Businesses are turning to voice interactions and conversational intelligence in a big way. Digital voice mediums are becoming the norm for customer interactions. 94 percent of businesses still consider phone conversations pivotal for customer engagement efforts.
Speech Analytics is a goldmine for organizations across industries to understand the customer journey, customer churn, agent performance, communication effectiveness, and more. It has become the most effective tool that delivers key insights into existing complexities across diverse business functions by mining customer interactions.
Here are the few areas that are cherry-picked to understand the impact of Speech Analytics on business functions.
Mapping cross-functional customer journey
Speech Analytics can sift through millions of audio files to effectively paint the customer journey. Every inflection, tone, and keywords are combed to identify the effectiveness of the existing processes and the unspoken needs of customers. For example, customers who are put off by the long hold times effectively drop out of the marketing funnel leading to a substantial loss in revenue. Organizations are thus combining the digital call to action with voice interactions to keep the customer on their onward quest for conversion.
Opus Research found that 46 percent of companies cite Quick ID of customer intent as the reason for deploying Speech Analytics software. Researchers point out that the Pareto rule applies to customer complaints wherein 20 percent are agent related and 80 percent stems from hiccups during the customer journeys. Speech Analytics facilitate optimizing customer journeys and align cross-functional capabilities with this goal.
Improving organizational performances
Agile organizations continually prepare all their customer-facing agents to understand the hidden needs of the customer. Speech Analytics can be deployed across Contact Center operations to understand successful behaviors that ensure repeat customers. These help in devising training modules, efficiency metrics, and coaching programs that will drive successful performances.
For example, compliance is a big issue for insurance and banking domains. Insurance and banking industry is increasingly adopting Speech Analytics in the wave of increasing regional and international regulations. Contextual mining on policy areas can unearth pitfalls in agent conversations that overcommitted about the policy coverage. This results in greater understanding about emerging litigable situations. Today banks and insurance companies are extensively using Speech Analytics to train their contact center agents to deliver services in compliance with legal and business requirements.
Removing siloes for operational excellence
Interdepartmental alignment is essential for efficient business operations. Insights from Conversational Analytics are instrumental in tying up the customer-facing departments with back-end operations. Businesses can look at the operation in its entirety and finetune key drivers that can democratize data access for better customer service.
Understanding the 4Ps for functional cohesion
Why are the customers calling you? This is the question that can be answered through future ready Speech Analytics. Combing through customer recordings, it is easier to categorize different calls like pricing, promotions, people, and products and pass on the information to the designated departments. Cross-functional conversations can be your single source of truth about competitor pricing, promotions, and product features. These insights are crucial in creating differentiators that meet market demands and upstage existing market leaders.
Speech Analytics is the future now for operational efficiencies. It delivers high-end visibility and insights that can be effectively used across business functions to create systems that are responsive, efficient and proactive.