Conversational Analytics / 27.01.2017

Benefits of Speech Recognition Technology – Industry Wise

As a formidable form of communication, the need for harnessing Speech has gained huge traction over the last decade or so. Speech Recognition technology has grown leaps and bounds, offering intelligent solutions to the likes of individuals and enterprises. Speech Analytics is one such tool which helps business organizations make a new foray into understanding the “Customer’s Voice”.

This blog is designed to help executives and decision makers confidently choose and deploy Speech Analytics to gain deeper insights into mining customer interactions.

Benefits of Speech Analytics for Enterprises

1) BFSI: Sales Analysis | Collections and Risk Analysis | Legal Compliance | NPS & CES | Legal Compliance|

2) Telecom: Sales Analysis | Complaint Analysis | Churn Propensity | NPS & CES |

3) Travel & Airlines: Complaint Analysis | Sales Analysis | Sales Promotion | Churn Propensity | NPS & CES |

4) E-Commerce & FMCG: Supply Chain | Sales Analysis | Complaint Analysis | Sales Promotion | NPS & CES |

The section below offers break-up of the benefits of each of the above.

1) Sales Analysis: Analysis of sales through gauging Intent to buy, sales pitch effectiveness, conversion and non-conversions (Cross Sell/Up Sell).

2) Sales Promotion: Analysis of sales promotion effectiveness like media promotion, outbound calling, SMS campaigns.

3) Collection & Risk: Analyze Collector effectiveness, intent to pay and overall collection risk.

4) Legal Compliance: Analysis of adherence to script and compliance with regulatory guidelines.

5) Churn Propensity: Analysis of repeat callers, customer sentiment and correlation of customer CRM data to gauge Customer’s propensity to churn.

6) NPS & CES: Analysis of NPS & CES to measure customer advocacy levels and brand loyalty.

7) Complaint Analysis: Analysis of complaints like network, billing, deductions etc. and providing RCA.

8) Supply Chain: Analysis of calls reporting supply chain issue and providing root cause analysis of overall supply chain management.

9) Repeat Call Analysis/FCR: Identifying issues that drive repeat calls and eliminate those for First Call Resolution.

10) Call Categorization: Automated & detailed call categorization beyond the outcome provided by executives.

For detailed insights and to learn about the benefits of Speech Recognition for businesses, please read our Whitepaper.