The call center industry is a crowded one, with literally thousands of competitors of all sizes looking to take your business if they can. In a saturated market, its incredibly important to have some kind of edge over the competition, one that helps your business differentiate itself.
Trouble is, finding such a differentiating factor can be difficult, and many call centers tend to stick with the same technologies and techniques for years. After all, if it isnt broken, why fix it?
The problem with this mentality is that can lead to stagnation in business practices. And stagnation in business simply means that your competitors are passing you by. While great for stability of operations, businesses have to continuously improve to remain relevant and competitive.
Think back to the early days of outbound calling, whether in telemarketing or collections, when inventions such as auto-dialers were first hitting the industry. How much of a competitive advantage did call centers with that technology have over their peers?
More recently, the development of call center speech analytics gave call centers another important tool for ensuring regulatory compliance by automatically tracking keywords used in customer conversations. With this tool, call centers are able to reduce their exposure to regulatory violations, a significant advantage.
Now, theres a brand-new call center analytics tool that can not only help you improve the quality of your phone agents, it can create a predictive analysis of future customer behaviors: predictive voice analytics.
This new call center improvement tool represents an enormous opportunity for early adopters.
Complete Analysis of Phone Agent Behavior on 100% of Your Calls
One of the key issues that any call center has to tackle is assessing the quality of phone agent performance and training them so they perform the best they can.
However, traditional methods of analyzing phone agent behavior are slow and time-consuming, limiting the sample size of calls that you can analyze. Because of this, a call center QA manager might review only one call made by a given phone agent every week, meaning that it can take weeks to establish a behavior trend for any given phone agent.
Using predictive voice analytics for phone agent insight automates the analysis process, allowing you to get a behavioral analysis of every phone agent call. This cuts the time it takes to establish agent performance trends down to 1 or 2 days rather than 4-5 weeks.
With this, you can identify agents who need further customer interaction training quickly, reducing the total number of bad calls that they would have made otherwise.
Here, the advantage for early adopters of the voice analytics solution is that youll be better equipped to optimize your workforce than the competition.
Improved Targeting of Second Calls
Aside from the agent insight voice analytics solution, there is also a customer insight predictive voice analytics solution that can interpret customer attitudes and behaviors based on specific vocal features. Using this analysis, the machine learning algorithm of the customer insight solution can then predict how customers will behave on future calls.
This can be a huge advantage for call centers in the collections industry. Here, many first contacts end up in vague, noncommittal unresolved responses. Having a system that automatically sorts these unresolved responses into likely to pay and unlikely to pay, with future contacts can save a collection agency an enormous amount of wasted time and effort.
By focusing on the likely to pay customers first, call centers in the collections industry can get more from their books of business in less time, accelerating their revenue cycle.
Early adopters of customer voice analytics can get a big lead on their competitors by more reliably collecting debts for their clients, making them the go-to agency for collecting debt efficiently.
This means more deals with more clients, and reliable repeat business from companies that are looking to recoup money from their debtors. As an early adopter of predictive voice analytics, youd have a tool for ensuring this kind of success that other call centers would lack.
These are just a couple of ways that a call center could benefit from being an early adopter of predictive voice analytics for their call center operations. In an industry as crowded as the call center industry is, any advantage could make a big difference for your company.