The Time is Now For Predictive Analytics

There’s no denying the fact that technology has transformed the contact center, allowing businesses to better care for customers, improve business processes and boost revenue. One such technology that’s affecting positive change within many organizations is predictive analytics.

In fact, the  analytics market is booming. Valued at roughly $694.6 million in 2013, the predictive analytics market is expected to triple by 2019, reaching more than $2.3 billion, according to market research firm Micromarket Monitor.

Predictive analytics is the process of extracting information from existing data sets to determine common patterns and predict future outcomes and trends. For contact centers analytics can help greatly improve customer satisfaction, reduce employee churn, and much more.

For example, by using this technology businesses can identify the behaviors consistent with customers who have stopped doing business with the company to understand whether those behaviors represent a potential risk of churn from current customers. This process can also be applied to reduce employee churn.

Besides improving customer and employee churn, analytics can help businesses make better, more informed business decisions. The New York Times, for example, used analytics to see the processes in which people become subscribers and used that data to influence more people to subscribe.

What’s more, the newspaper used the technology to determine what content topics generate the most engagement, and then shared that data with the marketing team so that they could create and promote content that would resonate best with customers.

As you can see, analytics has many uses within organizations from sales to customer service to marketing. If you want to keep agents informed, gain a more well-rounded view of consumers, and gain valuable insight to reap better contact center services ROI, then consider choosing a partner that has invested in business analytics technology.

Steve Brubaker began his career at InfoCision in 1985. In his current role as Chief of Staff and as a member of the Executive Team, he is responsible for HR, internal and external communications, and manages the company’s legal and compliance departments. Brubaker is a member of a number of professional organizations, including the DMA, SOCAP, and PACE. He also donates his time to serve on several university boards, including the Executive Advisory Board for The Taylor Institute for Direct Marketing at The University of Akron and The University of Akron Foundation Board. He is a frequent speaker for national events and has also been honored with a number of awards and recognitions for his contributions to the call center industry.