Conversation Intelligence: The SaaS platform to enable strategic growth for businesses
By Bhaskar Mishra, Head of Product, Mihup
Irrespective of the business type, the daily interactions with your customers and target audience are bound to create massive volumes of data. On average only 2% of contact center interactions get evaluated, this means loads of insights and coaching opportunities are being left on the table. Imagine all of the learnings you might get from the other 98%. Most companies fail to realize that this data and the information stored therein, can become game-changers for them. When they are able to analyze this conversational data, companies get to know their customers better, understand where their contact center agents are going right or wrong, and decide their next steps. However, gleaning insights from an incessant inflow of data is easier said than done, especially if you are attempting to do it manually.
The role of Conversation Intelligence
Data-driven insights extracted by advanced Conversation Intelligence platforms can be extremely advantageous. The AI-based platforms are capable of analyzing customer interactions in multiple ways. While this solution can be utilized in every aspect of a business, here are some of the important areas.
Sales – Conversation Intelligence platforms are a boon for sales teams. Typically, you would be able to analyze conversations on limited parameters. Human QAs rarely go beyond analyzing 2 – 5% of the conversations each day. With Conversation Intelligence, not even a single call is ignored. The speech analytics system powered by the Conversation Intelligence platform deeply analyzes 100% of call conversations to extract historical customer data and garner valuable insights from it. It also goes beyond this to identify and share objections faced or best practices deployed by the reps during the calls.
Essentially, the platform also analyzes the conversations to understand agent’s strengths and weaknesses in every customer interaction call. This detailed understanding is presented through easy-to-understand, actionable reports which can help organizations revamp their sales processes, execute personalized or group training, and even determine their future product portfolios.
During live calls, the integration of Conversation Intelligence enables quick identification of a customer’s intent and sentiments. When the intent to buy a product or service is noticed, the system can proactively provide nudges on the agent’s screen enabling the agent to quickly recommend relevant products to the customer. For instance, if a customer is looking to buy web hosting, the representative can suggest buying an SSL certificate for the domain to boost upselling opportunities. Similar cross-selling and upselling opportunities exist in almost every domain and can be effectively leveraged by the system.
Customer Service – For modern businesses, superior customer service is of prime importance. Most leading enterprises offer competitive products and price points to remain relevant to the market. In such a scenario, the way your customer support agents manage conversations and resolve customer queries can become a major differentiator.
Customers need quick, accurate, and helpful responses every time. Brands that use Conversation Intelligence are able to achieve these efficiencies. The platform can be integrated into the CRM and live calling infrastructure, enabling it to listen to ongoing conversations, and augment agent performance through instant inputs/suggestions or tips.
The Conversation Intelligence platform can identify the need for further probing and suggest the agent to ask more relevant questions through on-screen suggestions. It can understand the customer’s tone and intent. The inputs provided by the platform can also help agents understand the precise need of the customer. There will be greater personalization of assistance instead of the agents repeatedly reading out a pre-defined response from a script document that is not helpful at all. This personalized approach conveys to the customer that the agent has understood the need or the problem, and is capable of delivering the best possible solution. For instance, when a query is placed, the system can automatically access the right information and present it on the agent’s screen. As it is done without putting the customers on hold or making incorrect assumptions, they are confident of getting the problem resolved and become appreciative of the support provided. This further reduces the Average Handle Time for the agent, improves Quality Score, boosts First-Call Resolution, and leads to greater customer retention. All these are win-win scenarios for any contact center.
Conversation Intelligence in strategic decision-making
Conversation Intelligence platforms offer insights in the form of easy-to-understand reports and data dashboards to help contact centers connect with customers, empower agents, automate processes and drive continuous improvement through continuous intelligence. Equipped with the power of automation, the management can make superior strategic decisions to achieve faster growth than their competitors. This is the true story of several market-leading brands and the way ahead for those who haven’t already adopted Conversation Intelligence!
