Latest News  

BPO services can differentiate using predictive analysis

There are several BPO providers who have come to realise the value of being able to mine out useful information from the huge volumes of transactional data they handle every day. In the long run, the quality of services provided by a BPO can be greatly differentiated using predictive analysis.

2015-12-10 16:07:05

BPO companies and their clients are sitting on gold mines of data which can be extracted and analysed to deliver critical information and generate strategic insights, writes Rajendra Deshpande for Express Computer.

The changing dynamics of the digital platform has a direct impact on businesses. The emergence of disruptive technologies have led most companies to rethink and act upon their digital strategies. The rise of Social Media, Analytics, and Cloud- collectively called SMAC – has made it imperative for companies to metamorphose and adapt to these changes in order to meet the challenges of tomorrow.

Most companies are now leaving behind legacy business models and taking steps towards digital transformation by adopting SMAC or Big Data analytics in particular, in order to gain competitive advantage.

There has been much buzz around Big Data and how it is helping companies enhance their business productivity and extend better services to their customers. Internet users leave digital footprints behind through their online activities and this leads to the generation of a huge amount of structured and unstructured data – collectively known as Big Data.

According to studies, as much as 2.6 Exabyte of data is generated every day around the world and about 90% of the data in the world today has been generated in the past two years. Mining and analysis of this data can provide invaluable insights that can help companies, especially those in the BPO sector, offer better services to their clients.

Evolution of the Contact Center

BPO companies and their clients are sitting on gold mines of data, which can be extracted and analysed to deliver critical information. The advantage that Big Data offers is that of predictive analysis. More and more companies are now relying on predictive analysis than reactive analysis to make business more productive and offer better customer service. With the gold rush that disruptive technologies have created, businesses are finding it strategically more advantageous to take a proactive approach in handling problems and discovering opportunities.

BPO businesses can highly profit from Big Data analytics because of the volume of data they gather. By analysing current data, they can generate strategic insights for their clients and build better customer relationships. The rise of disruptive technologies have completely reshaped BPO-customer relationships now. Businesses now need to focus more on reinforcing customer relationships by mapping customer preferences and delivering more personalised services.

And data can be instrumental in achieving this end. According to reputed research firm Gartner, 70 per cent of the most profitable companies will be relying on Big Data for real time predictive analysis by the year 2016.

Predictive analytics can help in analysing customer preferences and derive insights into behaviours and attitudes which can be used to aid in furthering better customer relations. Besides building a healthy customer relationship, predictive analytics can also help in improving customer satisfaction. With the information derived from analytics, BPOs can design targeted programmes by identifying customers who will most profit from their campaigns and focus on one-to-one customer interactions.
There are other ways too in which BPO entities can benefit from predictive analytics. With this technology, BPO entities can help their employees meet key metrics by accurately identifying key service demands and provide deliverables accordingly.

Consequentially, businesses can maximise their work force and promote employee productivity at the same time.
This is particularly true for BPO centres that provide voice calling services. Knowing the customer's communication preferences based on his personality will help BPOs put the customer with the right executive who can cater to his requirements. With the right permutation and combination, better productivity can be achieved from operations as the customers get what they want and the agent feels more productive on delivering the right service.

Predictive analytics can also play an important role on servicing newly introduced products. It can provide useful insights into the response of the target audience to a new service or product for brands. BPOs that will deploy predictive analytics will not only be able to deliver better business outcomes but also help their clients make smarter decisions.

There are several BPO providers who have come to realise the value of being able to mine out useful information from the huge volumes of transactional data they handle every day. In the long run, the quality of services provided by a BPO can be greatly differentiated using predictive analysis. This can play as a differentiator in business and hence lead to more business wins for a particular company.
Analysis of transactional data provides clients with actionable insight into their business operations – enabling them to improve working capital management, claim full discounts from their providers for paid-within-terms invoice processing or increase customer acquisition, satisfaction and retention, for example.

As per a recent research by IT major Accenture, which also has its presence in the BPO sector, about 42 per cent of high performing BPOs, which are the ones that get full value from their BPO relationships said that analytics is a major component in their service delivery package.

Clearly, Big Data is the newest source of value creation in a business and it's time that the BPO sector gears up for adopting this new technology as meaningful information culled from analytics deliver real outcomes, which can be critical for clients.

