Best Contact Center Analytics Software

Contact Center Analytics is a software that provides contact center managers a better way to get actionable insights and recommendations out of customer interactions with the agents. These tools provide the features of capturing, structuring, and analyzing the data to get a pattern or predict future outcomes. Contact center analytics has proven to be an important solution, as it provides better analysis to enhance the customer experience. By utilizing technologies, such as machine learning, Artificial Intelligence (AI), and Natural Language Processing (NLP), contact center analytics solutions have provided analytics results and actionable insights.

360Quadrants recognizes the below-listed companies as the best Contact Centre Analytics Software  -

Top 10 Contact Center Analytics Software 2020:

1. Genpact
2. 8X8 INC
3. Genesys Aerosystems
4. Cisco Systems INC
5. CallMiner
6. Five9 Inc.
7. Servion Global Solutions
8. Verint Systems Inc.
9. Nine-System Ltd
10. Oracle Corporation

Contact Center Analytics Market Overview

Customers are the most important driving force for organizations to sustain themselves in the competitive environment. To analyse the customers’ needs appropriately, it is very essential to have their feedbacks and interaction tracked on a real-time basis. Every company has its own contact centres to record such incidents, but just keeping the data untouched has never been useful. Hence, contact center analytics software has started gaining traction to analyse the customer data. By utilizing various technologies, such as machine learning, AI, and NLP, contact center analytics are providing better results to various organizations for better decision-making process and for framing proven business strategies. The contact center analytics software have shown a significant growth across various industries, such as banking, financial services, and insurance (BFSI); healthcare and life sciences; manufacturing; retail and consumer goods; energy and utilities; telecom and IT; government and defence; travel and hospitality; academia and research; and others (media and entertainment, and transportation and logistics).

 

The overall contact center analytics software market is expected to grow from USD 709.5 million in 2017 to USD 1,483.6 million by 2022 at a CAGR of 15.9%. The capabilities of analysing customer data and customers’ feedback have led the direction to strategically investigate the company’s growth. Moreover, the high attention toward applications, such as customer experience management and workforce optimization, has increased the adoption rate of contact center analytics solutions across various industries. The contact center analytics software market also faces challenges, such as lack of clear and holistic analytics approach in the contact centers.

Vendors are placed into 4 categories based on their performance in each criterion under Contact Center Analytics Software: “visionary leaders,” “innovators,” “emerging companies,” and “dynamic differentiators.” The top 25 vendors in the contact center analytics market have been evaluated, including Cisco Systems, Genpact Limited., Verint Systems, Inc., 8X8, Inc., Genesys, Oracle Corporation, Mitel Networks Corporation, SAP SE, NICE Ltd., Enghouse Interactive, Five9, Inc., CallMiner, Servion Global Solutions, CallFinder, Calabrio, Inc., Ameyo, Bright Pattern, Inc., HPE, Noble Systems Corporation, 24[7] Customer, Inc., Aspect Software, Inc., Altitude Software, OpenText Corporation, NetFortris, and Avaya, Inc.

Vendors who fall into this category receive high scores for most of the evaluation criteria. They have strong and established product portfolios and a very strong market presence. They provide mature and reputable contact center analytics software and services. They also have strong business strategies. Cisco Systems, Genpact Limited., Genesys, Servion Global Solutions, Verint Systems, Inc., 8x8, Inc., NICE Ltd., CallMiner, Enghouse Interactive, and Five9, Inc. fall under this category.

They have established vendors with very strong business strategies. However, they are low in their product portfolios. They focus on a specific type of technology related to the market. Vendors who fall under this category are Mitel Networks Corporation.

Innovators in this competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolios. However, they do not have a very strong growth strategy for their overall businesses. Vendors who fall under this category are SAP SE, CallFinder, Oracle Corporation, Aspect Software, HPE, Noble Systems Corporation, Bright Pattern, Inc., Calabrio, Inc., and Ameyo.

They are vendors with niche product offerings and are starting to gain their positions in the market. They do not have many strong business strategies as compared to other established vendors. They might be new entrants in the market and require some more time before getting a significant traction in the market. Vendors who fall under this category are 24[7] Customer, Inc., Altitude Software, OpenText Corporation, NetFortris, and Avaya, Inc.

Why should you use Contact Center Analytics Software?

