Let's say you own a BPO or just working in it as a telemarketer. Have you ever encountered a scenario in which you were trying to sell some high-speed internet service to the customer? But the conversation ended with customer hanging up and you are wondering what went wrong?
You even gave your best exclusive offers to that customer just make a sale but still no luck. You have no evidence of what happened whatsoever.
Don't worry, it happens to most of us. We tend to make mistakes, we humans are designed that way. All we can have is a little idea about the situation and take some action based upon it.
Question is, can we do a little better than this? Can we reduce the risk involved in every decision we make to increase profit and opportunities for our company?
The answer is, YES. Just like we humans trust a calculator to process all our complex accounting rather than manual calculations. Similarly, we can interpret data better and we can make better decisions using Data Analytics.
In fact, data analytics is widely used by multinational corporates for their risk analysis and decision making. There are a number of methods by which one analyze data for example.
and so on. It depends upon the requirement and complexity of data which method one should adopt.
Well, outsourcing company such as deals with a large number of customers on a daily basis. But why many BPO fails to make a sufficient amount of sales (most likely BPO using traditional approach). Even after tons of leads in our hands and an insane amount of resources, we still fail to achieve targets. But Why?
I believe there is someone who can explain it better.
Jimmy works at some BPO. Jimmy is a top salesman in his company. Everyone admires Jimmy. One day, his supervisor gave him a task to sell high-speed internet service for one of their clients. He provided him tons of customer details to sell it to. It seems like a happy sale to Jimmy but what actually happened is that he failed to make sufficient sales at the end of the week. Wait, WHAT? But Jimmy was a super asset for the company and a great salesman, so WHY??? Even Jimmy doesn't know w
I got one theory of what went wrong in there. See, even if we put our best resources or best salesman in a work, are we working in the right direction? Suppose you got a bunch of customer contacts to reach and make a great sale, have you analyzed your customer needs? The straight answer is NO
Using some traditional approach, this BPO has pulled some data out of files like which customer is regularly using costly mobile data (especially 3G) so they must need affordable internet services or how much they are active on social media. Yes, that can do but think it through. You are not just selling internet services but HIGH-SPEED internet services. Because of the lack of proper insight into data and understanding of the business domain of your client, we failed to consider such important parameters/factor of your client business. That's where data analytics jumps into the game.
If we have considered factors like who downloads a large amount of data or torrent or which customer uses free online streaming sites (usually slow) often. We could have narrowed down our audience and redirect our resources/best salesman to target the right customer. This could have and will save a large amount of time and resource for the company along with an increase in company revenue up to thousands of folds (or even better).
BPO makes a contract with a company from diverse domains. Their service requirements or product is always gonna be different from others and so is the market for that product. In such a
When our own thinking/ideas get bounded and we stop thinking an out-of-the-box solution for a problem or didn't even know if there is a problem. Analytics gives us insights about our business which we even didn't know yet and that's the beauty of it.
I found this article quite useful -
How Big Data Analytics Can Empower BPOs?