Analyzing speech data derived directly from calls is a great way to gain rich and relevant insights into customers’ minds. It helps organizations improve their customer satisfaction rates, boost conversion rates, improve lead generation and agent performances. The past few years have witnessed a phenomenal rise in the number of customer calls to contact centers, making manual reviews almost impossible. Thus several organizations have started using speech analytics software to help them analyze 100% of call data and derive key insights from them.
Speech analytics software came into existence in 2002 and has witnessed a steady growth in popularity ever since. A single such tool can completely transform customer experience while assisting in acquiring more leads and driving more revenue for a business. Call data analytics can serve multiple purposes like improving campaign effectiveness, boosting agents’ efficiency, and fostering business growth. By processing huge pools of voice data, speech analytics tools help recognize the improvements required in their services and agents’ support.
The market for speech analytics is estimated to be around $214 million today, and nearly 94% of businesses are currently using or planning to use such software. This growing interest in contact center analytics tools and tremendous response from our previous blog made us delve deeper into the workings of speech analytics software and come up with some unique findings, which are mentioned below:
Speech Analytics Facts
1 ) Faster Data Processing
Over 56 million hours of call center conversations happen worldwide each day, with 420 billion words being spoken on average. This describes the sheer enormity of information that needs to be processed to gain business insights. To listen to each such call and analyze them on different parameters, it would take managers years to find out faults in their system. Speech analytics software makes such calculations in minutes and provides vital insights into the quality of services provided, customers’ problems, and satisfaction with the resolution offered. They significantly reduce the top management’s efforts in process and service improvement and even help curb employees’ efforts.
2 ) Better Customer Evaluation
According to research, 77% of speech analytics users can monitor customer satisfaction rates automatically to identify unhappy clients and re-engage with them. Being unaware of customers’ pain areas causes many companies to stick to their old working model. However, contact centers using analytics software help identify the efforts put in by each customer and their comfort/discomfort. Such tools evaluate customer-agent interactions to calculate the speech rate, gauge the irritability of customers, evaluate the choice of words used, and the most frequent problems encountered by callers. For instance, words like ‘crazy,’ ‘disappointed,’ or ‘complicated’ used in a call signify higher levels of dissatisfaction.
3 ) Reduce Expenses
Analytics software also helps minimize the operational cost of businesses by identifying efforts as productive or unproductive. Call centers typically have to deal with many overheads related to staff, telecommunication, technology, and campaign management that could be improved through analytical insights. Through the use of speech analytics tools, companies reduce the cost of analysis and reduce additional expenses due to manual errors. By getting information on factors like average call handling times, silence over calls, and response rates of various promotional campaigns, such tools empower contact centers and help them improve their effectiveness. They can also automate the process of performance feedback analysis, which, coupled with the above advantages, helps in reducing total operational costs.
4 ) Address Problems On A Large Scale
Call analytics is also helpful for labeling calls and segregating them according to their outcome. They can also be used to identify dispositioning labels or codes used by agents for follow-ups, voicemails, complaints, or concerns. This enables businesses to filter data and address problems individually. Labeling also helps companies identify the reason for a particular call and facilitates better re-engagement and resolutions.
5 ) Multi-Channel Communication
65% of modern businesses use six or more channels to engage with their customers. Speech analytics solutions integrate and analyze information from social media, self-help chatbots, and emails, thereby providing omnichannel support and analysis. The insights gained are used to plan more innovatively. The use of analytics tools simplifies a 360-degree evaluation of agent performance and their eventual development strategies to improve the overall quality monitoring process and improve interactions through all channels of contact centers.
The use of analytics tools simplifies a 360-degree evaluation of agent performance and their eventual development. Companies process terabytes of data in a fraction of a second through the use of speech analytics software. Call centers then use the valuable insights obtained from the software for training and feedback. The software typically populates the data derived in dashboards, reports, and graphs, assisting managers in improving team performance and outputs. Call center agents also get a clear idea about their performance, laggings, and strengths in the form of personal reports and statistics. The results offered are quantifiable, and the solution presented is actionable; thus, management teams have no problems adapting to such software.
6 ) Streamline Marketing Efforts
Call center analytics software is highly beneficial for marketing and promotional efforts. They provide detailed reports to sales teams regarding customers’ needs and desires, helping them formulate effective strategies for better engagement. It lets marketing teams know what works and what doesn’t and helps devise a more customer-centric approach. In modern times where competition is fierce, speech analytics software can be a hassle-free way to ensure improved business growth and lead generation.
7 ) Accurate Performance Evaluation
Contact centers can easily identify the pain areas of their agents through the use of analytics. By studying the interactions in the call, managers can recognize the problems that agents frequently call and address them promptly. They can effectively calculate the effort put in by each agent and evaluate calls based on their true merit. By spotting keywords in each conversation, it virtually reads speech data to offer accurate performance evaluation and improvement for agents and promotional units.
BPO and marketing teams have much to gain from analytics software. Such tools utilize historical data to derive accurate forecasts and predictions that reduce business risks and improve their sustainability models. These systems can determine the importance of every conversation and improve their quality of service through machine learning. They constantly help establish a superior brand image by encouraging improvements and updates in call center best practices and help create a superior customer experience on all platforms.
Speech analytics solutions are developing at a great pace, and they will soon be a mandatory part of call center quality management systems. They have the ability to manage and collate data from multiple sources to give businesses a direction towards a prosperous future. They help curb overheads, improve efficiency, reduce effort and make communication smooth and simple.
Speech analytics software helps unlock critical data embedded deep into your organizational records and utilizes them to give you recommendations for the future. They help firms qualify leads based on their responses and suggest the likelihood of sales conversions. It also keeps track of all the opportunities missed by a business and helps them reconnect to such customers. In short, analytics software help contact centers improve their chances of success and make sound decisions based on facts. This can help businesses in catering to their global customers better while empowering agents across teams and fostering their improvement through intelligent suggestions.