Quick and Efficient – A contact center analytics software allows users to route the call in an appropriate manner based on agent experience, customer preference, the purpose of all, etc. This helps agents to cater to the needs of the customers in a better and faster manner.
Flexibility in Operations – With cloud-based contact center analytics software all information is stored in one place making it easier to access while on call. This ensures that resolutions and queries are satisfactorily answered. Data stored on the cloud also makes it accessible from anywhere. Agents can carry out their business from home leading to work-life balance.
Customer Satisfaction - A contact center analytics software has all the information of the customer and various other details relating to business and products in a structured manner in a single location. This allows the agent to pay more attention to the customer’s query or issue and resolve the same with the right information. This makes the process from query to resolution smoother leading to customer satisfaction.
Improved Performance and Growth – A contact center analytics software helps in monitoring agent data. The information can provide intel on which agents perform better and their methods can be replicated across teams. The software also provides trends and analyses on which products or services have the most queries or most sales which can be used for the organization's growth.
Upselling – As query handling time is reduced, the agency can also upsell different products to customers.

Who uses Contact Center Analytics Software?

Banks and Financial Institutions - Banks and financial institutions require contact center analytics software for activities such as debt collection, loan servicing, telemarketing services, and customer care. Further, digitalization has transformed today’s customer’s habits including conducting banking activities. Several transactions and activities by the customer are done online or from the comfort of their homes. This has led to an increase in customer’s calling contact centers for information. Contact Center Analytics Software helps banking associates monitor and track customer’s requests and use the information to upsell products.
Healthcare Centers and Hospitals - Contact center analytics software enables healthcare insurers and providers to deliver better experiences to patients and members through every interaction, touchpoint, and channel. Using analytics-enabled contact center analytics software, healthcare contact centers can intelligently route calls, reduce hold times, and provide monitoring, recording, and analysis that are unavailable in traditional systems.
Manufacturing Companies - Manufacturing companies can benefit from contact center analytics software by enhancing their customer service which depends majorly on effective order management and order fulfillment. By using some of the best contact center analytics software manufacturing firms aim to provide their customers with round the clock query resolutions and order status updates, enable communicating with supply chain vendors and partners, monitoring of plants and factor data and improve the scalability of their business.
Energy and Utilities - Energy and utility companies can benefit from deploying contact center analytics software by identifying changing customer preferences by analyzing large sets of customer data which include customer queries, interactions on social channels, webchats, emails, and online customer activities. This data can provide companies crucial insights into customer preferences say, for example, which customers are likely to adopt solar, join microgrids, demand pay-as-you-go plans, or expect their utility to provide in-home energy management.
Government Agency - Government agencies as any other industry can benefit tremendously from contact center software to improve their contact center operations and customer services in order to provide high-quality customer experience. Citizens expect omnichannel interaction with their governments and data gathered through this omnichannel approach can provide tremendous opportunities for government agencies to investigate the requirements and expectations of their citizens. In such a scenario, unified contact centers present an ideal solution that can provide information and analytics capabilities that help agencies continuously improve their service and cost structures.

Basic points to consider before buying a Contact Center Analytics Software

Business Requirement – It is important to understand the business requirement before investing in any software. Is your firm large? What support do you wish to provide? Which industry are you operating in? What are your security requirements? Based on your organization you can list the main features you would want in your contact center software. Your provider will be able to help you understand the various options you can choose from based on your requirements.
Current Infrastructure – It is important to keep in mind the current infrastructure of your company. What existing tools does your organization have and will the new contact center analytics software integrate with your existing software of tools? It is wise to let your provider know your current set up so he can advise you of the same.
Reliability – This is one of the most crucial and important features to check in your contact center analytics software. Your systems should be reliable. Connectivity issues will cause a high hindrance to productivity.
Scalability – Another crucial step in the process of shortlisting your contact center software is the scalability of the software. Will there be updates or changes in the near future? Will your software be ready for future changes? It is best to consult your provider to understand the various features and how can they be used to grow your business in the present as well as the future.
User Friendly – It is good to invest in a contact center analytics software that is user friendly. While on call, the agent needs to multitask on providing the right solutions. A software that is difficult to use and has a complicated interface will not benefit the main purpose of investing in the software.
Pricing – The topmost crucial point to consider is the price of the software. It is important to know if there are any additional costs that are over and above the software such as hardware or extra software or required. Probe your provider for a demo or a trial period of you can test how your software will adapt to your business needs. Also, don’t shy aware from asking for a discount.

