On a broader level, contact center analytics can be termed as an integrated pack of tools adopted by contact center segment of diverse businesses for effective operational performance. These analytical tools aid the contact center segment in tracking key performance indicators (KPIs) and drawing insights about business intelligence (BI). Some of the key reasons in adopting contact center analytics are to track and measure business performance at each level, to monitor and review performance not only from customer’s viewpoint but also harmonize it with employee and management thought process, to effectively improvise the customer response management, and others. However, the contact center analytics market has been developing and gaining wider adoption into contact center business since demi-decade.
The significant benefits of contact center analytics is that it helps in monitoring the service quality of each employee-customer interactions and thereby help in streamlining operational and business issues. Contact center analytics also aid in reducing operational & overhead expenses. One time implementation of contact center analytics alleviate frequently repeated issues. Furthermore, customer experience is the valuable element in any contact center business segment. So it’s important in transforming this experience into a metric to address customer issues on a persuasive level with the help of contact center analytics. Moreover, any organization is expected to multiply its revenue generation process. Contact center analytics helps to distinguish novel cross-selling & up-selling opportunities to improve this sales generation goal.
A focus on customer experience is increasingly adopted by contact center business segment irrespective of the size, type, core activities and position of contact centers. This factor is expected to drive the contact center analytics market. As more customers are turning towards other marketing channels, contact center segments are turning towards effective monitoring of past and present recordings to assure minimum churn of customers. Moreover, a 360° approach is demanded in analyzing customer interactions. Another factor which is expected to drive this market is the performance management of contact center workforce. Most of the businesses across globe is facilitated by the contact center segment for effective communication of its products or services. Hence, it becomes very much essential to manage the contact center workforce efficiently. Contact center utilizes the analytical tools such as relevant KPIs and other metrics to manage their employees. Besides, companies are aiming at improving their first call responses. This can be achieved by training the employees well enough to detail their customers over phone about the new product release and offerings along with addressing their issues by consuming less engagement time per customer. This indirectly help in reducing operational cost and allows customers to gain turn up voluntarily for another call. Hence, this factor of improving first call response is expected to drive the contact center analytics.
The challenges ahead of contact center analytics market is that contact center businesses are still struggling to prioritize their budgeting in line with adopting high analytical tools into their contact center operations. Still, the contact centers are engaged in manual handling of excel sheets in monitoring and recoding the daily operational data. Furthermore, the tech savvy customers of the urbane society are turning towards internet search for gathering any information. Hence, this is a restraint for the implementation of contact center analytics when number of customer turning towards contact centers are itself less. This is a restraint due to the high cost associate with the implementation of contact center analytics. The implementation of contact center analytics is expected to create opportunity for contact center to reduce their operational errors as every operational aspect is expected to be streamlined inside a contact center. Additionally, methodized coaching is enabled to the contact center workforce using a contact center analytics program. This indirectly helps the contact center business to improve their operational productivity.
The contact center analytics can be segmented broadly on the basis of type of analytics such as speech analytics, text analytics, predictive analytics, self-service analytics, desktop analytics, cross channel analytics, and others. Besides, the contact center analytics is also segmented on the basis of Banking, Financial Service and Insurance (BFSI), wholesale & retail, IT & telecom, healthcare, logistics & transportation, hospitality & travel, media & entertainment, utilities, and others. Additionally, the contact center analytics market can be geographically bifurcated as North America, Europe, Asia Pacific, Middle East & Africa and South America.