Conversational Analytics: Bolstering Organisational Efficiency and Building Future Ready Frameworks By Rashi Gupta, Chief Data Scientist and Co-founder, REZO.AI
In a world where customers are the kings of their own individualized shopping experiences, businesses must be more focused on the customer than ever before. Customers want to feel engaged and have a personal relationship with the business they are dealing with. Personalization is the key to the success of any organization today. To personalize the customer experience, businesses first need to understand them.
One of the many ways to understand the customers is by monitoring and analyzing their interactions with the organization. In a traditional contact center, agents are tasked with handling all incoming calls from customers. Owing to technological and infrastructural limitations, a typical traditional contact center can monitor only 1% of the total calls which forms the basis of all their decision-making. This is often done using random sampling hoping that it would account for all variability and volatility in the data. Statistically speaking, the probability of this being accurate is close to zero. That means not realizing this approach is jeopardizing a lot of revenue opportunities and leading to wasteful resource allocation which makes contact centers a breeding ground of inefficiencies in their current shape and form. Improved customer experiences, better insights, and actionable recommendation
Conversational Analysis is an effective tool for contact centers to monitor 100% of all their business conversations, both internal and external. It can be used to identify patterns in customer behavior, which helps the companies understand how their customers think about their product or service, and suggest ways to improve. By monitoring all incoming calls in real-time using conversational analytics tools, businesses can gain insights into customer behavior and improve customer service experiences for everyone involved in the process.
AI and machine learning can automate quality assurance in customer service calls, companies can avoid errors, and enhance customer experience. The data gathered can then be used to train new employees or identify and reward agents who perform well at handling queries or complaints with empathy or understanding. Conversational analytics also help companies improve their customer service by identifying common behavioral traits of the most successful executives, which they can use in their professional development plans.
Cost-effective and scalable
Conversational analytics helps businesses improve efficiency by monitoring the entire conversation between an agent and a customer. It allows them to understand what the customers are suggesting before they leave a message or call, saving valuable time in resolving customer issues when they arise. The higher the percentage of calls monitored, the better the insights into customer behavior. Conventional call centers are unable to achieve the feat of monitoring more calls as it is a costly affair.
The beauty of this solution is that it does not involve human intervention like other systems do; instead, it relies on the power of artificial intelligence and machine learning technologies to detect customers’ feelings through their speech. The benefits of doing so include increased productivity, lower costs, and higher revenues. The best part of call analysis with conversational AI is that the solution is easily scalable with minimal cost and time. There is no need for extensive physical infrastructure or training for the agents.
Consumer profiling
The next step is better customer profiling – which will allow companies to personalize the way they interact with each consumer based on their unique purchasing habits. It can also help businesses improve efficiency by making sure that customers are not left waiting too long on hold or being transferred between departments when calling in with a question or complaint.
By monitoring and analyzing 100% of the customers’ interactions with the companies, Conversational AI provides them with a strategic advantage by helping them understand their customers. It also helps businesses personalize the customer experience and retain customers. More importantly, monitoring calls and understanding customer behavior helps businesses keep their processes and strategies up-to-date and stay prepared for the future.
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