can relay to brands the effectiveness of their CX talent.

    --  Predictive and prescriptive analytics can drive CX transformation
        through product recommendations. Predictive analytics study customer
        history and behavior patterns. Based on customer behavior data points,
        predictive analytics shed light on patterns and possible occurrences in
        customers' browsing and shopping behavior. What's more, these analytics
        also help take preemptive measures required to take on upcoming
        challenges. For example, brands have increasingly been using consumer
        classification, which ensures customers receive product recommendations
        based on their buying choices, preferences, and habits. Similarly,
        healthcare entities have started to apply data analytics to classify
        patients in different personality types, such as "follower" or
        "health-nut." This can help healthcare entities to personalize the level
        of interaction that can be provided to patients and thus improve patient
        engagement. Purchasing behavior prediction can be as simple as
        understanding that a customer who has recently bought a car will
        eventually be looking to buy accessories. In this case, a brand can
        recommend accessories and services, possibly at a lower cost, for a
        minimal effort, yet generate a major boost to sales, revenue, and
        customer satisfaction. Driven by good predictive business insights, an
        intelligent recommendation engine can spike both sales and customer
        satisfaction (CSAT) increases. Used proactively, analytics can set in
        place the steps and remedies required to handle future business or
        product challenges. Analytics, for instance, are essential to planning
        for stock inventory, transport logistics, and customer support--all key
        contributors to better CSAT. For example, advanced analytics can be
        deployed to map a customer call to the work queue of a customer service
        representative (CSR), who can handle the request in the best possible
        manner and within the shortest time. The algorithm that determines this
        match is based on historical data on the CSR's interactions on various
        service lines and the customer's past interactions on various product
        lines, creating a matrix of probable scenarios, a few of them being the
        most optimal.

    --  For optimized CX, analytics ensure better agent coaching and skills
        reinforcement.Analytics helps reinforce agents with good interactions.
        Conversely, analytics can be used to correct agents in areas where they
        need improvement. Interactive analytics provides better customer-agent
        interactions as a result of positive reinforcement and highly
        personalized agent development. Another advantage of interaction
        analytics is that conversations are analyzed by channel, which helps
        sort agent performances by the specialized set of skills and knowledge
        required by that channel. Every interaction channel has its own set of
        requirements, and agents need to be coached on those parameters while
        enhancing or correcting their behavior on that channel. Additionally,
        interaction analytics provide information on the overall team's
        performance. This helps ensure more comprehensive coaching and skills
        training, that is focused on the entire team's performance (positive and
        negative). Benchmarking is an especially useful training technique, as
        it will help guide an agent on the areas in which he or she needs to
        improve. A call driver pattern analysis, especially in high call volume
        scenarios, can be used to discover call trends by day/week and
        accordingly do a skill mapping. On the training front, advanced learning
        platforms apply analytics and data sciences to analyze past training
        records of associates, data on previous engagements, job roles, span,
        and behavior--all to arrive at custom training programs for agents. This
        training helps agents hone their competencies and skills, to equip them
        to perform their roles better.

It's still in the early stages for how analytics can affect customer transformation. We have yet to perfect the science of interpreting data, to understand its underlying message and explain it simply. The field has high potential and will be home to many innovations in the years to come. What will be critical is our ability to apply the information in a meaningful and sustainable fashion. Physicist, Albert Einstein aptly summarizes some key thoughts on these changes: "Not everything that can be counted counts, and not everything that counts can be counted." and "If you can't explain it simply, you don't understand it well enough."

About Hinduja Global Solutions (HGS):

A global leader in business process management (BPM) and optimizing the customer experience lifecycle, HGS is helping make its clients more competitive every day. HGS combines technology-powered services in automation, analytics and digital with domain expertise focusing on back office processing, contact centers and HRO solutions to deliver transformational impact to clients. Part of the multi-billion dollar conglomerate Hinduja Group, HGS takes a true "globally local" approach, with over 44,265 employees across 70 delivery centers in seven countries making a difference to some of the world's leading brands across nine key verticals. For the year ended 31st March 2018, HGS had revenues of US$ 597 million.

Visit https://www.teamhgs.com to learn how HGS can help make your business more competitive.

HGS Media Contacts:
Andrew Kokes
+1 888 747 7911
media@teamhgs.com

Diana Dixon
+ 1 312 758 1380
diana.dixon@mslgroup.com

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SOURCE Hinduja Global Solutions (HGS)