Published On: Mon, Nov 13th, 2017

3 Ways that Big Data and Business VoIP equal Profits

The best thing about of Big Data is that it generates an incredible — and usually, incomprehensible — amount of information. Ironically, this is also the worst thing about Big Data. Or at least, it can be.  

photo/ Gerd Altmann

Why? Because these days, everyone from marketing coordinators to risk managers to warehouse administrators are loaded — make that overwhelmed — with data, data and yet more data. But what they really need is actionable intelligence that drives faster, smarter and profitable decisions. In other words: they do not want more information, they need more insight!

The good news is that the technology world — from researchers to vendors — are working overtime to bridge this gap, and ensure that Big Data is not just fascinating, but that it is also functional. And on the vanguard of this movement to translate data into dollars is VoIP.

In this light, here are three ways that Big Data is driving VoIP, and making a measurable impact on the bottom-line for businesses of all sizes:

  • CRM Integration

Businesses can integrate their hosted VoIP phone system with their customer relationship management (CRM) solution — such as Salesforce — to capture and generate real-time prospect and customer information, based on nothing more than an incoming phone number. For example, sales reps and support agents can immediately access caller history, including purchases, notes created by colleagues at previous touchpoints, and so on. This not only improves overall customer experience, but it shortens sales cycles, increases deal sizes, boosts win rates, and reduces churn.

  • Workforce Performance Management

Human capital is typically the largest cost category for any business, whether it is a startup or an enterprise. That makes workforce performance management a critical objective — and it is also where VoIP plays a key role. Supervisors and managers can glean a wealth of data (e.g. time-to-resolution, call length, call volumes, etc.), to make intelligent decisions regarding training, coaching, resource allocation, hiring, and so on.

  • Marketing and Advertising ROI

The major problem with conventional marketing and advertising, is that measuring results is difficult — and in some cases, impossible. But with VoIP, businesses can track and exploit data that clearly and objectively identifies which campaigns are generating ROI, and which should be optimized or shut down. For example, each campaign can have its own phone number to track performance, since assigning new numbers on a VoIP system is affordable, takes seconds, and there are no wires to install.

The Bottom Line

We live in a Big Data world, but what businesses really need are “big insights” — because that is what translates into actionable intelligence, and ultimately, into bottom-line results. VoIP solutions are clearly part of this profit story, which is a win for everyone: customers, employees and businesses alike.

Author: Chans Weber

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