UTOPY Releases Speech Analytics Solutions for Sales Conversions and Revenue Collections
UTOPY today announced the availability of two new solutions that further expand the company’s array of speech analytics offerings. Built on top of UTOPY’s flagship speech analytics platform, UTOPY SpeechMiner, and UTOPY Coaching application, UTOPY Sales Improvement and UTOPY Collections Optimization are designed from the ground up to leverage the insights derived from Speech Analytics to boost the ability of today’s leading enterprises to increase sales conversions and recover uncollected receivables respectively.
“We’re extremely excited to announce the addition of these two new offerings into our ever-growing arsenal of solutions that work to unleash the clear benefits of Speech Analytics,” Roy Twersky, President and CEO at UTOPY. “In today’s demanding marketplace, the ability to increase sales conversion and boost collections rates has vaulted to the apex of importance. By harnessing the power of our Speech Analytics solutions, UTOPY’s customers are able to reap significant benefits across the entire enterprise – from maximizing productivity and performance to enhancing the overall customer experience – which is ultimately the key to long-term viability, sustained growth and profitability.”
These offerings from UTOPY further solidify the company’s strong leadership position in the surging Speech Analytics arena while underscoring its ongoing commitment to develop solutions that provide unsurpassed insights and value. Together, the two solutions represent the first sales improvement and the first collection optimization solutions that utilize speech analytics to monitor and drive the inquiry-to-conversion key performance indicator (KPI) and the promise-to-pay KPI, respectively.
Every percentage point increase in sales conversion translates to a one percent increase in revenue. After implementing UTOPY Sales Improvement, a leading financial services company improved its sales conversion rate by 41 percent, which equated to a $2 million annual increase in revenue.
UTOPY Sales Improvement produces dramatic results like this by utilizing UTOPY SpeechMiner to enable automatic identification and ongoing objective monitoring of key sales skills. UTOPY Coaching then uses these insights to deliver targeted and effective training and self-learning focused on the most relevant sales skills. The subsequent increase in sales conversions results in a direct rise in revenue generated from the contact center. Transforming the contact center to a profit center is no longer a pipe-dream!
UTOPY Collections Optimization begins by identifying and validating the skills that are most critical to successful debt collection and recovery. By analyzing the entirety of calls, it recognizes every time any important collection technique is used, measures and tracks skill usage by the agent, and then correlates these metrics with collections success. It then leverages UTOPY Coaching to deliver targeted coaching and self-learning to the supervisor and agent respectively.
The solution also automatically ensures compliance to all state and federal laws, as well as, regulations regarding collections practices. For example, the solution ensures that all collections related calls fully comply with the Federal Fair Debt Collection Practices Act (FDCPA) by automatically detecting any abusive, unfair, or deceptive language or collections practices. UTOPY Collections Optimization quickly and dramatically increases debt collection rates while simultaneously ensuring regulatory compliance.