Understanding the intent and emotion hidden in customer conversations is a challenge. For example, when a customer says “I am unhappy with the services and I want a quick resolution” – it is not only important to provide timely assistance, but also understand the customer’s true sentiment. With customer centricity fast becoming crucial to business success, it is important for organizations to mine customer interactions for valuable data. So how can you catch the information that your agents might miss?
Don’t Just Listen. Go deeper with Speech Analytics
Speech analytics can help you capture data from thousands of calls and provide insights into your customers as well as the way contact center agents handle calls. As a result, it not only helps improve contact center performance but also enhances agent compliance. According to an Executive Survey on Speech Analytics by Opus Research, organizations across industries are deploying Speech Analytics solutions to detect customer frustration, control operating costs and improve compliance.
Despite this, many organizations perceive Speech Analytics to be an expensive initiative. But the fact is Speech Analytics provides rapid payback. According to Opus research, 83% organizations realize their expected ROI within 12 months.
Let’s take a look at top four benefits of Speech Analytics:
- Minimizing operational expenses: Speech Analytics can help reduce operational costs by identifying cost saving avenues, and reducing repeat call volume. 68% of businesses were able to realize cost savings by deploying Speech Analytics solutions. However, to realize these benefits, it is imperative to follow best practices and deploy the right applications.
- Training agents: Speech Analytics can be used to effectively monitor conversations and train agents for continuous improvement. It helps in mining customer-agent conversations and creates intensive training techniques. 43% of businesses could drive continuous improvement by leveraging Speech Analytics solutions.
- Reducing customer churn: 29% of organizations have experienced customer loyalty and retention benefits from Speech Analytics solutions. The solutions help identify factors leading to customer dissatisfaction to improve call quality. This results in lower customer attrition and increased customer loyalty.
- Boosting revenues: Managers in contact centers can also use insights from Speech Analytics to identify upsell and cross-sell opportunities. They can create a more personalized sales experience, leading to improved revenues and customer experience. 52% of businesses that deployed Speech Analytics witnessed enhanced revenues.
Create The Contact Center Of The Future
With customer expectations turning more complex by the day, contact centers of the future are expected to proactively understand customer requirements and reduce overall customer effort. Forward thinking organizations can do this by combining speech and text analytics with predictive analytics. This will not only create a loyal customer base but also help contact centers collaborate with other business functions to create action plans for enhanced customer experience.
To know more about the benefits of deploying Speech Analytics and how it is helping industries drive superior customer experience, click here.
Leadership Conversation / 14.12.20185 Min Read
Conversational AI is at an Inflection Point
At the recently held Conversational Commerce Conference (C3) in San Francisco hosted by our research...
Conversational Analytics / 13.12.20185 Min Read
Conversational Analytics can uncover Real Insights
Conversational AI is expected to transform the customer service engagement journey. Whether it is in...
Conversational Analytics / 07.06.2018
Enhance the competitiveness and competencies of your CX teams through Speech Analytics
Speech Analytics is a critical component of the contact center business because of its ability to id...