Why Speech Analytics is a Must Have

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By Rajeev Venkat, Verint Systems

 

Speech Analytics (SA) was introduced to the call or contact centre a decade or so ago. SA transcribes and analyses audio in every phone call to discover powerful, rich actionable insights.

It has now reached a stage akin to how other contact centre technologies such as Quality Management (QM) and Workforce Management (WFM) are viewed as must-haves by contact centres.

Among the multitude of factors that make SA a must have are:

  • Despite the exponential growth of self-service and digital mediums of customer engagement such as chat and social media, the traditional phone call, or voice, continues—and is expected to continue—to be the dominant mode of customer engagement for the next few years.
  • The latest generation of SA has taken giant strides in improving accuracy, speed and ease of use, and lowering the cost of ownership.
  • SA can be flexibly deployed and used either on premises or in the cloud.
  • There are now several well-documented case studies of organizations having achieved tangible benefits in multiple areas, both in the contact center, as well as in customer-engaging operations in the broader organization. I offer brief examples of areas of impact below.

Speech Analytics can deliver business value across the organization. It can impact both:

  1. Contact Center Performance and
  2. Customer Experience

The business impact of SA on contact center performance can be categorized into:

Cost Reduction: SA can help improve operational efficiency and reduce costs by detecting self-service issues and agent knowledge gaps, and reducing repeat calls, handle time, holds and transfers.

Quality Management: SA helps evaluate a larger “statistically valid” sample of calls, eliminate human bias in selecting calls for evaluation, focus on high-value calls, and enable targeted agent coaching.

Sales Effectiveness: SA can compare successful to non-successful sales calls and agents, find the best words and phrases that lead to a sale, and identify words and phrases that are sales detractors.

Compliance: SA can monitor 100% of interactions for agent script adherence and help reduce the risk of breaches, even if they’re very rare. It also allows organizations to show their internal processes and solutions to regulators.

 

The business impact of SA on customer experience can be categorized into:

Reduce Customer Churn: SA can examine “churn history” calls to detect root causes and discover common calling patterns, identify at-risk customers and predict “super detractors,” intercept at-risk customers and learn from their success.

Improve CSAT: SA helps increase understanding of what drives high and low CSAT—and help spot early-warning signals before they go viral on social media.

Detecting Business Process Issues: SA can reveal business process issues in other departments and processes in the organization that can impact the overall customer experience.

 

In summary, SA can have tremendous and broad positive impact in optimizing your customer engagement.

 

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