Why Speech Analytics Is a Must Have
By Rajeev Venkat
Posted in Customer Engagement
Speech Analytics (SA) was introduced to the call or contact center a decade or so ago. SA transcribes and analyzes audio in every phone call to discover powerful, rich actionable insights.
It has now reached a stage akin to how other contact center technologies such as Quality Management (QM) and Workforce Management (WFM) are viewed as must-haves by contact centers.
Among the multitude of factors that make SA a must have are:
Speech Analytics can deliver business value across the organization. It can impact both:
The business impact of SA on contact center performance can be categorized into:
Cost Reduction: SA can help improve operational efficiency and reduce costs by detecting self-service issues and agent knowledge gaps, and reducing repeat calls, handle time, holds and transfers.
Quality Management: SA helps evaluate a larger “statistically valid” sample of calls, eliminate human bias in selecting calls for evaluation, focus on high-value calls, and enable targeted agent coaching.
Sales Effectiveness: SA can compare successful to non-successful sales calls and agents, find the best words and phrases that lead to a sale, and identify words and phrases that are sales detractors.
Compliance: SA can monitor 100% of interactions for agent script adherence and help reduce the risk of breaches, even if they’re very rare. It also allows organizations to show their internal processes and solutions to regulators.
The business impact of SA on customer experience can be categorized into:
Reduce Customer Churn: SA can examine “churn history” calls to detect root causes and discover common calling patterns, identify at-risk customers and predict “super detractors,” intercept at-risk customers and learn from their success.
Improve CSAT: SA helps increase understanding of what drives high and low CSAT—and help spot early-warning signals before they go viral on social media.
Detecting Business Process Issues: SA can reveal business process issues in other departments and processes in the organization that can impact the overall customer experience.
In summary, SA can have tremendous and broad positive impact in optimizing your customer engagement.
Click here to learn more about case studies and videos on SA successes. And, click here for the eBook called "Transforming the Contact Center into an Enterprise Change Agent."
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