Features of Top Contact Center Analytics Softwares

Automatic Call Distributor - Automatic Call Distributor (ACD) is the process of routing incoming calls in a contact center to an appropriate agent who can best deliver the caller’s requirements. ACD systems works on pre-defined rules that distribute calls based on called number, skill-based call routing, First In First Out (FIFO), and an associated database of handling instructions.
Log Management - In a contact center environment, log management remains a crucial activity that affects a contact center’s operational efficiency and cost of operation. A good contact center software provides, a call log management solution, which enables contact center managers to view complete records of incoming and outgoing phone calls, including the name of the caller, the number or extension dialed, and the time, date, and duration of the call.
Risk and Compliance Management - Contact center analytics software capabilities such as speech analytics enable contact centers in analyzing every single agent contact, either during or after the call. With a speech analytics solution, collections call centers can monitor each call to identify risk associated with the content of the conversation. For example, contact center analytics software can be used to prevent sensitive cardholder data from being recorded by identifying such instances and mute call recordings when account numbers, security codes, and other sensitive information is spoken.
Real-Time Monitoring and Reporting - Real-time monitoring and reporting in a contact center comprise software and services which enables contact center managers to monitor and present insights through interactive dashboards and reports in real-time. Monitoring and analyzing calls in real-time provides managers with the ability to track speech patterns and acoustics for things such as profane language, escalation attempts, compliance violations, and customer sentiment through speech analytics.
Workforce Optimization - Contact center Workforce Optimization (WFO) solution comprises several components such as performance management, interaction analytics, quality management, and workforce management which enable a contact center to optimize their workforce operations including recruitment, monitoring, evaluation, improvement, and motivation.

What are the market drivers for Contact Center Analytics Softwares?

• Demand for better customer experience management solutions
• Proliferation of cloud computing
• Growing demand for speech and text analytics
• Increased compliance requirements

Used Cases

USE CASE 1:

Challenge: An organization wanted to optimize its customer service operations of its cards’ division. Before the engagement, disjointed databases and processes had reduced the potency of the Key Performance Indicator (KPI) measurement system. The firm was experiencing a siloed data environment with significant manual intervention in day-to-day functions and rudimentary use of analytics. Although willing to invest in state-of-the-art technology, the company lacked the appropriate outcome-focused reporting and insights to determine suitable investments.

Solution: Genpact provided the company with analytics, reporting, and data management solutions.

Results:

• End-to-end reporting for voice and non-voice contact center processes
• Dedicated Management Information System (MIS) support to deliver timely and accurate reporting on KPIs and business metrics across processes.
• Advanced analytics projects to improve channel efficiency and customer experience.
• Reduced Cycle Times
• Cost Reduction

USE CASE 2:

Challenge: To reduce customer assurance program escalation cases; resolve service calls effectively and efficiently, and avoid overloading CSRs.

Solution: Cisco Solution

Results:

• Cisco deployed its connected analytics for contact centers and utilized predictive analytics to identify service calls that were likely to escalate.
• Mitigated the risk of escalation and services based on the customer value
• Utilized intelligent routing to best match the support resources based on skills, availability, and current workload.
• Cost Reduction
• Increased agent productivity

USE CASE 3:

Challenge: To monitor more calls; validate Consumer Finance Protection Bureau (CFPB) compliance; raise agent quality scores, and improve productivity and outcomes.

Solution: CallMiner Eureka by CallMiner Solution

Results:

• Targeted training and coaching provided to agents who were deficient in specific areas, and to learn what its top performers do that makes them more effective.
• Due to measurable data, different incentives were promoted for different kinds of behavior, including customer satisfaction.
• Compliance was recorded through scorecard analytics.

Trends and Facts

• Increasing demand for services including professional and managed services that support the contact center software implementation contributes to the high growth of the services.
• Contact centers are widely adopting CEM solutions for integrating and analyzing customer data from multiple channels and utilize generated insights to improve their contact center operations and find new opportunities to engage and serve their customers.
• SMEs are swiftly advancing toward the adoption of cloud-based contact center analytics software solutions to improve the operational efficiency and enhance the customer experience. Further, they have witnessed increased adoption of cloud analytics solutions such as predictive and performance analytics.
• Contact center analytics software is widely adopted by BFSI organizations as it enables them to analyze their multichannel customer communications, and their inbound and outbound contact center operations.