Trend 8: Data analytics are everywhere

A person is using his laptop to work on a Data Analytics assignment

From interaction analytics to cognitive listening—BPOs optimize ROI

By Sumit Das and Danturti Abhishek Sharma

Earlier this year, HGS presented our trends forecast, comprising customer experience (CX) disrupter predictions, supported by practical strategies clients can use to succeed in the changing marketplace. This HGS ebook covers 11 trends, from those in self-service, mobile service, messaging, and social media, to artificial intelligence, robotic process automation and analytics. With this blog, we describe how the CX marketplace in 2020 has changed in line with the insight from our own Mohit Saxena, HGS Head of India Business, who predicted continually rising value of data analytics in customer service.

While historically, businesses based decisions on experience and perceptions, today's organizations have a sharper competitive edge—honed with the use of data. As first-in-line stakeholders of the CX revolution, these companies now use data to tell an unbiased, definitive story grounded in customer feedback and preferences much more impactful than opinions. That's why more than half (59%) of managers say their company is using analytics to gain a competitive advantage, according to recent MIT Sloan research. Additionally, in one year, there was a 2% increase in share of organizations reporting that analytics creates a competitive advantage.

Today's digital customer care needs to meet the needs of Generation "C"–the "connected" customer demographic that spans generations. Interaction analytics and cognitive analytics both bring key advantages at all consumer journey touchpoints—including engage, buy, bill, care, repair, and retain:

  • Interaction analytics can be built from CSAT data, and contact centers have a goldmine of verbatims and customer feedback, including essential detail on sentiment and intent.
  • Cognitive analytics can be built from speech data that is a valuable information source, in terms of customer sentiment and intent. The data tells the unbiased story here—to avoid missed opportunities or misalignment of feedback.

Brands often experience an analytics evolution—shifting between these techniques. Here are some critical areas to drive ROI, in the journey from interaction to cognitive analytics:

  1. Sentiment analysis. At this stage, it is determined whether written customer feedback is positive or negative.
  2. Named entity recognition. This data-gathering step tags names of people, organizations, locations, expressions of times, quantities, monetary values, and percentages.
  3. Summarization. At this feedback point, large bodies of text are condensed into paraphrased versions—in order to highlight most important and brand-relevant feedback.
  4. Topic modeling. Here data is bucketed as bodies of text by category. This provides brands actionable insights into products and services.
  5. Question answering. This stage allows for the creation of the answer to a human-language question. Case in point: This is the step where a chatbot would be involved.
  6. Machine dialog system. At this stage, analytics becomes cognitive, with the structure of response systems that react contextually to human input (for example, Me: "Siri, what are the operating hours of my favorite restaurant?" Siri: "Café Du Monde is open until 5 p.m.") Here recommendations are developed, as a result of the cognitive capabilities at work.

Business process outsourcers (BPOs) have the people, process, and technology to drive real outcomes with these different analytics applications. The best BPOs can deploy interaction analytics, cognitive analytics or a hybrid approach, with these key competencies:

  • Multidomain experience across a variety of  verticals, domains and an amalgamation of different use cases
  • Deep and wide data sourcing with deep and wide access to customer insights
  • Incubation of innovation—leaning on creative new approaches to bring the capabilities together with a consultative approach that exceeds client expectations

The key is in achieving the customer-centric balance—today's brands will be leveraging all of these analytics tools and capabilities more than ever to grow and evolve their businesses.

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HGS Digital provides intelligent automation, AI, analytics, cloud services, and DigiCX® services to leading enterprises. Specializing in a technology-agnostic approach, our solutions help to improve customer engagement, optimize operations, reduce cost and increase revenue.