How Speech Analytics Software Can Transform Your Call Center Business

When you dial a call center for assistance, you always get to hear an automated alert “This call may be recorded for quality or training purposes”. Are the recorded conversations used completely to improve the quality of services? The answer is a ‘no’. This is because, in spite of the visible benefits, only a fraction of these conversations are reviewed on a daily basis. In fact, this small fraction is essentially unrepresentative of the total volume of customer interactions and hence adds little or no value to the customers.

However, things have begun to change, thanks to the adoption of speech analytics software. This system enables us to review all agent-customer interactions, and zero-in on agents who aren’t being proactive in helping customers. Erring agents can be made to undergo a performance improvement training. The software can also be programmed to listen for specific words or phrases, so that supervisors can prompt agents with proactive responses. Besides these, the system helps you keep a count on the number of times customers are getting annoyed based on the vocabulary and pitch of the customer’s voice during the call.

Some of the other benefits of speech analytics software include:

1. Improve the Customer Experience

As per experts, ability to increase customer experience is one of the main reasons why companies are turning towards speech analytics technology in the first place. Speech analytics software analyzes and mines audio data, providing valuable inputs regarding the nature and reason of the call, the emotion and stress in the customer’s voice, and many more. Agents can use these insights to quickly identify a customer’s needs and expectations, and work accordingly to meet these requirements.

2. Track, Monitor and Increase Quality of Service

Call center executives can use speech analytics software to monitor their employees and customers simultaneously. They can keep an eye on whether each agent is adhering to scripts and regulatory standards. In addition, this technology can also be used to coach call center agents on how to increase their first call resolution rate and reduce average handling time.

Furthermore, operational and performance related issues that prop up across the length and breadth of the enterprise can be weighed and handled appropriately, leading to improved quality of delivery across the board.

3. Reduce Operating Costs and Increase Revenues

As per experts, speech analytics software can pay for itself within three to nine months of implementation. By streamlining your operations and helping you avoid unwanted expenses, the software helps you generate incremental revenues in no time.

4. Identify up-sell and cross-sell Opportunities

Call center executives can use the data generated by speech analytics software to seamlessly identify up-sell and cross-sell opportunities. They can increase sales conversation rates by tracking the effectiveness of individual marketing campaigns. Furthermore, they can learn about how a particular up-sell or cross-sell impacted a customer’s satisfaction level and how individual customer demographics responded to each campaign. They can also use the valuable insights gained from the analysis to create personalized up-sell and cross-sell opportunities that meet a customer’s specific needs.

5. Reduce customer attrition

As per experts, speech analytics can help companies identify the reasons behind why the customers are unhappy and why they are leaving, giving them the opportunity to make changes that are necessary to keep customers coming back.

A recent report by Markets and Markets research group says that, speech analytics is expected to witness a threefold increase in growth rate in the next three years. Hence to streamline the unstructured data from customer interactions, it’s time you embrace this technology right away.