There’s no doubt that business intelligence is a valuable and often invaluable asset for enterprises competing in today’s connected world. For many organizations, business intelligence represents a competitive advantage, a deeper level of insight that serves as a kind of “secret weapon” to aid in connecting with customers.
Intel on Business Intelligence
Business intelligence comes from analyzing data gathered from a variety of sources. It can include raw sales statistics, website traffic, social media engagement, and information gained from surveys and focus groups. Data can be aggregated, structured or unstructured, and still provide valuable business intelligence to an organization with the right analysis.
Of course, demand for business intelligence has never been higher. The global market for business intelligence is about $25BB today, with a robust CAGR of 8.7%, leading to a projection of over $43BB by 2028. As more and more enterprises transform to digital workflows, we can only expect the demand for business intelligence to grow.
However, business intelligence can only be as good as the data it is built from. So, where does a business look to find quality data?
Where to Find Business Intelligence Data
92% of all consumer interactions happen over the phone. They may be sales calls or transactions, customer service inquiries, or even people just seeking directions or hours of operation. But, simply speaking, there is no better place to hear what your customers have to say than by listening to their calls. But are businesses listening?
Not always. Nearly all businesses that engage their customers over the phone employ some form of call recording technology to capture these conversations. Many are required to record calls for industry regulatory compliance, whereas others may only record for quality assurance purposes. In either case, these organizations manage to collect a wealth of data that is rich in consumer insights. Unfortunately, many businesses overlook this data as a source of valuable business intelligence.
Voice Data for Business Intelligence
The challenge of voice data is that it is both voluminous and unstructured. It is unstructured because there are no categories into which the data can be placed for analysis. One customer may have an issue with a product, while another may commend the service they received. How do you break down these conversations into something that can be quantified and reported? And because the average customer service call is about 6 minutes, the only way to locate any insightful data would require listening to the entire conversation. When customer service centers field hundreds or even thousands of calls per day, there’s simply not enough time to listen. At least, not if you’re human.
Fortunately, a recording platform like CallCabinet is always listening. Powered by artificial intelligence (AI), CallCabinet can understand and interpret voice data, allowing it to be structured in ways that provide extremely useful business intelligence.
CallCabinet’s AI-driven Voice Analytics not only transcribes voice data to text format, but it can even interpret the sentiment behind the voices on the call. This allows companies to quickly identify specific emotional responses as well as specific terms and phrases and evaluate how sentiment changes over the course of a call.
Business Intelligence Insights from Voice Analytics
AI-driven voice analytics like CallCabinet’s are extremely powerful tools for business intelligence. Not only do they provide structure to data that can be pushed to any of the popular business intelligence platforms used today (CallCabinet integrates seamlessly with programs like Power BI), but voice analytics allows companies to explore their data in powerful ways.
For example, a business intelligence analyst can parse calls that address specific products or services. They can also explore potential features that customers wish were available and potentially uncover ideas offered by customers as well.
By tracking changes in sentiment over the course of a call, voice analytics data can expose strengths and weaknesses in phone scripts and pinpoint the terminology, practices, or policies that elicit joy, anger, confusion, or excitement from customers.
Used correctly, voice analytics delivers a direct view inside your customers’ minds that is far deeper than statistical data can provide.
Accessing Business Intelligence
Without exception, organizations with call recording systems should absolutely be utilizing their voice data for business intelligence. After all, the data is there anyway; it only makes sense to put it to good use.
Of course, there may be some costs associated with implementing business intelligence analysis, but they are easily overshadowed by the value these insights provide. As tech research giant Gartner puts it “cost should be a secondary consideration to the achievement of business benefits.”
This is also true for enterprises that utilize older-style premises-based legacy recording platforms. These outmoded systems generally store data in proprietary formats that prevent it from being used with voice analytics or business intelligence software. For these organizations, CallCabinet offers a data migration solution that decrypts legacy data and moves it to CallCabinet’s cloud-native environment, where it can be parsed by voice analytics and utilized for business intelligence and other systems. In circumstances like this, gaining access to their data and unlocking its insights is far more valuable than any costs associated with the data migration or business intelligence software.
After all, your customers are talking to you. Doesn’t it pay to listen to them?