Rajendra Deshpande is chief information officer, Serco Global Services.


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
Stefanini officially launches the office at Chisinau

IT solutions provider Stefanini announced it officially launched its office at Chisinau, in the presence of local representatives such as Sabin Gîrlea, Operations Director for Application Development division

 Read Full article »
Computaris Romania hiring over 30 engineers for Bucharest site

Computaris Romania has achieved its Q1 2017 plans to hire more than 30 software engineers, exceeding 100 people at its Bucharest site.

 Read Full article »
Zitec expands at Brasov and plans to hire 20 IT professionals by the end of this year

Romanian software company Zitec recently announced it has opened an office in the central city of Brasov, where it plans to hire 20 by the end of this year.

 Read Full article »
Ericsson and Skanska trial IoT for Smart Buildings

Skanska, the world leading project development and construction group, has initiated an Internet of Things (IoT) trial with Ericsson for Skanska Commercial Development Nordics.

 Read Full article »
Skanska started the workings at Campus 6, its newest project locally

The official ceremony joined local officials, such as Gabriel Mutu, mayor of bucharest's sixth district, Aurelia Luca, Country Manager Skanska Property România, Katarzyna Zawodna, Business Unit President Skans

 Read Full article »
Deloitte Romania: learning and career development, high up on the business and HR agenda

Driven by the frequent change of the professional competencies required to perform at work, lack of experienced candidates and employee's desire to develop professionally continuously, learning and career devel

 Read Full article »
Softelligence to hire 100 by end-2018

Romanian business software company Softelligence recently announced it plans to hire 100 developers by the end of next year in its software engineering office in Craiova.

 Read Full article »
Cosmin Pătlăgeanu, Marketing Manager, Luxoft România is the new president of ABSL

The Association of Business Service Leaders in Romania (ABSL) announces the naming of Cosmin Pătlăgeanu, Marketing Manager, Luxoft România as the organization's new president.

 Read Full article »
PIN MAP IASI: The first business map of Iasi is launched

After a team effort of over half a hear, the team of The PIN Map project announced it is launching the first map of the offices in Iasi - PIN Map Iasi (www.pinmapiasi.ro), within a press conference hosted by Ia

 Read Full article »
UiPath Automation Academy RPA-certified 500 users in April

One year ago, UiPath offered RPA free for individual users, education projects and small to medium businesses. UiPath Community Edition has been a great success, and their Community Forum now hosts a growing nu

 Read Full article »
 
MOST RECENT VIDEO
 
 
MOST READ ARTICLES
» PIN MAP IASI: The first business map o...
» Softelligence to hire 100 by end-2018
» Cosmin Pătlăgeanu, Marketing Manager...
» A look ahead: How artificial intellige...
» Deloitte Romania: learning and career ...
» UiPath Automation Academy RPA-certifie...
» SoftOne Romania becomes operational hu...
» Romanian Outsourcing Awards for Excell...
» Romanian Outsourcing Awards for Excell...
» Alten opens a delivery center in Iasi
 
EDITOR CHOICE
TELUS International Europe: Three ways travel and hospitality contact centers can localize the customer experience

Flight delays. Booking or check-in problems. Regional, cultural and linguistic differences. The travel and hospitality business can be a perfect storm for contact centers offering both added challenges and uniq

 Read Full article »
Romanian Outsourcing Awards for Excellence 2017 applauds its Winners!

Outsourcing Today, the integrated communication platform of the business services sector and The Diplomat – Bucharest is honored to praise its winners awarded at The Third Edition of Romanian Outsourcing Awar

 Read Full article »
Romanian Outsourcing Awards for Excellence 2017 - Finalists Announcement

Outsourcing Today, the integrated communication platform of the business services sector and The Diplomat – Bucharest, present the Third Edition of Romanian Outsourcing Awards for Excellence, on May 11, 2017

 Read Full article »
TELUS International Europe: Turning a satisfied customer into a loyal customer – Q&A with a hospitality expert

Leonardo Inghilleri literally wrote the book on customer service in the hospitality industry - and an international bestseller at that.

 Read Full article »
Romanian Outsourcing Awards for Excellence designates the industry winners on May 11

Outsourcing Today, the integrated communication platform of the business services sector, presents the Third Edition of the annual Romanian

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events