Magazine article CRM Magazine

Transforming Data into Actionable Customer Insights: Research Paper: Harness the Tremendous Wealth of Data and Emerge as a New Leader, or Ignore the Opportunity at Your Own Peril

Magazine article CRM Magazine

Transforming Data into Actionable Customer Insights: Research Paper: Harness the Tremendous Wealth of Data and Emerge as a New Leader, or Ignore the Opportunity at Your Own Peril

Article excerpt

Based on a joint research paper by TSIA and Coveo

Today's customer support operations are overwhelmed by data--more often than not, leading to inaction. The deluge of social media content, survey data, rising interaction volumes, KBs, recordings, chats, and more flowing through customer support operations may seem like information overload without a strategy in place.

Making every interaction a positive and additive experience is at the top of the CEO's agenda. Meaning, not having a strategy is not an option. This leaves most customer support leaders a choice--either harness the tremendous wealth of data at their disposal to deliver transformational service and emerge as new leaders, or ignore the opportunity and retain the status quo at their own peril.

Recent TSIA surveys of B2B support executives quantify this opportunity. The companies surveyed receive, on average, 88,500 support incidents per month (phone, email, chat, social), each filled with critical information about products and services that could be mined for trends and to improve service. Also, the majority of companies surveyed have adopted some form of social media (Twitter, Facebook, online communities and forums), adding more critical content to the mix. Yet, only a quarter of companies have any capacity to mine and search across all of this data.

The challenge becomes how to make sense of this unstructured data, and how to combine it with structured data to create actionable insight.

MINING FOR GOLD: INDEXING TECHNOLOGY FINDS MEANING AMID THE DATA CHAOS

Support executives know there is value in all the data and metrics they collect, but

identifying this value using legacy tools has proved frustrating, if not impossible. After nearly a decade of cost cutting and optimization, support management is well versed in reporting on agent productivity, service level adherence, and customer satisfaction, and has implemented CRMs, content management systems, knowledge bases, communities, and many other systems designed to increase productivity and customer satisfaction. Yet they still struggle to provide actionable insights to their agents, and to their customers via self-service.

What is missing is the ability to search and navigate information (consolidated from these many sources) to find recommended experts, knowledge and information to identify linkages and trends, enable root cause analysis--to allow for better customer engagement. …

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