Speech Analytics: The Driving Force for Better Business Practices and Customer Experience

Speech Analytics: The Driving Force for Better Business Practices and Customer Experience

Gone are the days when providing the best customer experience was a matter of intuition or experience. In this day and age of cut-throat competition among corporates to reduce customer attrition, cut overheads and maintain profitability, Speech Analytics may be the answer you’re seeking to keep your business relevant, productive and smart.

If customer-centricity is on your mind, then you might be well aware of how far the world has come in ensuring stellar customer experiences that begin at your contact centers. Gone are the days of manually scoring calls and sifting through astronomical amounts of data to cull relevant insights. Enter Speech Analytics – a technology that creates meaningful voice data that can be used to assess interaction trends and help companies improve services, reduce costs and grow their revenue.

Here are some reasons why you should invest in a Speech Analytics Program:

Improve Customer Experience

If you’re a modern business owner, a typical day in the office will entail uncountable calls going back and forth between your agents and the customers. From sales calls to customer complaints, each of these calls has the potential to improve the next customer interaction but induce considerable profitability in your business. Speech Analytics Technology helps mine through the data generated from each call, analyze it for detecting emotion, tone and stress in the customer’s voice, the reason for call and satisfaction, products mentioned, customer reaction and much more.

A consistent and intelligent monitoring of this data can help your business to identify customer needs, gauge expectations and therefore be the perfect foundation to plan out best response strategies that will ensure customer satisfaction and reduce attrition levels.

Reduce Costs & Increase Revenue

If reducing operating costs and increasing revenues are the flip sides of the same coin, then Speech Analytics is here to make a mark. Here’s how the tasks are achieved:

Cost Reduction:

  • Headcount reduction through automation for call monitoring and compliance checking
  • Call volume reduction due to optimization of call strategies resulting from intelligent call monitoring and insight collection
  • Reduced cost of quality assurance and monitoring
  • Waste reduction for non-compliance

Revenue Increase:

  • Increase in sales conversion rates due to the application of best practices
  • Optimized marketing messages through instant customer evaluation
  • Better retention of customers and possibilities for referrals

 

Better Business Practices

More than just transcribing calls to text, Speech Analytics enable managers to mine through thousands of calls to procure relevant insights on customer retention, agent training practices, and operational strategies. Here’s how the technology actively participates in driving better business practices in corporations:

  • Operational efficiency: Improves departmental efficiencies through reduced Average Handle Time, Call Deflection, First Call Resolution, Transfers and so on
  • Quality Monitoring: Exposes inherent quality issues at call center management by reviewing all calls against a fixed set of employee skills and producing actionable information for Quality Management teams
  • Compliance and Risk Control: Analyzing call data against compliance standards
  • Sales Optimization: Improves sales strategies by extracting critical intelligence from sales calls that helps in revising sales strategies and increasing conversion rates

 

It’s no surprise that the Speech Analytics market has grown from a mere 24 customers in 2003 to more than 3.5 million in 2015—around 20% of businesses that have contact centers.

An investment in Speech Analytics Technology may just be one of the game-changing decisions you make for the health of your business. From cost reduction to opening up unlimited possibilities to elevate customer satisfaction levels that have a direct impact on your ROI, this is one of the most promising technologies on the corporate horizon today.

 

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