Collector - October 2016 - 19

Sentry created several levels of issue evaluation-from a clerical process to a manual audio review-to catch quirks like this from its speech analytics system. So who should be working your analytics system? To start, you can't just pull someone from a random department and put that person in charge of this process. You'll need a dedicated, full-time analyst or compliance staffer with a knack for numbers. Someone who can grasp the notion of big data and distill it down to meaningful insights for your business. "That person would work with coaches to fine-tune the scorecards and do the root cause analysis," LaRoche said. Once an issue is identified, you'll want to make sure there are clear lines of reporting between the analyst and your compliance and operations departments so appropriate actions are taken. LaRoche noted that many of CallMiner's speech analytics customers have been eventually able to reduce their QA staff and reassign them to more strategic roles. "Once they automate [their quality assurance] process with call analytics, QA or coaches have access to data from all calls yet they are able to spend their time more effectively in actual targeted coaching sessions using the automated scoring system to reveal strengths or weaknesses in a collector profile," he noted. The final piece of the analytics puzzle is company-wide buy-in. "You can invest in analytics and get all kinds of insights, but you need top to bottom support for it," LaRoche said. "Everyone- from the executive level down-should understand the value of these insights. The key to realizing benefits from analytics is getting all your stakeholders on board and making sure they all have a vested and enthusiastic interest in the process, the insights generated and a plan to actionize those insights." Again, starting out small and focusing on a few specific benchmarks-rather than trying to do everything at once, with diluted results-will help more clearly demonstrate the value of the system to employees. COLLECTOR 10.16 Getting the right stakeholders involved will also help staff better understand how the resulting data will support their business unit, and they'll be able to clearly communicate their data needs as well as how often they need to receive the information. "We can find any system to tell us the issues," Jarman said. "What we have to understand is once we've identified the issues, what are the solutions? Our compliance and operations teams work well together to understand the big picture. And the only way to achieve this is to make sure everyone is in alignment." TAKING DIRECTION FROM THE DATA Back in the day, when clients conducted agency site visits they would stroll into the server room, look at all the blinking lights and check a box on a form to indicate that you had the right technology in place. But the world doesn't work that way anymore. Today, agencies that use speech analytics should be able to prove to clients, and even regulators, that they have integrated their analytics into their operations and are taking action on identified areas of concern. "Just having it and having your sales person say you have it won't cut it," Straiter said. "Clients want to know how you are using it and how you are responding to the information it gives you." Bedard provided further clarity: "It's not the raw data that needs to flow, it's the analysis of the data," he said. "Smart agencies are getting speech analytics result data to the right people-not just compliance people, but production people as well. And I think the wave of the future is to capture the right data, analyze it and listen to what the data tells us about how to operate the collection floor. The day is near when the primary function of the COO will be to execute the commands of that data story. That's where we're headed." Anne Rosso May is editor of Collector magazine. KEYNOTES 1 Tweak your collection scripts to maximize key words and phrases for the speech analytics system. This makes it easier to validate issues and more quickly implement solutions. 2 Assign a dedicated analyst to the system who can grasp the notion of big data and distill it down to meaningful insights for your business. 3 Get buy-in from all levels. Starting out small and focusing on a few specific benchmarks will help more clearly demonstrate the value of your analytics system. 19

Table of Contents for the Digital Edition of Collector - October 2016

President’s Page
Industry News
Best Practices
FYI
Collection Tips
Connect the Dots
Looking Deeper
Head of the Class
Calendar
Honor Roll
The Formula of Five
How to Create Winning Bids and Proposals
A Running Start
ACPAC Election Watch
ACA’s Industry Advancement Program Aids Eleventh Circuit Win for Member Company
Compliance
ACA SearchPoint
Last Word
Collector - October 2016 - Cover1
Collector - October 2016 - Cover2
Collector - October 2016 - 1
Collector - October 2016 - 2
Collector - October 2016 - President’s Page
Collector - October 2016 - Industry News
Collector - October 2016 - 5
Collector - October 2016 - 6
Collector - October 2016 - 7
Collector - October 2016 - Best Practices
Collector - October 2016 - 9
Collector - October 2016 - FYI
Collector - October 2016 - 11
Collector - October 2016 - Collection Tips
Collector - October 2016 - 13
Collector - October 2016 - Connect the Dots
Collector - October 2016 - 15
Collector - October 2016 - 16
Collector - October 2016 - 17
Collector - October 2016 - 18
Collector - October 2016 - 19
Collector - October 2016 - Looking Deeper
Collector - October 2016 - 21
Collector - October 2016 - 22
Collector - October 2016 - 23
Collector - October 2016 - Head of the Class
Collector - October 2016 - 25
Collector - October 2016 - 26
Collector - October 2016 - 27
Collector - October 2016 - Calendar
Collector - October 2016 - Honor Roll
Collector - October 2016 - The Formula of Five
Collector - October 2016 - 31
Collector - October 2016 - How to Create Winning Bids and Proposals
Collector - October 2016 - 33
Collector - October 2016 - 34
Collector - October 2016 - 35
Collector - October 2016 - A Running Start
Collector - October 2016 - 37
Collector - October 2016 - 38
Collector - October 2016 - 39
Collector - October 2016 - ACPAC Election Watch
Collector - October 2016 - 41
Collector - October 2016 - ACA’s Industry Advancement Program Aids Eleventh Circuit Win for Member Company
Collector - October 2016 - 43
Collector - October 2016 - Compliance
Collector - October 2016 - 45
Collector - October 2016 - ACA SearchPoint
Collector - October 2016 - 47
Collector - October 2016 - Last Word
Collector - October 2016 - Cover3
Collector - October 2016 - Cover4
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