Speech analytics is a powerful tool for improving customer service. It turns every phone call into a valuable source of customer data. Collectively, it provides a holistic view of the thoughts, feelings and desires of a company’s customer base. Contact center managers can use insights gained to improve performance metrics, better and more quickly handle customer issues, and even make changes to existing products that can boost sales. In short, the technology gives users a competitive advantage over non-users.
So, what is speech analytics? In a nutshell, it’s the process of analyzing recorded calls to identify words and detect emotions. In the contact center, speech recognition software is used to quickly identify the calls that need attention. It then communicates information about these calls to the customer care Communicator, who is then in a much better position to handle the issue. This often shortens issue resolution time and call duration.
A reduction in average handle time improves service and can even increase company profits.
Since its introduction in 2003, the scope of speech analytics, which was originally called audio-mining, has evolved to amplify the voice of the customer beyond what could be gleaned from representative samplings. The tool evaluates 100 percent of calls, and has the ability to amass, organize and evaluate large amounts of unstructured data available through customer interactions.
With a big picture perspective, managers can more easily recognize trends in customer interests and needs. They can leverage the information gained to develop new products and/or enhance existing ones, ultimately driving sales.
Managers can also use speech analytics to ensure compliance with many regulatory and consumer protection requirements. It can even work to increase revenues when used for debt collection.
In addition, the technology ramps up quality assurance with real-time monitoring of agent engagement and script compliance. It can gauge the effectiveness of greetings and closings, and isolate words, phrases or tone of voice that signal customer dissatisfaction—while there is still time to save the relationship.
Consider speech analytics for your contact center if you would benefit from a better understanding of why your customers call in. The technology will give you greater knowledge about key behaviors on the parts of your Communicators and customers. This will help you pinpoint coaching or training opportunities for the former, and acquisition, retention and upsell opportunities for the latter. What’s more, the technology will give you greater insight into the customer sentiments that most impact your customer relationships.
Speech analytics can turn the contact center into a fountain of information for the whole business. Its applications are growing, and it is positioned to become an indispensable industry tool.