What to Do When Regulators Force You to Get Creative

Post by Frank Sherlock, VP of International Sales

Industries that are subject to a regulator’s influence on pricing or operations are often forced to think creatively when it comes to making up any lost revenue due to new regulation. The UK Water industry is facing this dilemma right now as they face a drop in the amount of financing costs that can be passed on to customers.

So what are industries like Water and others in their position to do?  They need to become even more efficient.

The first place to start looking for efficiency opportunities is within customer interactions. By streamlining the customer service process, companies can eliminate unnecessary resource consumption (time, money, people) and also improve customer experience.

Adding automated speech analytics to your contact center can provide 100% monitoring of your customer interactions to identify where agents and processes need to be improved. A simple first step is monitoring silence across your calls. For areas with long silence blocks, speech analytics can support root cause analysis to uncover silence contributors such as system response times, which can then be addressed and reduce average handle time. After addressing any silence issues, you can use speech analytics to establish benchmarks in your contact center and monitor improvements against your KPIs.

Your efforts in streamlining the contact center will not only pay off in efficiency revenue, but also in customer experience impact. Agents that are coached based on analytics-driven feedback will know how to provide more efficient, quality service to their customers. Shorter calls with quicker resolutions make for a much better customer experience.

It can be frustrating to figure out new approaches to a business when regulations force you to make a change. But industries can channel frustration into action through looking at new regulations as a way to start thinking creatively and improving your business.