At our July 12 webinar, Using Voice of the Customer Analytics for Change, HGS SVP of Solutions and Capabilities Parikshit Kalra (PK) enlightened our attendees on how to transition analytics—from reactive data and tactical operations management to proactive data and strategic management. He provided key insights into understanding various analytics stages, connecting metrics, and benchmarking an analytics framework.
- For our first poll, “Is your analytics program measuring and connecting the voice of your consumer to the voice of process?” we observed a tie of 25% between our attendees who are currently doing this with most processes and those who state they are “partially” achieving this measurement, but can do better. Our remaining attendee demographic stated, “Not there yet, but we want to adopt this analytics approach.”
- For poll two, “Do you correlate your voice of the customer to voice of process and voice of business?,” results showed the majority (41% of our attendees) “Partially successful, but could do better.” A significant percentage (29%) reported, “Not there yet, but wanting to adopt,” with 24% already measuring impact of both voice of the consumer and process on revenue.
- According to our poll three, “Is your analytics practice drilling root cause down to second and third level questions and giving you actionable insights?,” 49% of attendees are leveraging both structured and unstructured data. For those wanting to improve or adopt, responses were split with a two-way 26% tie. Only 5% of attendees are not considering a more in-depth analytics approach.
- All signs point to a movement toward easier customer experience according to our poll four, which asked, “Do you measure customer effort (CE)?” With this response, we observed a three-way split of 29% of respondents “measuring with a specific CE metric,” “measuring indirectly through other basic metrics,” or willing to adopt this measurement.
What does this tell us? By all webinar results, today’s companies are increasingly building resources and strategy toward more actionable analytics. At our post-webinar QandA, PK laid the groundwork for the right approach:
Q1: Our organization is struggling to identify where to take the first steps in building our analytics program. Any advice?
PK: The challenges are usually around what we should be measuring, the metrics that get measured, and how and who is responsible for collecting information – structured and unstructured. We have seen a lot of challenges when driving meaningful actionable insights. And quantifying that is a big challenge across verticals and business cases.
Q2: Analytics requires specialized technology capabilities. What tools and technologies are most relevant and why?
PK: There is always a lot of discussion on tools to invest in. But some of these tools are very expensive. A big challenge around these tools is what do you extract? How do you use these tools to the best of their abilities and capabilities? What is the business problem you are trying to solve? For example, the challenge with procuring a speech mining tool is that you can cluster similar words; however, that is not what a speech mining tool is designed to do. It is used to build the right lexicons, the right framework on top of it, and understand how that correlates to voice of the customer and voice of the process and how and what percentage of that will be affected by being proactive while leveraging that tool. Similarly, there are some dashboarding and reporting tools that can connect with your core systems. But I do not recommend procuring a tool first and then trying to understanding how to use it. This will not be an effective approach.
Q3: How does the maturity of customer analytics adoption vary by industry?
PK: There are certain organizations that have adopted analytics very well, irrespective of the vertical they fall into. There are some organizations that are very quick in learning. But there are still challenges in terms of accepting the kind of capex and opex that is required to deploy the right analytics framework. One of the bigger challenges I have seen is a scarcity of analytics human resources—people who truly understand how and where analytics should be deployed across geographies, not just in some developed countries.
Organizations that have been able to tap into those resources to help them buy the right tools and at the same time marry the tool with the right subject matter/ process expertise are benefitting the most. The telecom industry has definitely been able to deploy the right kind of analytics tools and techniques. Similarly, poor quality service has a huge impact on the insurance/ healthcare industry and that vertical has done a good job in trying to challenge and answer some of the questions and concerns on the cost of service.
Hope to meet all of you at our next webinar: "Reinventing the Customer Service Model Using BOTs and Brains,” on August 17.