In today’s fast-paced business landscape, meeting government compliance standards is more critical than ever, especially for contact centers. The ever-changing digital economy poses significant challenges, making compliance a complex and expensive endeavor. However, the consequences of not meeting compliance standards can be detrimental to businesses. In this blog post, we’ll explore the negative statistics associated with non-compliance and how contact centers overcome these challenges.
The High Cost of Non-Compliance: Non-compliance with government regulations carries heavy financial penalties. Studies have shown that regulatory non-compliance costs companies an average of $14.8 million annually. Violations of regulations such as the TCPA can result in class-action lawsuits, reaching a record-breaking 3,293 cases in 2020. Additionally, non-compliance often leads to poor customer experiences, increased complaints, reduced customer satisfaction, and ultimately, customer churn.
The Evolving Compliance Landscape: Government regulatory bodies are placing greater emphasis on data analytics and third-party risk management. Organizations are now required to provide comprehensive analytical data about their institutions, including risk identification, analysis, and mitigation. The failure to meet these evolving compliance expectations can result in substantial fines and legal consequences. The average fine for FCPA violations increased from $21 million in 2012 to a staggering $447 million in 2020.
Resource Constraints and Increased Spending: The surge in regulations demands more time and resources to maintain compliance. More than half of the surveyed organizations spend 40% or more of their security and privacy budgets on compliance. Compliance has become a gatekeeper that prevents new business opportunities, with 58% of companies considering it a significant factor. Meeting secure technological requirements mandated by regulations adds to the high costs. Organizations expect their spending on IT risk management and compliance to increase, as reported by Hyperproof’s IT Compliance Benchmark Report.
The Limitations of Traditional Tools: While automated Quality Assurance (QA) systems powered by AI can detect certain compliance issues, they lack understanding of complex business processes and edge cases. Traditional approaches fall short when dealing with complicated sales or support scenarios that deviate from standard flows. Quality Assurance teams performing manual audits cannot analyze a significant volume of contact center interactions, leaving a substantial risk surface unattended.
Introducing Discussion Trees or also known as Dynimic Guided Workflow, or step-by-step guides which offer a transformative solution to the compliance challenges faced by contact centers. Discussion Trees revolutionize agent interactions. Instead of traditional approaches, agents are guided through conversations with bite-sized information blocks tailored to the specific business flow. These solutions can adjust to the conversation, addressing every edge case and not just the common scenarios.
Unlocking the Full Potential of Contact Centers with Process Shepherds Discussion Trees which goes beyond conventional agent scripting solutions. It can automatically fill CRM fields based on interactions, reducing double handling and improving efficiency. With its intuitive visual design interface, organizations can define their business processes, incorporating every edge case scenario. The platform seamlessly integrates with external systems, synchronizing collected data to eliminate replication.
Process Shepherd empowers contact centers to navigate the compliance landscape effectively, ensuring adherence to regulations while streamlining operations. By reducing onboarding time, ramp-up time, and average handling time, contact centers can deliver exceptional customer experiences. With Discussion Tree capabilities, Process Shepherd bridges the expertise gap, enables confident handling of complex interactions, and enhances efficiency. Embrace Process Shepherd to revolutionize your contact center operations and unlock the true potential of your agent workforce.