In the Sept. 14th issue of InformationWeek it is reported that CUNA Mutual Group identified a key barrier to sales conversions in their call center: requiring forms be signed and mailed into their processing center in order to complete the transaction. The leakage rate is reported to be 80%...80%!!!
The company implemented a call recording solution to capture "voice signatures," eliminating the need for paper forms to be sent in. The results include a faster sales process, an immediate increase in monthly sales of 74% and approx. $1.8M in additional revenues. There is no explicit mention of decreased costs but I assume the handle time to receive, open and process the mailed forms created a significant expense reduction to boot.
This touches on a topic about which I am passionate. Call recording is often pigeon-holed into the category of compliance, of being a "big brother" system that is all about control. The reality is documenting conversations has the potential to dramatically affect workflow and collaboration in powerful ways that drive revenue, make teams more efficient, speed project completion and eliminate waste - none of which falls into the historical domain of compliance.
Hopefully as more businesses look to drive performance through IT this valuable perspective will be more widely adopted.
The company implemented a call recording solution to capture "voice signatures," eliminating the need for paper forms to be sent in. The results include a faster sales process, an immediate increase in monthly sales of 74% and approx. $1.8M in additional revenues. There is no explicit mention of decreased costs but I assume the handle time to receive, open and process the mailed forms created a significant expense reduction to boot.
This touches on a topic about which I am passionate. Call recording is often pigeon-holed into the category of compliance, of being a "big brother" system that is all about control. The reality is documenting conversations has the potential to dramatically affect workflow and collaboration in powerful ways that drive revenue, make teams more efficient, speed project completion and eliminate waste - none of which falls into the historical domain of compliance.
Hopefully as more businesses look to drive performance through IT this valuable perspective will be more widely adopted.
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