Though not completely understood in some quarters, the term “speech analytics” is the collection of data from phone conversations, which are then analysed. This analysis is primarily used to provide benefits for the consumer and the organization.
There are many benefits for why companies should use speech analytics to understand the nature of their customers’ requirements, but before we discuss that matter, we take a look back at the evolution of speech analytics and how it has risen to prominence over time.
The Rise of Speech Analytics
Speech analytics helps contact centres to achieve increased productivity and add value. Value is derived from the enterprise through data collection, which assists in enhancing the consumer experience, increasing market gains, identifying new products, and much more.
From the DMG Consulting study of 2015, it is stated that the top three uses of speech analytics include operational effectiveness, improvement of services, capturing experiences from the customer, and enhancing sales effectiveness.
The first method is based on the contact centre orientation. Since communications are recorded, this department usually owns and manages the collection of this data. The second option is even broader as it incorporates acknowledgement and capturing of customer feedback. The information obtained will then be given not only to management of the contact centre but to many other divisions in the organization.
The highest enterprise service target for 2015 is to offer an excellent customer experience. This result implies that it is always effective to carry out this important aspect of speech analytics.
The third method to effect an increase in revenue requires a highly quantifiable and impactful use of the result from speech analytics. This is possible through manual speech analysis or with speech analytics tools.
Usually, this information is conveyed to a contact centre employee who may be at the verge of making a sale or closing a deal but needs more encouragement. Ideas gathered through speech analytics can be passed onto such staff to help ensure that such deals are struck.
Many others, along with these uses of speech analytics, benefit the contact centres and the entire organization in effect. The recognition of the underlying factors that determine why prospective clients call is one of the top reasons why speech analytics are gathered. It is also used mainly for script adherence and regulatory compliance for collections departments.
Speech analytics software holds enormous promise not just for contact centres and other business departments. The gains of proper speech analytics can only be derived by obtaining the following three requirements.
- The analytics data needs to be identified on a timely basis. There must be a way to tie the insights gained in the process to particular problems or departments. And in the end, the results have to be easily actionable.
- Of course, It is always appropriate to issue warnings based on the data collected. But, accompanying warnings have to be tailored action plans which would help transform the speech analytics to a highly effective program.
- Finally, vendors, after listening to their clients, need to start the delivery of speech analytics solutions that are connected to other speech analytics tools. That could result in next-best-action solutions, which define the concrete steps needed whenever any issues occur.
The Role of Speech Analytics in the World Today
Speech analytics solutions are meant to recognize and capture key data from customer communication and sentiment. That is vital for recognizing problems that arise in any instance and how to deal properly with them.
The general adoption of contact centres will play an important role in helping companies have a cost-effective and excellent speech analytics collection experience. Also, predictive analysis will make a valuable impact on this sector.
The big dream is that the future contact centre will be equipped with tools and information and will be able to make decisions for the company rather than simply “following orders.”
But that should be only the beginning of the process. A lot can be achieved with real-time speech analytics. Although all of this sounds complex, it will be a gradual process. If consistently followed, the market will embrace it in no time.
Speech analytics is a high-value technology with tremendous potential for providing businesses and their customers with quantifiable strategic advantages. However, there are still important problems that impede the effectiveness of these solutions. The shortfall of experienced analytical tools to incorporate and manage these solutions remains the most critical one. In some instances, the lack of sophistication and functionality of speech analytics tools significantly restricts the impact of speech analytics. These problems will, however, be solved with the use of speech analytics software and other automated systems.
Speech analytics is important on a stand-alone basis, but its contributions become much greater when paired with other modernistic applications. Speech analytics will be an integral component of many new analytical solutions and systems, which will serve as the power core of the future contact centre.
