Your Business Can Benefit by Using Predictive Analytics

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When a transaction is made by a customer, businesses tend to do everything possible to provide the best experience. It is not uncommon for customers to simply abandon a vendor or provider and they may even drop the transaction because of a poor user experience when dealing with that business.

In today’s world, customers want services delivered with a pleasant smile, and it doesn’t matter if they’re making a phone call or even chatting over the Internet, they want that experience. Things can get difficult when communicating in such a way.

When you ask people at contact centers of various businesses, they will be quick to let you know that more often than not, somebody who calls in is going to be already frustrated. They are not likely to contact support when something goes right, but they will readily contact them when something goes wrong. In some cases, they may only want a gentle nudge for making a purchase, and they may find IVR’s to be not very responsive. Also, unfriendly agents can be problematic, but both of those aspects can be improved.

Taking a Look at Predictive Analytics

The average person may consider predictive analytics to be the stuff of science fiction, but it is already a regular part of many businesses. A business can use predictive analytics to understand the outcomes and to take a closer look at their leads. This is all possible, thanks to the acquisition of massive amounts of data.

The idea behind predictive analytics is relatively simplistic which is nice because most of us like things to be fairly clear-cut. It is important to take a look at the definition and details before we go any further.

Data is often compiled for analysis, and predictive analytics uses that data to make predictions for the future in a similar way to predictive dialers, although the tools are quite different. You might even go as far as considering it to be a type of artificial intelligence (AI). After all, it makes predictions based on logical conclusions from available information.

What Is Being Predicted?

Analytics is going to differ from one business to another based on focus. There may be different tools that can assist in predicting those results, depending upon the needs of the business.

You May Struggle with the Contact Process

When a customer starts out on a journey with your company, it likely starts with the contact process, and this is a part of the predictive analytics tool. By determining when the customers experience frustration or simply drop off the call, it provides valuable information. The available tools can recognize busy times and those that are less crowded. This can help to form a future strategy that will work well for any company.

Dealing with High-Risk Clients

In some cases, clients may be more likely to abandon your company or who may be considered “high-risk.” Predictive analytics can identify those clients. Thanks to the process of data mining, predictive analytics can analyze the data and form an overview of those clients who are more likely to abandon the service.

Taking a Closer Look at Agents

Along with the external benefits of predictive analytics, there are also internal benefits as well. Predictive analytics can be used by contact center managers to determine which agents may need additional training. It can also look for any decline in performance by specific agents and identify those who may just be looking to change jobs. It helps those agents to perform according to required standards.

Following up on Great Leads

Strong leads can often be identified with the use of predictive analytics. Since those are the best leads that require additional follow-up, it can be of great use to agents. A massive amount of data is analyzed, including specific clients, circumstances, and demographics. This analytical process can identify leads that are more likely to take advantage of your products or services so the additional calls can be made.

It may seem simplistic but using predictive analytics in this way can help an agent to understand the client on better terms and make the entire process smooth for both parties. You might even say that predictive analytics is a mind-reading program.

The Fun Side of Predictive Voice Analytics

A completely different and quite fascinating aspect of this technology is predictive voice analytics. It is something that call centers should begin making use of immediately. This type of predictive analytics can give a lot of power to your agents, and it is necessary in today’s world. It is more than just science fiction; it’s a realistic concept, and call centers can benefit from an improved customer experience in amazing ways.

Like the customers on the other end of the line, agents exhibit human tendencies, and they may not always be the most cheerful when responding to the customers. Those who call into the call center may not always display patient tendencies as well. If the agents were able to know what was on the caller’s mind, a could avoid dangerous triggers that would open up an emotional issue.

This boils down to voice analytics. It doesn’t matter who we are, we have both a good side and a bad side, and the good side is not always going to win out. Through the use of predictive analytics, you may be able to determine what will be said and that makes the good side show up more often.

Is Voice Analytics Necessary for Your Contact Center?

AI is a part of predictive analytics that can eavesdrop on conversations or read text through web chat services. The exchange of words between agent and client can be analyzed, and it predicts the emotions on both sides of the call.

As a result of the emotions and behaviours being analyzed as the call is taking place, an improvement in customer service is realized. The agents have what is needed to help them avoid frustration at their fingertips constantly.

Voice analytics helps to anticipate the caller’s reaction, and this helps the agent to read their mind. When somebody calls in with a frustrated attitude, voice analytics can anticipate those negative responses and the agent can then guide the caller to a better emotional state.

Another problem that voice analytics can sort out his call-center fraud. By determining the intent of the caller, it can weed out this problem. An agent would be more easily able to recognize angry callers as well as those who may not be entirely truthful. The use of voice cues and emotional triggers can easily help the voice analytics program to know the difference between a caller who was upset and one who has malicious intent.

It is even possible to know if the caller is satisfied through the use of voice analytics. This data can be compiled and used in the future to determine how other calls may progress.

Many different things can be analyzed at the contact center level. These include why customers are calling, what type of support is needed and how quickly the resolution occurs. It all adds up to identify customer satisfaction and to help improve satisfaction on future calls.

Summing Things Up

A customer often judges your company based on their interaction with the contact center. When everything moves along simply and smoothly, clients and callers have their necessary support. Even on its most basic level, predictive analytics can make it easier for this journey to occur and can level out any issues that may happen along the way. It uses data from the past to predict the future.

Predictive analytics can easily be modified to work with your agents as they are handling callers. It doesn’t matter if you’re trying to reduce fraud or determine if a customer is frustrated, it allows the agents to respond appropriately, and the customers leave with a feeling of satisfaction.

When even a small amount of friction occurs during the call, many callers will simply abandon the contact. The efficient use of predictive analytics can help to weed out that friction from the start.