Published on ETCIO.com
Firstsource’s text and speech analytics platform shows that when managed well and baked into customer-facing business processes, customer knowledge can drive a wide range of business outcomes.
Customer knowledge is the business resource that helps your business thrive. That’s the motto BPO firm Firstsource lives by. The Mumbai- based outsourcing company provides customer management, data processing, and collections services to organizations in the healthcare, telecom, publishing, banking, financial services, and insurance companies.
It engages with its customers’ customers through 200,000,000 customer interactions, 4,000,000 e-mails, 3,000,000 web chats, and 199,999,999 back office transactions. The answers to a lot of customer queries lay buried in the mounds of customer interaction data. But ferreting out customer information from the unfathomable sea of data was like trying to get a pearl out of lock jawed oyster.
Firstsource needed more than information. It needed actionable intelligence.
That’s when Aparajita Gupta, SVP- Digital Support and Analytics at Firstsource decided that analytics was just the ticket for extracting customer knowledge.
“Unstructured data accounts for almost 80% of the information available with an organization. It contains a lot of valuable and business-relevant information which otherwise is not analyzed. We wanted to help our customers solve these problems using analytics solutions to unleash actionable insights. By extracting analytics insights or our customers we could create opportunities for them to increase their revenues, improve customer loyalty, and enhance efficiency,” states Aparajita Gupta, Senior Vice President- Digital Support & Analytics, Firstsource.
To decode the complexities of multiple channels of customer engagement, Firstsource implemented a speech and text analytics platform from Verint. It enables the BPO firm to analyze huge volumes of data across all digital interaction channels. The analytics solution extracts actionable business intelligence from the unstructured information contained within multi channel text-based documents and interactions like Web chat, Email, social media outlets, including Facebook and Twitter, call center notes and survey comments
The analytics solution provides a holistic multi channel view across digital engagement channels. “The analytics solution collects and analyzes customer feedback, and mines recorded calls through speech analytics, as well as apply text analytics to email, chat, web forms and social media. It enables us to capture the entire customer interaction and emotional journey. The data is then used to determine if processes are working as designed, gauge productivity metrics, and identify areas for customer care enhancements and revenue growth,” she shares.
The text and speech analytics solution is integrated with Firstsource CRM and works across different analytics disciplines including descriptive, predictive and prescriptive analytics. All this high- touch customer activity paid off in customer loyalty and improved revenue.
Converting unstructured customer interactions into actionable insights has delivered improved customer experience and increased revenues for Firstsources’ customers. Firstsource unleashed analytics for a UK based telecom client to help them realize significant cost savings. An analysis of the chat and email interactions for a telecom client revealed that 2% of contacts logged the lowest sentiment scores which were related to refunds and credits. However, a review to determine the root cause was infeasible due to high interaction volume.
“Text analysis revealed that refunds were routinely taking upward of 10 days to process versus a stated goal of 7 days which led to 30 percent of customers calling back for status. Using actionable intelligence, the telecom company automated refund notifications and improved training and business purposes resulting in a 40 percent reduction in refund contacts and trimmed over a $ 100,000 a month from operating costs,” she reveals.
Firstsource tapped analytics for a UK based retail bank. The bank was faced with a situation where it faced a lot of disgruntled customers who were not getting a resolution. Only 45 % of the customers contacting the call center of the top retail bank were getting a resolution. Of the remaining customers, 19 % had a call back arranged with a different bank resource, 17 % calls were transferred within the bank and 14 % were asked to visit a bank branch. Firstsource leveraged Text and Speech analytics to analyze 11,000 of the bank’s calls, as well as the customer comments on satisfaction surveys.
“The integrated solution helped Firstsource uncover root causes ranging from too many website contact numbers to a non-intuitive IVR, to a flawed call-back process. Armed with the actionable intelligence, the retail bank modified technologies, processes and associate training which resulted in 18 % reduction in cost-to-serve, $400,000 reduction in callbacks, $300,000 saved on website service, $,400,000 saved in IVR processing, 3 % increase in sales through phone, IVR, and web channels,” she says.
Closer home, Firstsource helped an Indian bank attain 93 % accuracy in predicting customer churn. Firstsource’s text and speech analytics platform shows that when managed well and baked into customer-facing business processes, customer knowledge can drive a wide range of business outcomes.