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Nexidia is a leading vendor of speech analytics vendor. I recently wrote about how it has enhanced its architecture to include text analytics and improve overall system performance. Version 11 of its Neural Phonetic Speech Analytics continues these enhancements to make the product faster and more accurate in its results.

The company recently announced a new product, Compliance Management. It is designed to help financial service companies meet the increasing number of regulatory requirements. The concept is simple: Many financial services activities are carried out by telephone (including sales, trading and responding to customer requests), and many of the calls have to include statements to satisfy regulations. Capturing these calls (perhaps in real time) and applying advanced speech analytics to them allow managers to ascertain whether the employee spoke the prescribed words and where corrective action must be taken. Achieving this goal, like so many other things, is far from simple. Nexidia’s tools can capture calls and use analysis to determine what was said. Compliance Management adds workflow capabilities and a rules engine that together define what should be said, how calls should flow, what actions to take based on the type and content of the call, and who should be notified if the right information wasn’t given. Additional capabilities enable integration of this to other products (for example, a CRM system to obtain additional customer data), and reporting and analysis show how well individual agents are performing and whether the end-to-end process is complete. In short, Nexidia Compliance Management helps financial services management keep a close eye on how fully their employees are complying with regulations and enables them to take preventive or corrective action when rules are broken.

Our benchmark research into next-generation customer engagement shows that only a minority (18%) of companies currently regard satisfying regulatory requirements as a top priority in the context of trying to improve the customer experience. However, in highly regulated industries such as financial services this priority rises to 27 percent; in some high-profile cases such companies have been hit with costly penalties for failing to comply with regulations. As regulations increase and competition for customers becomes more intense, I expect more companies to look for tools to help them mitigate those risks. Overall I also expect the trend to deploy vr_Customer_Analytics_02_drivers_for_new_customer_analyticsspeech analytics to increase. In our benchmark research into next-generation customer analytics 29 percent of participants said they plan to improve their use of analytics, and the most-often cited driver for doing that is to improve the customer experience (by 55%). Our research regularly confirms that the most popular channel of interaction with customers is still the telephone, so understanding the content of calls is vital to understanding and improving not just the way calls are handled but customer service, marketing and even products and services. Finding such insights requires a process similar to that supported by Nexidia Compliance Management: understand what was said and about what and take action to improve where necessary. I recommend that companies facing stringent regulatory requirements, not only in financial services, evaluate how it can help them comply with regulations and improve the customer experience and business outcomes.

Regards,

Richard J. Snow

VP & Research Director

VPI is a well-established vendor of workforce optimization systems and rated a Hot Vendor in our 2015 Workforce Optimization Value Index. It offers a full suite of products for this market. Notable among them is Performance Reporting, which produces reports and dashboards showing a range of analysisVR_WFO_VI_HotVendor_2015 and metrics about telephony, agent performance, coaching and customer success, along with alerts to inform employees of required actions. It combines data from a range of sources, both structured and unstructured, using speech analytics, and works in real or near real time. Performance Reporting is the basis for a new product, Customer Experience BI, which uses many of the same capabilities but focuses more on the customer experience while retaining the contact center capabilities. Our benchmark research into next-generation customer analytics shows this to be an important development as just under two-thirds (63%) of participants said they are considering investing in customer analytics to improve the customer experience.

Achieving this goal is not easy, and the research indicates that data is a major impediment. The foremost issue is the number and variety of data sources that contain customer experience data. The research finds that companies currently use an average of about eight data sources, most commonly data about finance (for 62%), website usage (58%), demographics (58%), customer feedback (56%), interactions (42%), channel usage (41%), social media (24%) and video (19%) – some vr_Customer_Analytics_08_time_spent_in_customer_analyticscompanies use all of 21 of the sources we identified. It shows that for the customer experience the areas of most expected growth areas are customer feedback, metrics derived from business intelligence (BI) and interaction data. To help users overcome data collection issues VPI has built more than 50 standard connectors that support data extraction from common telephony, CRM, call recording and feedback management systems. These capabilities also help address a second and related issue: data management.

However, the research shows that rather than spending time making decisions based on the outputs of analytics, users spend most of their time preparing (47%) and reviewing (43%) data. This is likely a consequence of using spreadsheets as the main analytics tool, which 50 percent do regularly and 32 percent do universally; these tools notoriously require manual effort to prepare and digest data, and are prone to introducing data inconsistencies and errors. The tools available from VPI are designed to make it easier for business users to determine which data to use and thus what outputs are produced. The system comes with packaged reports, scorecards and more than 500 standard metrics, all of which can used as is or customized. VPI hasn’t forgotten its call center heritage so information can be displayed on large screens within a contact center or as tickers on an agent’s desktop. In addition Customer Experience BI includes root-cause analysis and a variety of ways in which alerts and actions can be flagged to make appropriate information available in a timely fashion for users to take action on. VPI is also keeping up with innovative new technology by making the outputs available on mobile devices, something which our various research projects show is increasingly important as more employees work away from their desks but still need access to alerts and information.

At least partly because spreadsheets are so commonly used to producevr_Customer_Analytics_03_key_benefits_of_customer_analytics customer-related and indeed contact center analysis, dashboards and metrics, many companies struggle to make a business case to purchase specialist analytics tools. When it comes to customer experience analysis, our research shows strong reasons to invest emerging, as the users of such tools have seen improvement in customer experience, which our research into next-generation customer engagement shows is the most-often cited benefit, for more than half of companies. The same research shows another customer experience challenge is providing a consistent experience across all touch points because separate business units typically have different customer information. The case for investing in specialist tools is further strengthened in that more than half of users have gained better alignment across business units (52%) and better sharing of information (51%). So if your organization is seeking to improve the customer experience, I recommend evaluating this new tool from VPI.

Regards,

Richard J. Snow

VP & Research Director

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