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Big Benefits in Using Big Data in Contact Centers

Convergent

Presented By: Convergent



By Sherri Carter, vice president of business development, Convergent Outsourcing  

Today, there is more customer data coming into each agent portal within a single contact center than these companies may know what to do with. It’s a goldmine of information, but only if you do something with it. How is your team analyzing these learned insights to make better operational decisions and strategic business moves?

This emergence and expansion of “big data” is requiring more sophisticated data warehousing. Contact centers are leveraging data warehouses to maximize portfolio recoveries, regardless of age, while constantly improving efforts in customer service and compliance. The wealth of available information allows supervisors and management to identify consumers who most likely have a history of paying their debts.

Simultaneously, supervisors can pull previous contact information onto the new account to efficiently build on previous efforts. Access to this detail of data stratifies consumer profiles, differentiating consumers who consistently don’t pay and have a history of litigious behavior, with the customers who made a one-time mistake in not paying a bill. There is validity in separating these two examples of consumers.

Varied processes are used to build a system to track contact efforts, score skip-phone returns, monitor vendor performance, and customize strategies to the unique needs of the consumer. Among those processes are advanced voice analytics and customized predictive models that consider information from customers and information vendors. Here are some other benefits big data effects: 

  •  Internal consumer record skip tracing: By using more than one hundred million previous placement records, companies are able to pull the history of accounts and match them to the current placement, phone numbers where already called, and the results of the effort. This increases efficiency by eliminating duplicated effort.
  • Continuous monitoring of results: Daily monitoring of  metrics allows for customization of waterfall skip tracing methodology to best service a company’s individual needs.
  • Priority calling using phone scoring: Determine which phones will most likely produce faster contact with a consumer rather than rotating through all possible numbers available on an account with equal effort.
  • Rigorous process and compliance control using analytics: Whether it is voice analytics with hundreds of search algorithms on phone calls or process monitoring exception reports, track production processes to ensure strict adherences to regulatory laws, client specific requirements, and other policies and procedures.
  • Litigious and high-risk consumer scrub: Vast quantities of data points allows identification of consumers who are deemed high risk, and take preemptive actions to mitigate legal exposure.
  • Leveraging internal data to identify and contact known payers for faster recoveries: Through historical data, identify individuals who have paid before and focus efforts on reconnecting with them to resolve the current account. 

Data management has to match the increasing demand for broader solutions that address multiple types of data. Successful contact centers are finding that using outsourced partners who own a sophisticated data warehouse can benefit their productivity and results on many levels. A few of those are: increased liquidation across a portfolio, reduction in customer complaints, higher call penetration on the areas of the portfolio with higher payment probability, bad number removal at the onset of the relationship, and detailed reporting and analysis sharing.

High quality customer service is just an entry point into business operations today, and using big data to inform teams and drive strategy is critical to long-term success. 

About the Author:

Sherri Carter is vice president of business development for Convergent Outsourcing Inc., a customer engagement outsourcing company that delivers the people, processes and technology to improve efficiency, ensure compliance, and increase customer satisfaction and lifetime value for our clients. Our contact center solutions support customer acquisition, customer care and retention, welcome programs, accounts receivable, back office processes, crisis response and other critical communications. Sherri may be reached at ShCarter@convergentusa.com.