Speech Analytics: Taking Contact Center to a New Level

Speech Analytics

Speech analytics is the core enabling technology behind intelligent contact centers, releasing insight on 100 percent of calls by combining in-depth analysis of past customer interactions with real-time monitoring and artificial intelligence structure to optimize better customer and agent meeting.

New improvements in speech recognition and transcription technologies empower contact centers to seamlessly conduct keyword spotting, automatic NPS (Net Promoter Score) including in-depth analysis of recorded customer conversations. The newest innovations help businesses make better judgments by surfacing hidden insights from spoken erudition.

The standard process of analyzing voice recordings in search of business opportunities can be labor exhaustive, costly and time-consuming. New solutions are getting acceptance; tools that accelerate the call-scoring method, cut costs and facilitate a new level of intelligence to be gathered from customer requests.

By incorporating machine learning and advanced data mining, speech analytics solutions are now able to recognize patterns in voice recordings, to measure a speaker’s intent and even predict a future outcome — be it a sale, account removal or any customizable property a client might request. Using designated call data to construct predictive models provides the means for automating call placement. It also removes the requirement for costly human call scoring and provides call center customers actionable insights to support their important initiatives.

Today’s speech analytics is excellent for optimizing a variety of business processes, inclusive of sales and marketing, CRM, agent coaching and compliance. Foretelling customer behavior based on spoken interactions presents contact centers with a powerful tool to drive more significant company results.

For example, VoiceBase gives APIs for speech recognition and speech analytics that automatically deciphers audio and video, extract relevant keywords and facilitate the detection of complex events. Speech analytics is especially relevant and useful to businesses operating call centers because they permit them to obtain crucial information out of unstructured data from customer communications, identify patterns and take action to develop what they are selling or the way they are marketing it.

Enhance Customer Experience

Enhancing customer encounter is one of the main reasons companies use speech analytics technology in the first place. Speech analytics software advocates mine and analyze audio data, detecting things like sentiment, tone, and stress in a customer’s voice; the purpose for the call; satisfaction; the merchandises mentioned; and more. Speech analytics tools can also recognize if a customer is getting upset or frustrated. Users can quickly distinguish a customer’s needs, desires, and expectations, and gauge how to approach any issues best.

Controlling Expenses

Speech analytics plans can deliver a return on investment via a variety of supplements that reduce costs and increase revenue. The decrease in headcount from automation of call monitoring and acquiescence checking decrease in fines and depreciation for non-compliance, reduction in call volumes after knowing why customers are calling, and acting to optimize any detached processes elsewhere in the organization that is creating these calls. Through speech analytics companies can also reduce their cost of useless callbacks after improving first-call resolution rates, and escape live calls that can be handled by better IVR or website self-service. One can also get reduced cost of quality conviction and monitoring alongside lower price per call via shortened handle times and less transfers. There is also the advantage of lower new staff attrition rates and hiring costs through a new classification of specific training requirements.

Revenue Augmentation by Identifying Upsell/Cross-Sell Chances

Another advantage of delivering immediate feedback is that it can provide agents with a definite advantage in cross and up-sell efforts. As outlined in the Aberdeen research, representatives can “leverage customer data obtained during a call to identify a particular product or service they can give to the same client during the call, which enables them to deliver the right product to the accurate customer at the right time.” By analyzing which communications lead to more sales and what makes your top sellers so successful, it is reasonable to find the most effective patterns to close a deal and acquire a coaching program to improve the agents’ selling techniques, as well as decrease, missed opportunities.