Magazine article CRM Magazine

Because We Thought You Should Know

Magazine article CRM Magazine

Because We Thought You Should Know

Article excerpt

Although there is some debate as to its true origins, the phrase "knowledge is power" is most often attributed to 16th-century English philosopher and statesman Sir Francis Bacon, although it appeared in his work Meditationes Sacrae in Latin ("ipsa scientia potestas est") and translates more accurately as "knowledge itself is power."

The immense power that knowledge brings comes when we have a closer grasp of the truth and the reality of the world in which we live. Knowledge is power because it helps us to think for ourselves. When we know all of the relevant facts about a given subject, we are better able to make our own judgments and decisions, without having to rely on others to tell us what to think. That is power.

That's just as true in business as it is in life. To keep customers coming back, businesses today need to know as much as they can about them--their demographics, their buying patterns, their preferences, and their past interactions. Basically, companies need to know what customers are doing, why they are doing it, what motivates them, and how they feel about their products and services.

Much of that knowledge can be found in the typical contact center interaction, though harnessing it is not always easy. As companies struggle today to keep track of their customer interactions, contact center analytics is perhaps one of the most versatile and potentially valuable, though still largely underused, tools they can have at their disposal.

Contact center analytics has been gaining traction in the modern customer service landscape, and that is why we decided to add it as a category in this, our 15th annual installment of the CRM Customer Service Leader Awards. Our goal in adding analytics as a category was to help you make sense of the market and the vendor landscape, so we did our usual due diligence and followed up with the top analysts and consultants in the field to get their insights--to tap into their knowledge, if you will.

So just how significant is the market for contact center analytics technology? Research firm MarketsandMarkets currently values the segment at $709.5 million worldwide and projects it to more than double, reaching about $1.5 billion in 2022, growing at a compound annual rate of 15. …

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