It is important for a company to understand their customer’s wants and needs. The best opportunity to obtain this information is when interacting with them. Speech analytics enables a company to gather valuable data from real-time or recorded calls. It provides a chance to identify patterns of problems, as well as identify possible sales opportunities and more. Internally, a company may discover what processes are working and if any need to be changed. When used correctly, speech analytics provides companies a chance to greatly enhance the customer experience they provide.
According to an article in Speech Tech Magazine, “The long-term benefits of speech analytics are unbelievable, and it’s just going to get better. It delivers tremendous value to organizations that use and apply its findings.”
Speech Analytics Software Functions
Companies can utilize three different types of speech analytics. There is phonetics speech recognition. This software transcribes audio into small units of speech called phonemes. It is able to detect patterns of key word usage. There is large vocabulary continuous speech recognition (LVCSR). This program can take recorded conversations and transcribe them into text. It is different from phonetics, as it is able to recognize entire word. The last speech analytic software is direct phrase recognition. Using this a company can identify specific predefined phrase patterns.
Decrease Customer Loss
When companies have successfully utilized speech analytics, they experience a significant decrease in customer attrition. This technology provides an opportunity to understand exactly why customers may be leaving. When this is done, companies are able to identify what needs to be changed within their organization. This creates a way to improve the quality of a customer’s interaction with the business. The results will be that fewer customers have a reason to leave.
Improve Call Center Performance
Speech analytics has proven to be a valuable tool for call center managers. It provides a way to carefully analyze the speech patterns of call center agents, as well as customers. This makes it easier to assure call center agents are correctly following regulatory requirements. The results can also be used for training purposes. This will improve performance, and provide a better quality experience for the customer.
It is estimated that successful implementation of speech analytics will pay for itself in less than ten months. Companies who use this type of software are able to easily identify ways they can save money. A business will know how to better allocate their resources, and to improve their brand identity. Experiencing the benefits of speech analytics may require a company to make a substantial investment in time and resources. A significant return on investment (ROI) has occurred for companies who have made it part of their business process.
Using speech analytics provides companies with a chance to detect cross-selling as well as up-selling opportunities. The sales departments of a business can benefit greatly from using speech analytics software. This will provide information on how customers react to a company’s products and services. It can indicate the level of satisfaction with the sales force and more. A company will quickly know the impact their marketing plan is having on its customer base.