According to one of the latest surveys conducted by Gartner, a major hindrance in the efficient decision making process by using big information or data is the scarcity of skilled manpower. Business process outsourcing units can help companies in this regard by bridging the gap between high quality data analytics and business analysts in cost- effective ways.
Changing Customer Expectations Influences the BPO Landscape
Even though, a continuous growth is observed in the conventional back-office BPO services, such as human resource, procurement, and F&A, many BPOs are looking for adopting new and innovative services. This is done for transforming the front and middle office environments, which directly or indirectly influence client revenues, profitability, and customer support services.
BPO in India, in the marketing related functions, help clients in effectively managing the rising complexity of diverse digital advertising channels. This helps them in improving their ROI in the warranty management and customer service division, where cost savings and loyalty perfectly complement each other. The notion is highly prevalent in the sectors like health administration, insurance claims, mortgage processing, and risk management.
Driving Sales through Data Analytics
Contact centers typically accumulate data through customer interactions. Since companies have realized the importance of data mining, they are hiring specialized service providers to gain deeper insights into customer intelligence. This further helps them in understanding customer behavior, which eventually leads to better customer experience. Increasingly, call center units are deploying analytical tools to attain actionable insights from the huge transactional information gathered through client engagements.
According to one of the latest studies conducted by the Aberdeen Group, about 2/3rd of the user interactions in a call center involve voice or IVR conversations. Today, more than 50% of the BPO services units use speech analytical tools to examine voice conversations. The numbers are expected to steadily rise with the increasing importance of voice calls within their multi-channel customer conversation.
A strong, resilient, and robust intelligence system can help firms in collecting, analyzing, and converting customer responses for improving client products and services. In addition, building analytical capabilities can help organizations in delivering high-quality and consistent performance. This further aids them in tracking information across multiple departments of an organization.
To conclude, data analytics can help businesses in reducing overhead costs and improving efficiencies, along with gaining useful insights that aid firms in creating a unique competitive advantage in the market.