Four Reasons to Integrate Speech Analytics into Your Company’s Business Operations
A recent study revealed the speech analytics market is expected to reach $2.17 billion by 2022. Deemed one of the fastest growing technologies in the contact center industry, speech analytics tools can be leveraged by all types of businesses looking to collect, manage, and understand customer feedback. While recent data shows there is a growing trend in the deployment of speech analytics to improve overall contact center performance and compliance, recent market data shows more than 60% of US-based contact centers have yet to implement a speech analytics solution.
Two preconceived notions that ultimately stop companies from utilizing speech analytics in their business operations – the implementation process and costs associated with the technology. However, both these challenges should not stop companies from utilizing speech analytics. Although there is an initial expense, companies can expect to see a return on investment within three to nine months. Although the technology might feel overwhelming at first, with dozens of parameters that can be applied to any search filter, the filters can be as general or as granular as an agent specifies. Learning the technology is not complicated; it is adaptable and versatile to the level of training received.
Previously known as call mining, speech analytics has become a vital tool for improving productivity and efficiency, as well as streamlining business operations, across all industries. In fact, business departments such as marketing, sales, operations, product development, and collections can leverage customer data to gather and monitor key performance indicators (KPIs) yielding a strategic advantage against its competitors. Below are four reasons companies should consider investing in the technology.
- Customer Experience – Identifying existing customers who are upset or frustrated can sometimes be more difficult than anticipated. With automated speech analytics tools, customer contact centers can ensure all calls are being tracked and reviewed, flagging any and all problems that may arise in real-time. Once the problems are identified, customer support managers can provide appropriate and timely service recovery to drive more positive customer outcomes.
- Compliance – When it comes to working with customers’ personal information, there is a lot of risk associated with the handling and sharing of data. It’s imperative that customer support employees redact sensitive information from call recordings and speech transcripts to reduce the risk and fines associated with non-compliance. Utilizing a sophisticated speech analytics system, the technology has the ability to automatically identify and delete personal information (such as account numbers) from its records. With a speech analytics platform in place, employers can review transcripts and track employee performance to further verify their contact center agents are operating in compliance with federal regulations.
- Increases Revenue – Looking for ways to cross-sell and up-sell your products? By converting customer call recordings into transcripts, businesses can improve their marketing campaigns to better target, attract, connect with, and retain loyal customers. Personalizing customer outreach by offering the right product, at the right time, to a (previously identified) interested customer can spark an increase in sales revenue. With automated reporting features, companies can review the data and tweak their sales strategy as needed.
- Improve Agent Training and Performance – With the ability to record and review employee-customer conversations, customer success managers can deploy more fact-based coaching and feedback, based on actual scenarios. Learning from previous customer experiences, agents can expedite the customer resolution process by identifying the appropriate response on the first try.
Leveraging the power of speech analytics, companies are better equipped to communicate with customers, elevate monitoring assistance, and enhance quality assurance to provide unparalleled customer service. When implemented and used effectively, speech analytics solutions provide companies with unique, beneficial opportunities that otherwise might have been missed.
USAA's Brett Knight describes all the players enterprises should assemble when planning conversational development for virtual agents in this clip from SpeechTEK 2018.
Despite in-depth online intelligence, many companies are still struggling to engage with customers. Can call analytics help?
So you've decided you need an Intelligent Virtual Assistant. Your competitors have one, and your customers expect to be able to communicate with you this way. But an IVA is an extension of your brand that deserves as much thought as any other platform. Speech Technology Magazine recently asked Jane Price, SVP of Marketing, Interactions, about the ins-and-outs of constructing an IVA and giving it personality through a persona.