Analytics was the topic of the day for our May 24 webinar, “How to Get More Value from Customer Analytics?” At this insightful session, HGS’s SVP of Solutions and Capabilities, Parikshit Kalra, and AVP, Business Transformation, Apurva Vora, provided a roadmap of how to move from reactive data and tactical operations management to proactive data and strategic management by aligning your analytics framework to business need. The webinar provided attendees with a framework to:
- Understand various stages of analytics, as well as popular tools and why they are used.
- Connect metrics, understand what is measured, and why companies need to connect the voice of the customer to the voice of the process to the voice of the business.
- Benchmark a company’s current analytics framework.
- Develop a practical framework to enhance, optimize, and align current analytics practice as well as logical next steps and phases.
Research shows that there are multiple factors that contribute to the failure of businesses to optimize analytics—from lack of bandwidth and skills to a resistant culture. HGS’s Poll 1 delved deeper into how our attendees approach analytics. We asked “What challenges do you face with your current analytics program?” and found that 50% of attendees “don’t have the resources to help deliver what we aim to,” while the other half of attendees “have different opinions on analytics” and also “don’t have the resources to help deliver what we aim to.”
There is still significant analytics strategy needed across our internal research base, per our Poll 2, “Is your analytics program measuring and connecting the voice of the customer to the voice of the process?” In fact, 75% of attendees responded “Partially, but could be better.” And 25% of our respondents stated “Not yet, but we want to adopt.”
HGS’s Poll 3 “Do you correlate your VOC to voice of process and to voice of business?” got to the heart of the knowledge gap, with 67% of respondents responding “partially but could be better” and 33% answering “Not yet, but we want to adopt.”
At our Poll 4, we assessed the ROI on actionable insight mining: “Is your analytics practice drilling the root cause down to second and third level questions and giving you actionable insights?” The majority of our attendees—67% see a need here, responding, “Partially, but we could do better and benefit much more.” A total 33% of our respondents answered, “Yes, we leverage both structured and unstructured data.”
Following the webinar, PK and Apurva answered some pressing attendee questions.
Q1: Does HGS do real-time voice analytics?
PK A: The tool that we use for analytics has the ability to do real-time and “not so” real-time analytics. When you need to find a certain root cause real time, such as in a fraud situation for example, real-time analytics is a must. But the problem with real-time analytics is that, first, it can be very expensive and it can impact quality of service because you need extra bandwidth. At the same time there are also certain features that you have to enable, and there has to be a team that is acting real time while that feedback is coming. The short answer is that, yes, we do it and we have the ability to do it. However, we only turn it on when necessary.
Q2: Our organization is struggling to identify where to take that first step in building our analytics program. Any advice on where to get started?
PK A: The first step is understanding which systems you are currently working with. I would say that one of the absolute no-no’s for most organizations is: Don’t jump into buying a tool. Some of these analytics companies are very good at selling some very expensive tools. But at the same time, “Do you really need it?” is the first question that you need to answer. There are a lot of tools out there. If you have all the reporting tools and you have all the dashboarding tools and you have moved to a maturity stage where you need more, you want to get to a more qualitative, quantitative focus. But don’t believe an analytics platform company telling you, “This will solve world hunger,” because usually it does not work like that. One analytics tool would, typically, not pick up data from all your systems, because that’s not how architectures are built. Instead, you need the right skill set to be able to pick up that data, inject data into different systems, and define the right lexicons to connect the voice of the customer to the voice of the process to the voice of the business. And that’s where the right blend of the right tools and the right skill set is extremely important.