Published : August 7, 2021Despite all contact centers striving towards the betterment of their agent’s performance and operations, most of them find it challenging due to the number of calls they must assess.
Staying ahead of the competition requires more than just answering calls. It’s about understanding the voice of the customer, predicting needs, and reducing the handling time.
Thus, a speech analytics call center using call analytics tools—from sentiment analysis to speech analytics, can reduce average handling time by around 40%.
So, let’s understand what speech analytics is, the benefits of speech analytics, and how we can implement it in call centers.
What Is Speech Analytics?
Speech analytics is a technology that converts voice recordings or live calls into structured data for analysis. It involves the use of advanced algorithms and natural language processing (NLP) to extract valuable information from recorded calls.
Speech analytics software can help recognize audio patterns and detect stress and emotions in a speaker’s speech.
As a result, they serve as an effective tool for measuring call quality, customer satisfaction, and agent performance.
Call analytics can also help the customer support or sales team understand changing consumer needs and demands, allowing them to improve the overall customer experience.
To maximize the impact of speech analytics tools, focus on identifying key performance indicators (KPIs) that align with your business objectives. This will help you measure the return on investment and refine your analytics strategy accordingly.
How Do Contact Centers Use Speech Analytics?
Call centers leverage speech analytics in various ways to optimize operations and improve customer satisfaction through actionable insights derived from customer calls. Let’s have a look:
1. Authorized CSAT/NPS Reviews
By analyzing customer feedback during calls, call centers can identify trends and patterns in customer sentiment.
This information can be used to calculate Customer Satisfaction (CSAT) and Net Promoter Score (NPS) metrics, providing a clear picture of the overall customer experience.
Employees can use the archive’s data to double-check the results of CSAT and NPS surveys, ensuring that an organization’s decision-making is consistent.
2. Monitoring Agent Performance
Speech analytics helps to monitor agent performance by evaluating factors such as adherence to scripts, call handling time, and customer satisfaction levels.
By identifying top-performing agents, contact center managers can modify the levels of training programs to improve the skills of the top performers.
Moreover, speech analytics for call center helps instill confidence in agents that their efforts will be acknowledged and appreciated.
3. Integration Of Tools For Better Results
Integrating speech analytics with other tools like CRM, quality management, and workforce management systems can provide a comprehensive view of customer interactions.
Modern speech analytics call centers include sentiment analysis, which helps understand whether a customer has a positive, negative, or neutral impression of the call.
Thus, the technique analyzes and interprets the words, rate of speech, and intensity in a customer’s voice to recognize the call type and the interaction involved.
: How To Improve Call Center Efficiency?4. Generating Higher Qualified Leads
Call center voice analytics can help identify potential leads by detecting specific keywords or phrases related to purchase intent.
You can use speech analytics data to inform salespeople about upsell and cross-sell opportunities.
Additionally, employees can utilize speech analytics to obtain customer suggestions to improve products or customize marketing campaigns to generate sales leads.
5. Maintaining Call Etiquette
A call center uses speech analytics to ensure that all agents receive adequate training and follow the same standards.
Speech analytics enables call centers to automatically monitor and record all interactions between agents and customers.
This allows them to improve the extent of their client care while maintaining their company image by ensuring that all employees practice correct call etiquette.
: 15 Best Speech Analytics SoftwareBenefits Of Speech Analytics for Call Centers
Speech analytics for call centers allow management and employees to comprehensively review every call while providing real-time data for quality assurance that does not require human intervention.
Organizations can benefit from speech analytics in various ways, such as:
1. Enhanced Customer Understanding
By analyzing customer conversations, companies can gain a deeper understanding of their customers’ needs, preferences, and pain points.
Furthermore, technology helps marketers quantify data to determine the percentage of satisfied or dissatisfied customers with their service, allowing them to take specific steps that result in increased customer satisfaction.
2. Better Identification Of Customer Needs
Speech analytics enables the identification of common customer issues and frequently asked questions.
It enables businesses to develop more successful features and strengthens their market position. Speech analytics can also help predict future requirements, resulting in increased sales and more efficient promotions.
3. Improved Agent Performance
By providing detailed feedback and performance metrics, speech analytics helps agents improve their communication skills and service quality. Moreover, companies can also measure where their employees are lagging.
By tracking customer sentiments and speech throughout a call, such tools can help you decipher what gets your customers the most and which part of the conversation they find the most tedious. This could help you alter call scripts and mold them for greater effectiveness.
4. Enhanced Personalized Services
With a better understanding of customer preferences, call centers can offer more personalized services.
Knowing customers also helps agents create a good relationship with customers and emphasize how your product or service is a perfect solution for them. It also allows you to upsell or cross-sell products or services that match users’ requirements.
5. Reduced Churn Rates
By identifying and addressing customer issues promptly, speech analytics can help reduce customer churn. Additionally, speech analytics can help you identify reasons why people are dissatisfied with your brand in a graphical style.
Using such technologies, you can quickly determine the key factors that cause customer dissatisfaction and drive them to your competitors.
6. Mitigation Of Compliance & Risks
To operate smoothly, call centers all across the world must follow a number of regulations and norms.
