Analytics and CX - Market Trends 2017

Date:   Wednesday , January 11, 2017

Headquartered in the U.S., Verint the the leading provider of actionable intelligence solutions. The entity enable customers to capture large amounts of information from numerous data types & sources, use analytics to glean insights from the information, and leverage the resulting intelligence to help optimize customer engagement, enhance security, & mitigate risk.

Customer Experience (CX) is being placed at the forefront of many organisations strategic initiatives. It is well known that greater customer satisfaction leads to less customer churn and greater profitability; data analytics is increasingly being used to provide greater insight into customer behaviour and highlight areas of opportunity where process improvements can be made.

Progressive organisations are thirsty for predictive, real-time analytics applications that can make a real difference to their Customer Experience programs and go beyond the standard Big Data offerings aimed at the wider Enterprise. These are my five key Analytics trends that I believe are set to make a big impact on the CX market in 2017

Speech Analytics

Whilst there is a desire for many organisations to move a number of customer support operations to digital channels, consumers still prefer to engage via traditional face-to-face or telephony channels. A recent Verint study of Indian consumers -The Digital Tipping Point\', Verint/Opinium highlighted that even for moderately complex queries, 42 percent of respondents prefer to use these traditional channels whereas only 12 percent selected email and 7 percent web self-service.

Capturing and analysing the unstructured data from voice conversations gives organisations a wonderful repository of information that can assist in building digital strategy, customer retention and improving customer satisfaction. Speech Analytics help organisations in transforming audio into actionable insights along with providing power visualisation of the same, predicting and hence reducing customer churn, broad base compliance solutions, increasing operational efficiency, loyalty and sales effectively while reducing cost.

Data Security

With 80 percent of respondents to the above survey stating that they would prefer it if password and authentication methods were easier and faster and 92 percent wanting to know how secure their personal information is, the role of analytics in data security has become increasingly important. Analytics are already transforming intrusion detection, differential privacy, digital watermarking and malware countermeasures. Strong security practices, including the use of advanced analytics capabilities to manage privacy and security challenges, can set businesses apart from the competition and create comfort and confidence with customers and consumers.

Predictive Analytics

This means utilising your repositories of customer data and transactions to recognise events before they occur. With newer and sophisticated analytics, extracting information from this data and using it to predict trends and behaviour pattern is becoming the game changer for organisations.

Mobile BI & Analytics

The increasing adoption of smart mobile devices has opened up new platforms from which users can access data and both initiate and consume analytics. Executives can apply analytics to gain deeper insight into business performance metrics, while frontline sales and service personnel can improve customer engage-ments by consuming data visualisations that integrate relevant data about warranty claims, customer preferences, and more.

While India has some distance to go with regard to large scale implementation of analytics across the entire customer lifecycle, the realisation of the impact of CX on the bottom line is set to drive greater adoption and utilisation in 2017 and the coming year looks to be a great one for the analytics practitioners.