Your Guide to Interaction Analytics

Author: Chris Robinson, Director and Executive ChairmanDate: 2020/12/02

In our recent blog, Interaction Analytics – The Crucial Answer to Defining Your Omnichannel,  we touched upon Interaction Analytics (IA) for the retail sector but the truth is that IA is critical for any business that takes its customer experience (CX) seriously. But just what is IA and why should you be investing in it for your contact centre?

 

What is Interaction Analytics?

Interaction Analytics (IA) is the ability to draw meaningful information from the raw data your contact centre or business gathers when engaging with customers across multiple channels. Thanks to automation and Artificial Intelligence (AI) companies are able to collate this data and transform it into structured information that can then be analysed to create a better understanding of your customer interactions.

 

It’s a little bit of magic that already exists in your infrastructure that you haven’t untapped yet. It can tell you what your customers think, what’s driving them to your business and to purchase your products or services. It can also help you to pinpoint any problem areas that are impacting your business right now as well as identify any future threats. IA is the ability to draw that crucial information out in an insightful and actionable way.

 

Not Just Voice – Why IA matters?

It was recently reported that today’s consumers use an average of almost six touch-points when buying an item. Fifteen years ago, the average customer typically used only two touch-points but as businesses have adopted an omnichannel approach for selling services and products consumers have adapted and embraced these channels in return. And as anyone in a contact centre knows, customers don’t just contact you for customer services and aftersales queries…

 

As 64% of customers expect to receive real-time assistance, regardless of the customer service channel they use, it’s critical that businesses utilise the data captured during their communications with consumers to improve servicing. Accenture recently reported that 89% of customers get frustrated having to repeat their issues to multiple representatives. By having the ability to analyse and learn from your customer interactions your business can greatly reduce the number of poor and, possibly repetitive, experiences to enhance the customer journey. In fact, IA can do more than that by helping you to:

 

  • Identify which customer requests can be resolved quickly and effectively via email, web and social media.
  • Prioritise high-value customers or those in need of urgent support that needs an in-bound or out-bound telephone call with agents.
  • Meet SLAs while being certain that your business is delivering a consistent and valuable experience.
  • Ensure compliance and governance regulations are met to the highest standards possible. This includes being able to monitor for fraudulent activity, especially important in the times when your agents are working from home.

 

The Benefits of Customer Interaction Analytics for Call Centres

IA doesn’t just benefit your customers; it can make a real difference to your agents too. While customers get the level of service whenever and wherever they want with their queries competently resolved, IA will enable your agents to:

 

  • Work more intuitively which means less training and the ability to work on different campaigns without spending hours reading reams of training manuals.
  • Handle calls and resolve them faster than before, which means your cost per call is kept in control and your AHT performance improves.
  • Focus on the conversation, rather than the process which means both agent and customer have a better experience. Consequently, your staff retention improves dramatically.

 

And, of course, as a business you get to analyse data for any issues which, at Awaken Intelligence, we’ve found saves QA time by up to 67%. Furthermore, IA will provide you with actionable insights in the form of voice analytics ,  enabling you to motivate your agents and point them in the right direction while driving continuous improvement. IA enables you to drive business outcomes such as improved customer loyalty, better customer experience (CX) and overall increase customer satisfaction. As the Aberdeen Group reported, companies with an extremely strong omnichannel customer engagement retain on average 89% of their customers, compared to 33% for companies with weak omnichannel customer engagement. If your organisation’s focus is to deliver an outstanding omnichannel customer experience, investing in a comprehensive IA solution should be a key part of your approach.

 

Great Interaction Analytics – Beyond the Customer

We know it’s all about the customer. Customers know it’s all about them! In fact, 87% of customers think brands need to put more effort into providing a seamless experience. However, IA not only helps you to build a 360-degree view of your customer journey and monitor emotions, for both your consumers and agents, but it also enables you to meet compliance regulations. The real-time analytics ensures that your agents are saying the right things at the right time and if not, non-compliant behaviour can be flagged up immediately by the solution.

 

If you’re really tuned into your IA, you’ll also be able to identify ways to streamline voice traffic, steering non-urgent enquiries to FAQ pages on your website or chatbot conversations, freeing up agents to quickly address more pressing customer concerns. That means your cost-efficiencies and ROI will greatly improve too.

 

IA has been discussed, explored and utilised by many contact centres and consumer-facing brands, all over the world, for a few years now. As the costs to purchase such technology continues to lower and the efficiencies gained by deploying IA increase the arguments for investing in it seem obvious. Now is the time to ask yourself, can your business truly deliver an outstanding customer journey without embracing such a solution as customer expectations continue to rise exponentially?

 

How Awaken Intelligence Interaction Analytics Works

  • We run your interactions (voice, email, web and/or social) and metadata through our Artificial Intelligence (AI) algorithms, analysing both language and behaviour.
  • We use the analytics from the interaction to extract actional insights looking at:
    • Automated agent quality
    • Complaint identification
    • Operational efficiencies
    • Compliance
    • Vulnerable customers/TCF
  • These key business and customer outcomes are presented back to you in a reporting dashboard so that you can quickly improve your customer experience. Furthermore, the embedded machine learning of our solution means that you are continually monitoring and learning from your customer interactions which enables you to frequently fine-tune your engagements.
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