As for companies, you know that happy customers are your foundation and the key to your continued success if you listen to their concerns, needs, and ideas. Customer feedback gives you the ability to better understand your customers so that you can provide an exceptional customer experience, every time. Speech analytics software initially became available in about 2002. Since then its popularity has grown exponentially. Today, the level of accuracy of these systems as well as the speed to customer intelligence they offer have made speech analytics a must-have versus a nice-to-have for companies that want to improve efficiency, agent performance, compliance adherence, revenue, and the customer experience.
Speech analytics is a powerful tool that helps to unlock insights as it allows managers to understand the behavior of top performers. You can improve your business process with a robust, scalable, and flexible speech recognition solution to analyze customer sentiments. Speech analytics software helps mine and analyze audio data, detecting things like emotion, tone, and stress in a customer’s voice, the reason for the call, satisfaction, the products mentioned, and more.
Lower Expenses by Automation
Reduce your manpower cost by automating the conversation analysis process which offers instant insights into phone conversations, or audio/video files.
Improve Strategic Business Decisions
Improve strategic decisions basis sentiment and conversation insights to understand your customers better to refine your future serviceability and product offerings. With Speech Analytics, contact centers can get insights quickly. Since it monitors and reports on all conversations, it automatically takes the raw data, organizes, and analyses it, and generates insights based on what companies want to track, which will help to make strategies for improving the business process, which will lead to the revenue generation process.
Save Time in Extracting Analytical reports
With new technologies, such as speech analytics, contact centers can create better customer experiences, where they can easily save time by extracting the analytical reports holistically. The insights received from analytics also help improve the performance of agents and find out their shortcomings. If utilized correctly, the analytics can help in improving the effectiveness of campaigns and improving conversation rates.
Manage Operations Efficiency
Basis the conversation analytics reports analyze your team’s performance in handling the conversations and design future training courses for your staff. The outcome will be smooth client handling benefits while offering improved CX.
Make more sense of your transcription with domain-specific targeted words/phrases. For accuracy, the analysis helps to uncover an issue, which can help the agents to get the information and as a result, it will help to decrease the number of call-backs by establishing the proper expectations with customers, this will lead to accurate outputs.
Increases cross-sell and up-sell opportunities
Leveraging the contact center to drive revenue through cross-selling and up-selling pitches in interactions is a smart strategy. The information can then be used to enhance sales conversion rates which help to produce more effective marketing campaigns.
Features of Speech Analytics Platform
Customize your speech analytics application by inserting industry-specific or unique terms/phrases for auto-detection of words.
Recognize and transcribe multiple participants in a conversation. Transcribe and analyze millions of calls to discover customer insights and improve contact center performance.
Redact your transcription of specific content like inappropriate words, confidential and personal information. When you have access to this vital information, you can take proactive measures to make changes and improvements.
KPIs That Can Be Improved Using Speech Analytics Data
There are several KPIs you can track with speech analytics software. First call resolution rate, service response times, customer satisfaction, Script Compliance or Improvement, Reduced Repeat calls, and wait time are some examples. Once you pick your KPIs, benchmark your current performance levels.
One good exercise to see if you can derive meaning from your KPIs is to have a look at the compiled list of the most important call center metrics:
Quality Scores: Providing an overall score for the caller experience. Call Center Quality scores can be monitored at the agent and group levels. When you track 100% of customer interactions, supervisors and agents can get an accurate and unbiased view of how well they are doing.
Reduced Repeat Calls: For the improvement in efficiency and reduction in repeat calls, speech analytics is a powerful software. Reducing repeat calls not only reduces overall call volume but at the same time leads to greater customer satisfaction, which can help to revenue enhancement.
First Call Resolution (FCR): Measures the percentage of conversations that get resolved on the first contact. Simply divide the number of calls that are resolved on the first contact by the total number of first contacts. You can get even more sophisticated by segmenting data by call reason, call type, etc.
Customer Satisfaction: Looks at the agent behaviors and processes that most affect the customer experience. Beyond looking for words and phrases that indicate dissatisfaction, speech analytics also looks at sentiment by monitoring, silence, and loudness in the voice.
Script Compliance or Improvement: Script compliance is often a top priority, contact centers often employ scripts to ensure a consistent approach to customer interactions and to deliver an excellent customer experience. Especially in highly reputed industries, call center agents must be very careful and adhere to the approved script when dealing with sensitive information. With the help of the software, managers can easily mine calls to ensure that agents are properly following the script and performing at a high level.
Average Handling Time (AHT): The total amount of time it takes to handle a call, measuring different areas such as talk time, on-hold time, and wrap-up time. To get an accurate assessment of agent performance it is important to average handle times over several calls.
Use Case of Speech Analytics Platform
Focus and identify specific keywords and phrases to filter only the relevant conversations that drive domains specific insights and performance. Speech analytics software identifies words and phrases, based on a library defined by the user. This type of call analytics can be used to detect trends in customer interactions and analyses audio patterns to detect emotions and stress in a speaker’s voice.
Identify the intent and purpose of a conversation to take proactive actions and make them better.
Create transcripts from a variety of calls like customer service calls, sales calls, meeting recordings, etc. The audio undergoes the transcription process that turns the sounds into text. At the same time, acoustic signals such as agitation in the voice, tempo, loudness, and silence are extracted.
Customer Segment Identification
Create and identify new customer segments based on their conversations to enhance personalized experiences.
Creating a positive customer experience is the key to building a successful business. Knowing what customers want before they change their minds, or move on to your competitors, will help create a positive customer experience. Since you can’t read their minds, the next best thing is using speech analytics to capture 100% of your customer conversations.
Speech analytics saves businesses time and delivers value through loyal customers, increased revenue, and decreased expenses. But, launching new speech analytics software doesn’t perform miracles overnight. It takes time. Begin with a plan before pitching it to management, know your facts, pick the right solution, and show the value to your employees. When you do, you’ll reap the benefits. Use these best practices as a guide to get it right from the start and avoid any surprises
Connect with us today to get a personalized demo of our custom NLP-powered Speech Intelligence platform called Tawq.