What Can Analytics Do For Your Business?

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Analytics for Business

Data is the most valuable tool in any business environment today.

The more information you have, the easier it is to make important decisions about how to grow and develop your company. Fortunately, there are countless tools now available in the market that make it easier to capture crucial data and translate it into actionable insights.

Business analytical tools, such as those embedded in RingCentral Contact Centre, are allowing team leaders to see behind the curtain of their company’s operations, to discover what’s really driving success, and what could be holding employees back.

While many companies are already exploring the benefits of analytics for themselves, there are still organisations that don’t fully grasp the value of bringing more data into their lifecycle.

So, what can analytics really do for your company?

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The Opportunities Afforded by Analytics

The benefits that you can access with analytics depend on a number of factors, including the talent that you have in your team, and the tools that you use. For instance, performance dashboards allow IT managers and other administrators to graphically identify the quality of video and voice calls in a communication environment. In the current comms landscape, performance dashboards give you an insight into everything from time to resolution, to customer sentiment.

Performance can even be measured across multiple levels, from user to business unit or country. Many UCaaS vendors now allow for administrators to even track the adoption of critical business tools and build graphs or visual reports on how collaboration and communication is evolving.

In the contact centre environment, alternatively, analytics can help with automating crucial quality management processes such as call scoring and monitoring. These solutions help to build a big picture understanding of essential customer interactions. Businesses can also use call centre analytics to automate the creation of agent score cards for measuring and evaluating performance over time.

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Using interaction analytics that allows for the automatic analysis and scoring of customer/advisor interactions will allow businesses to access objective measurements of performance. Data from these reports can then be aggregated into unified systems to help business leaders evaluate outcomes against quality metrics and KPIs.

Getting an End-to-End Insight into Businesses

In the communication landscape, companies that aggregate the data on individual customer interactions will be able to access an end-to-end picture of the journey customers have with a company. This insight can be compared with benchmarks and used to identify areas where improvements are needed. Additionally, intelligent systems like sentiment analysis could give businesses an opportunity to change the way that customers perceive their business.

Predictive analytics open the door for faster decision-making by exploring the resolutions that companies used in the past to address similar scenarios in the future. Additionally, data can be used in a knowledge-base to encourage a continuous cycle of improvement. All the while, data analytics in the contact centre can continue to enhance the efficiency of support call queues and customer service strategies.

When contact centres can see the elements that commonly affect call queue length, they can tweak strategies until the right performance level is achieved. What’s more, instead of simply measuring customer satisfaction on the phone, teams can use interaction analysis to pull information from everywhere, from instant messaging conversations to real-time discussions.

Discovering a Path for Future Growth

In-depth interaction analytics allow modern businesses to easily and effectively identify the optimum path for growth and sales in the current marketplace. Whether it’s predictive analytics helping businesses to find new opportunities for sales, or sentiment analysis used to deliver stronger customer experiences, there’s room for data in every part of the communication journey.

Analytics could even help some companies to determine which customers they should be calling at certain points in the buyer journey to improve their chances for upselling and cross-selling success.

Originally published Dec 17, 2019, updated Jan 17, 2023

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