Contact center speech analytics can help you determine whether your agents are following such criteria while on the phone. They can detect script deviations, data leakage, and factors that increase business risks, notifying you promptly and allowing you to nip problems in the bud.
7. Minimal Business Losses
By identifying and resolving issues quickly, speech analytics can help minimize business losses.
It enables companies to address problems before they escalate, protecting revenue and reputation.8.
8. Cost-Effective
Last but not least, speech analytics for contact centers can help you save a lot of money by allowing you to more effectively target your efforts.
The information gathered could help you in reducing unnecessary costs while also improving the effectiveness of your products, services, and sales strategy.
What to Look For in Speech Analytics Software?
Not all speech analytics platforms perform equally. However, you can consider the following features while selecting speech analytics software:
1. Will the tool evaluate data from every customer feedback channel?
While speech analytics is about extracting valuable insights from voice calls, an effective analytics platform can bring together data from different sources, such as:
- Customer tickets
- Email conversations
- Telephone discussions
- Social media posts
- Customer input surveys.
- Product review platforms
2. Does the software provide customization options?
The software should offer customizable reporting features that enable you to create specific dashboards and reports tailored to different departments or user roles.
It should have the ability to adjust and scale analytics models based on the changing needs of the business. This includes adding new metrics, adjusting the weight of certain criteria, or refining analysis parameters as your business evolves.
3. Is the tool simple to use and have a low learning curve?
The most effective speech analytics software is easy and simple to use. Anyone (not just the CS team) should be able to log in and start reading insights immediately.
This is crucial for ensuring that the insights you discover are utilized throughout the organization.
4. Can the tool integrate with the present technology stack?
When selecting speech analytics software, it’s crucial to ensure that the tool can seamlessly integrate with your existing technology stack, including CRM, workforce management systems, and quality monitoring tools.
This integration allows for a solidified picture of customer interactions, optimizes workflows, and improves the overall efficiency and efficacy of call center operations.
How to Use Speech Analytics to Improve Your CX?
To effectively use speech analytics for customer experience (CX) improvement, follow these steps:
1. Define CX Goals
Clearly outline your CX objectives to focus your analytics efforts. This could be the most critical phase in the process.
f you are dealing with a call center voice analytics software supplier that doesn’t meet your particular goals (or can’t maintain your required level of quality), you’ll run into troubles shortly.
2. Identify Key Metrics
Identifying key metrics is crucial for effectively utilizing speech analytics in a call center. These metrics serve as the foundation for measuring and improving customer service performance.
Determine the key performance indicators (KPIs) you want to measure, such as:
- Customer Satisfaction Score (CSAT)
- Net Promoter Score (NPS)
- First Call Resolution (FCR)
- Average Handle Time (AHT)
- Call Abandonment Rate
- Sentiment analysis scores
- Agent performance metrics
- Call quality and content analysis
- Customer Effort Score (CES)
3. Identify Customer Pain Points
Customer pain points are the specific problems or challenges that customers encounter while interacting with a business. Identifying these pain points is crucial for businesses to improve their products, services, and overall customer experience.
Here are some common customer pain points, as identified through sentiment analysis of sample reviews:
4. Implement Improvements
Once customer pain points are identified, businesses can implement improvements to address them. Here’s a list summarizing some possible improvements based on common pain points:
5. Measure and Iterate
The final step in the customer-centric improvement cycle is to measure the impact of the implemented changes and iterate based on the results.
To measure the impact of improvements, businesses can use a variety of metrics, including:
- Customer satisfaction metrics
- Sales and revenue metrics
- Website traffic and conversion metrics
- Customer support metrics
This continuous improvement loop ensures that the business is always evolving to better meet customer needs.
Final Words
If used correctly, speech analytics can help you take your business to new heights and scale your business smoothly.
Such conversation intelligence tools will help you monitor and report the conversations within your contact center and help derive critical insights that would otherwise be impossible to gain.
Converting speech into raw data and organizing and analyzing it saves you time and effort. This helps your contact center to improve agent productivity, customer satisfaction, service efficiency, and understanding.
Frequently Asked Questions
1. What are the limitations of speech analytics?
The limitations of speech analytics include the following:
- The analytics-enabled quality assurance is underused.
- Speech analytics tool integration with predictive analytics is expensive.
- There are limited use cases of real-time speech analytics.
2. What type of data can speech analytics capture?
Speech analytics can capture customer journey data, including sentiment, key phrases, and voice tone. You can better understand customer behavior and insights about satisfaction and intent with speech analytics.
3. How Does Contact Centre Speech Analytics Work?
Speech analytics is primarily based on natural language processing (NLP), an area of artificial intelligence that employs algorithms and machine learning to interpret human language in the same manner that humans do.
After being trained on large amounts of conversations, NLP systems can do a variety of things with calls, including identifying what’s being talked about, estimating how the participants feel, producing transcriptions with fillers removed, suggesting responses, and even producing high-quality translations.
Updated : October 29, 2024
Dharmik Joshi is a seasoned writer with a strong background in business management and content marketing. With hands-on experience in creating content for VoIP and telephony solutions, he has developed a keen understanding of the technical and business aspects of these technologies. Dharmik ensures that complicated ideas are communicated in an engaging and clear way, having helped to the introduction of various VoIP products.
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