According to a recently conducted survey, 57% companies said they expect speech analytics as a technology to increase sales and collections. This is expected due to the greater volume of data mined from calls, which will allow the organization to implement automation to some degree. They can also discover opportunities and identify the shortcomings in customer service, and then respond quickly to market needs.
Why cost matters so much
Customer service is a vital part of consumer businesses like Finance, Manufacturing, and Sales. But for millions of callers, even hundreds of thousands of agents can be too few, and too expensive. While many developments in the digital era have made customer service cheap, the voice process remains necessary.
Speech recognition and analytics
The power of analytics enables speech-recognition software to give accurate predictions by converting analog signal to digital signal and studying the phonemes.
Speech recognition technology uses statistical modeling systems to determine the most likely outcomes of handling a call for a certain person in a certain way. This makes the analysis of every caller efficient and less cumbersome, ultimately making the organization ready to execute the right strategies.
How to start saving costs
Speech Recognition technology can help save costs by automating multiple processes, the simplest of which is Voice Biometrics-based authentication. As the voice signal is divided into small segments, it can be used to match against a database. Find more information in the illustration below.
The changing face of customer service
Customer service for any business is a non-core process and should be inexpensive. However, it also needs to be customer friendly and multichannel. The provision of voice processes is often necessary and incurs costs due to the limitations on the number of calls each agent can take. However, speech-recognition technology can help improve the efficiency.
It is not about eliminating human participation in the enterprise as much as it is about elevating humans to a more informed platform.
Simpler improvement techniques
The agent’s performance can be determined with accurate scores against their KPIs using Speech Recognition technology. Analytics applications which use speech data can help companies discover the root cause of agent’s failures. Integrating business intelligence with speech analytics, an organization can also determine why certain sales strategies work better than others in specific markets and demographics. Such analyses are otherwise time-consuming and prone to error.
Speech Analytics is an efficient way to redesign the business strategy. Business leaders can use it in such a way that significant difference in ROI within one year of deployment is a realistic expectation.