Speech Analytics: Showing Great Promise Thanks to AI and Machine Learning
ROI Remains Elusive
Still, despite the technology’s immense promise, which includes the ability to improve first-call resolution, create greater contact center efficiency, reduce average handle time, and more effectively mitigate risks, the slow process of achieving a positive ROI from speech analytics continues to frustrate a lot of end users, according to most experts.
While the benefits of speech analytics are apparent, the work needed to achieve these benefits isn’t always as readily apparent, Fluss says.
And then, without a sophisticated strategy and application of speech analytics capabilities, an enterprise can find too many false positives in search terms, which can produce misleading results, Fluss explains.
But as the technology adoption curve moves upward, the benefits of speech analytics are just starting to be realized, says Dan Miller, founder and lead analyst at Opus Research. While contact centers have started to mine speech analytics data for further insight into customer care and purchase decisions, most enterprises have yet to apply data from speech analytics in the contact center to other departments for marketing, security, and other purposes.
“There is recognition but very little action taken toward using speech analytics as the cornerstone for prompting agents and, eventually, to support virtual agents,” says Miller, who expects increased spending on speech analytics across the globe as companies look to drive the benefits across their organizations.
It’s something that Fluss expects as well, pointing out in the report that speech analytics can provide “tactical and strategic information that can be used to enhance all aspects of an organization, even beyond the contact center.”
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