Interaction analytics can help organisation’s significantly improve contact centre performance.
This theme was discussed in a recent webinar hosted by Information Age and CallMiner, From Zero to Hero in 12 Months: A Compliance & CX Case Study. In this webinar, we explored through a Freeway Insurance case study, how organisations can drive substantial and sustained contact centre performance improvements while adapting and managing through these ever-changing market conditions.
This article will explore the challenges of tapping into the vast swathes of contact centre data, while looking at how interaction analytics can help overcome these challenges, dramatically improve contact centre performance and create new opportunities.
Tapping into contact centre data: the challenge and opportunity
Contact centres have many interactions across many channels, whether that’s email, telephone or virtual chat.
In order to assess areas for improvement, perhaps to measure the customer experience to give insight to those defining the products or services of those organisations, many will monitor these interactions in a random and often manual way.
Frank Sherlock, VP International at CallMiner, commented: “The challenge here is that contact centre’s are handling a lot of unstructured data, which hold a huge amount of insight. The problem with manually sampling the data, and making a judgement about what the data is telling you, is that it’s impossible to scale up manual analysis of the data.”
However, there is opportunity. Contact centres contain a huge source of data that can provide rich insight to the the agents on the front line or to the team leaders developing products. At the moment, the manual processes being adopted have hindered the ability of organisation’s to get access to the insights of that data at scale — organisations will only monitor between 2-5% of the interactions.
How to maximise insight from your customer analytics
Utilising the other 95% of contact centre data with interaction analytics
Interaction analytics allows organisation’s to analyse 100% of calls or text-based conversations that come into the contact centre, automatically.
By adopting this technology, with the right partner, organisation’s are moving away from relying on an from an inconsistent and subjective sample, to a holistic, consistent and objective view.
“Analytics technologies allows organisation’s to take away the manual effort of monitoring contact centre performance and let technology guide everything, from the calls of interest, to the issues of interest, to the opportunities, to the challenges and the complaints. Interaction analytics provides a holistic view of what’s really going on with contact centre interactions,” continued Sherlock.
The return on investment is also multiple, both in terms of cost savings (there’s no need for people to manage or monitor every call, as interaction analytics automates the experience) and in identifying new revenue opportunities.
“Analytics can help produce sales opportunities and allow organisation’s to collect more revenue by upselling to the customer base — a holistic view of interactions will allow those in sales to see where they’re getting consistent issues being spoken about a particular product or service and then go back to source to modify that product/service,” explained Sherlock.
A Freeway Insurance case study
To highlight the value of interaction analytics in improving contact centre performance, Information Age and CallMiner partnered to deliver a webinar, From Zero to Hero in 12 Months: A Compliance & CX Case Study. Here, we explored the benefits of adopting interaction analytics through a Freeway Insurance case study.
Below, Frank Sherlock, takes us through the case study, or it can be viewed by downloading the webinar, here.
“Freeway Insurance, the niche vehicle insurer, was on growth curve. But, as their revenue and employee base grew, they wanted to make sure their employee costs were not equivalent to their revenue costs. Analytics technology helped them better manage the costs of growth.
“When we first engaged with Freeway they were growing, but they were manually analysing only 2-3% of calls. This was unsustainable and so they asked CallMiner what we could do to help.
“If you’re a regulated company that sells a financial product there are certain compliance standards that you absolutely must do from a regulatory perspective on every call. We went in and looked at their compliance regime, before doing a proof-of-concept. We took approximately 1,000 hours worth of calls from Freeway’s contact centre and highlighted the opportunities they were missing out on and the challenges that could be overcome.
“We explained how to deploy the technology, what resources they would need and we made sure they were confident the technology could work to resolve their specific business problem before any purchase agreement.
“Three to four months after using the service, Covid-19 struck and disrupted the entire world, but the analytics platform was still able to be updated in terms of changes to regulation or policies and intercept, respond and analyse the calls coming into Freeway’s contact centre.”
In terms of the results, Freeway Insurance are now managing and monitoring approximately 900% more calls than before. This has provided a huge boost in terms of insight. While not completely replacing the human, the adoption of interaction analytics has allowed Freeway to scale down 50% of its quality assurance (QA) department, while guiding the QA experts to the calls that matter.