Conversation Intelligence: Unlocking Revenue Potential for Contact Centers
By Bhaskar Mishra, Head of Product, Mihup
Businesses have become globalized and it is normal for enterprises to operate across diverse geographies and cater to their customers in a more personalized way. Companies in sectors like BFSI, E-commerce, Retail, and Telecom where there is a massive amount of customer data and information usually lacks the organized workflow and trained agents to deliver seamless customer service. There are various goals that contact centers need to achieve, such as constantly engaging customers, delivering a superior experience, and enhancing revenue growth.
Deployment of advanced technology such as the Conversation Intelligence platforms proves to be the real game-changers for contact centers in terms of achieving these goals. To begin with, technology helps in reducing operational costs, and as the saying goes, every rupee saved is a rupee earned. However, there are some other effective ways in which contact centers benefit from Conversation Intelligence in the area of seamless customer service and revenue generation. Let’s take a look!
Every conversation gets heard – Unlike the manual QA process where a handful of randomly selected customer-agent call conversations are analyzed, the technology ensures listening and analyzing of every single conversation. Not only that, but it also eliminates the costly practice of QAs sitting and manually listening to each conversation and creating evaluation sheets. All the conversations are automatically analyzed by the system through integrated AI, NLP, and machine learning algorithms. There is no risk of fatigue, boredom, or distraction in the automated evaluation, and the system documents exactly what it hears. It can also provide much deeper insights and present information that the conventional check-lists won’t be able to.
Boosting agent individual efficiency – In the typical contact center setting, the QAs listen to the agents on live calls or their recordings and assess their strengths, weaknesses, and areas where improvement is needed. However, this is a cumbersome process and is also vulnerable to bias. An agent who is constantly scoring more conversions and high metrics is likely to be less focused and that might lead to occasional lapses or procedure violations going unnoticed. However, Conversation Intelligence will pay equal attention to every conversation without any bias or oversight. Thus, constant improvement in the individual agent performance can be achieved, and the overall team revenue generation can be bettered.
Better customer retention –Modern businesses have to put in a lot of effort to retain their customers. Deliver one bad experience and the customer might never do business with you. Conversation Intelligence platforms can offer a superior customer experience as they will be able to not only expedite the response by assisting the agents in real-time conversations, and offering relevant cues such as recommending the questions to ask or the statements to make. The system can also identify the intent and emotion of the customer based on factors like tone, voice energy, silence, vocabulary, etc., and identify opportunities to upsell, or cross-sell, different products. Thus, the overall experience is enhanced and customers are more likely to remain with the brand for the longer term.
Eliminating the conversion barriers – One of the biggest reasons that contact centers experience poor conversions is the lack of information and contextual understanding at the representatives’ end. Two major gap areas need to be covered. The first one is the lack of information about all the products and plans on offer. To dynamically overcome competition, companies keep changing the terms or offerings of their services, and at times new products are launched in quick succession, but the contact center agents might not get adequately trained on them due to a shortage of time. On the other hand, most of the agents especially newly hired personnel lack contextual awareness and struggle to find the right response or resolution promptly. They spend several minutes searching for the right information, and this can upset the customers, leading to failure to convert.
The Conversation Intelligence platform deployed on live calls remains integrated with the CRM. As soon as it identifies what the customer is seeking, it pulls out the precise information and presents it on the agent’s computer screen as a cue. Thus, agents can almost instantly take the conversation in the right direction without putting the call on hold for long. The customers appreciate the speed and knowledge of the agent, and would not only give higher ratings but would confidently make purchases to boost the overall revenue generation.
Conclusion
This is the era of digital technology and irrespective of the industry, there is a need to expand the customer base and increase revenue generation. Adopting advanced solutions such as a Conversation Intelligence platform is by far the most effective and easy option for the contact centers to fulfill this need. It also gives the businesses a competitive edge and greater market reputation while those who continue to rely on outdated processes can get ready to be labeled as laggards and eventually pushed into irrelevance.
