Mike Minahan the CEO of Carpeo speaking at the Welsh Contact Centre Forum
Carpeo CEO Mike Minahan and their information management partners Insight Pathfinders MD Tim Perkins, yesterday presented on Intelligent Data at the Welsh Contact Centre Forum Business Seminar, in the Coleg Y Cymoedd, Nantgarw site, Treforest near Cardiff.
Most companies are awash with data. Data is a necessity to every business. In whatever industry sector you are in, almost all of your business processes will create data, move data, be managed by data. Computer systems that our businesses rely on, are built to move, manage and control data.
Data creates a cost to a business in hosting and managing it. It has the capability of being one of any company’s largest risk. Whether that is by mishandling it and falling the wrong side of legislation, or, it could be that a company loses data that enables it to function, or a competitor could gain an advantage by a company not utilising its data to know and understand its customers, and thus they may well lose them.
The one thing data certainly is in today’s businesses is an incredible opportunity. It’s an opportunity to know what your business is actually doing, how efficiently it is performing and how competitive it is. Most companies unfortunately, are only using a very small percentage of their data in an intelligent way. And there is no excuse; as data is the life blood of an organisation.
What is intelligent data? Simply it is data that has been collated together, added to and shaped, to answer business questions. It is those questions which are often the most difficult part of utilising intelligent data. Technically extracting and combing data is straight forward with always a few nuances to overcome. But to know what questions you want answering requires business acumen and a clear understanding of what you want to achieve. Companies should start with defining what they want to achieve within the company’s goals. It is when creating the strategy to achieve the goals, that consideration should be given to create a data strategy, so it is integral to the business approach. That way it will show how to answer the business questions that occur.
As an example, Intelligent data can illuminate your customers, telling you who they are, what they do, what they like, how they interact with you and what they want from you in terms of product or service. All this information that should help steer business decisions.
Carpeo wanted to answer the question “How can we be more efficient and improve customer acquisition, retention and win-back and deliver a world class service?” They asked Insight Pathfinders to support their strategy in creating a process that delivers intelligent data.
Insight Pathfinders using their in-house technology platform VERA, produced clear pictures of Carpeo partners’ existing customers and lapsed customers, including their expectations, requirements and their preferred channel of communication. This data produced in a report was then used to create more detailed data acquisition strategies, dialling strategies, multi- wave contact strategy and resourcing strategies. The models that underpin the reporting continue to enhance themselves,
to respond to changes and trends that occur from the results of real-time outcomes of each contact.
Carpeo’s results were dramatic with key performance indicators showing vast improvement. As a result of this, Carpeo is investing time and effort in this approach and becoming continuously data intelligent. Carpeo’s CEO Mike Minahan says “We strongly believe Intelligent Data gives us market advantage in our new digital world.”