Organizations spend thousands of dollars every year to obtain customer feedback and insights through various mechanisms. Speech Analytics provides valuable and sometimes, rare customer insights at a fraction of the cost incurred by other channels. Not surprisingly, these insights trigger decision making at the CXO level impacting business outcomes.
Let us observe a few ways –
Enhancing Operational Efficiency: Contact Center metrics, such as AHT, FCR, call transfer rates, contact quality, etc. define operational efficiency. Speech Analytics segments call data and help identify reasons for the performance of each metric. This enables Contact Center managers to get deep insights and improve the overall performance and efficiency.
Speech Analytics also helps trainers modulate and customize training programs for agents. This results in improved agent performance and lowered attrition. Improvement in Call Center metrics and agent performance boosts operations resulting in better efficiency and cost optimization.
Increasing Brand Equity: By tracking 100% of ‘Voice of Customers (VOC), Speech Analytics provides intuitive insights. From customer feedback on products and services to information on competition and markets, insights enlighten organizations. These insights can be applied across various functional departments to customize product offerings, offer better pricing and build a stronger customer connect.
Reducing Costs: Burgeoning costs are a major concern for Call Centers. Costs, whether human resource related or process related, can impact the business viability of a cost center. Deploying Speech Analytics provides greater visibility into the operations and helps identify high-cost areas. For example, a contact center troubled with high AHT will be able to identify specific reasons for the same through Speech Analytics. This will help reduce AHT resulting in higher call efficiencies and optimize telephony costs.
Compliance Adherence: Non-adherence to compliance can alter the fortunes of the Contact Center and the company. It can lead to legal issues resulting in an irreparable damage to the brand image. Speech Analytics tracks 100% of all conversations, which can be analyzed to understand how well agents adhere to rules, regulations, and scripts, and thus, ensuring compliance.
Increasing Revenue Opportunities: Valuable customer insights help Contact Centers improvize their operations and enhance agent training to provide a superior customer experience. Satisfied customers have a direct impact on the business growth of the organization as a whole. Credit collections become easy with happy customers and so do cross-selling and up-selling of products and services which altogether contribute to increasing sales and impacting P&L.
Speech Analytics’ impact on business outcomes finds further acknowledgment in a survey (2017) conducted Opus Research. Out of 500 respondents, 57% have embraced the technology to — ‘’Increase Sales and Collections’’ and ‘’Compliance with Laws and Regulations’’ and 53% deployed the solution for ‘’Workforce Optimization’’. These results stand testimony to the fact that insights from Speech Analytics have the power to influence business outcomes in organizations.