The number of analytics solutions available is staggering. And while many of these solutions provide intriguing visualizations and data analysis, what’s critical is being able to translate that data not only into actionable insights, but also into actual cost savings. As companies evaluate potential partners and tools for contact center analytics, they will ultimately need to prove out the ROI before making a significant investment. Even if this is an internal effort, the resources required will need to be justified.
A few use cases can be used to measure ROI and prove out the value of a given solution. These include:
- Driving Contact Center Efficiency
- Enhancing Customer Experience
- Preventing Churn
- Improving Sales Effectiveness
Two additional use cases that reduce risk but are difficult to calculate ROI for, include:
- Ensuring Regulatory Compliance
- Monitoring Product Quality
Learn the latest advances in self-service customer intelligence in our recent webinar, “Analyzing Customer Interactions for Actionable Insights”.
Now let’s dive deeper into the first use case mentioned above, “Driving Contact Center Efficiency.” We’ll review an in-depth study of how ROI can be measured and achieved. Whether you’re measuring ROI by identifying bottlenecks and streamlining processes or by training contact center reps more effectively, there’s always an opportunity to improve the efficiency of your contact center.
One Key Performance Indicator (KPI) that can be used to measure efficiency is repeat callers. Below is an example of how you might identify high numbers of repeat callers for specific topics and calculate an ROI associated with decreasing the number of repeat callers by 25% for each topic:
In this example, reducing the number of repeat callers by 25% for the top 6 topics generates a cost savings of $400K annually. This same type of analysis can be performed for average call time, and may be broken down by individual contact center rep to identify topics for additional coaching, by rep.
Whether through better, more focused, training or by understanding where a process (or system) may be broken, Contact Center Analytics can save reps valuable time and increase the percentage of first-contact resolutions.
It is crucial to perform this analysis prior to making any significant investment in an analytics solution. If your organization would like help implementing a Contact Center Analytics Solution that will enable you to realize tremendous savings over time by bringing all of your customer interactions into one 360° customer view, please don’t hesitate to reach out to us. We’d love to get you started.
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Director, Omni-Channel Analytics