Set to reach a value of $14.84 billion by 2026, text analytics promises a valuable way for companies to convert unstructured data, into insightful information. Text analytics has been a growing component of the AI and analytics landscape for a while now. Recently, this technology has begun to demonstrate its benefits for the new age of customer experience and contact centre management.
There are various new interaction channels for companies to consider in the modern contact centre, from chatbots and self-service tools, to live chat with agents, social media, and SMS. Many of these interaction platforms create huge amounts of unstructured text-based data. Even voice call and video transcripts contribute to the information your company has on your customers.
Unfortunately, while this data could hold the secrets to better customer service, it’s also notoriously difficult to analyse and leverage. That’s where text analytics comes in.
Using Text Analytics in the Contact Centre
The contact centre is one of the most important components of any CX strategy, acting as the connection point between brands and customers. To deliver the best customer experiences, contact centres need a clear view of their customers, preferences, and expectations. Text analytics and other aspects of NLP technology can help to turn the content in everyday contact centre discussions into meaningful, actionable insights.
A text analytics strategy can combine streams of content from various contact centre platforms, into a hub of information to analyse and utilize. Text analytics tool collects information from all the points in your omnichannel environment, including voice transcriptions, and use semantic analysis to turn unstructured data, into structured information.
When analysed through AI tools and transformed into visual insights, this structured information helps contact centres make better decisions about the future of their operations. Text analytics can offer overviews in a range of ways, such as:
- Real-time information: Real-time analytics offer information on how your contact centre is performing at the moment. You could track customer satisfaction scores or determine which channels your customers are using most frequently
- Historical insights: Long-term data analytics involving the collection of historical data help you to track important information about your business performance and determine how certain changes have affected your team
- Predictive analytics: Historical and real-time text analytics can be converted into predictive insights. Predictions use the information gathered in the past to determine how customers might act in the future
Bringing Text Analytics to Contact Centres
Data is at the heart of every conversation the contact centre has. With access to the right technology, companies can turn huge streams of unstructured information into tools they can use for business growth. Whether you’re looking for trends in customer activity or preference, or you need to help your hybrid team perform more effectively, text analytics can help.
Combined with speech analytics and other reporting methods, text analytics could be crucial to helping the businesses of tomorrow to glean a full end-to-end overview into the customer journey.
