Why is everyone raving about speech analytics?

Why is everyone raving about speech analytics?

Faith Ocampo Published on April 2, 2016

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Speech analytics has the power to transform contact centers into insight-driven organizations.

Classified as a high-value subset of data analytics, speech analytics has become one of the most in-demand call center solutions. This tool is popular among companies mainly because it allows them to make evidence-based decisions. They gain useful insights from customer interactions, allowing them to zone in on what customers truly want. The result? Happier customers and more sales.

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How exactly does this happen?
In speech analytics, unstructured conversations such as phone calls are converted into structured outputs. This output can then be analyzed according to one’s objectives. Mostly, speech analytics is used to spot the root causes of customers’ issues, detect arising trends, understand callers’ emotions, and monitor the quality of customer service.

It’s thus not surprising that call centers quickly began using this technology. If you’re thinking of joining these speech analytics fans, here are five benefits that might finally convince you.

1. Cost-efficiency

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If you’re trying to find cost-efficient solutions to a problem, speech analytics is your best friend. Insights gained from analyzing customer calls will allow you to spot unnecessary expenses that could instead be spent for something more important.

Better yet, it can help increase sales and attract new customers. With the aid of this sophisticated tool, you’ll learn where your money should go and which business aspects need cost-cutting.

 

2. Less customer churn

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Listening is an underrated customer service skill, and that’s what speech analytics aims to change. By understanding your customers through their interactions with your brand, you’ll discover exactly why some of them leave. Then, the next step is to make the necessary changes to encourage every single customer to come back.

 

3. Stronger branding

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To survive the competition, brands need to offer something to customers that no other business does. To identify what this attribute should be, you should pay attention to your customers’ ideas. They may not blatantly tell you to conduct a specific marketing tactic or to offer certain perks, but try reading between the lines. If you do, you’ll easily discover what makes customers decide whether a brand deserves their money and attention or not.

 

4. Better operations

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For call centers, the success of a customer service outreach depends on how efficient their internal operations are. All functions must be carefully scheduled and organized and must follow a smooth flow. This ensures that all tasks are being executed well.

Some changes in internal operations can change the way customer service is being delivered. Yet, without insights from your target audience, it’s almost impossible to create a strategy that they would appreciate. Speech analytics can help you reverse this situation.

 

5. Call center productivity

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In relation to the previous item, efficient operations lead to higher productivity, which then helps you generate more revenues, attract new customers, and retain existing ones. Speech analytics can fuel your agents’ productivity, as this tool can guide them on how to properly communicate with customers. In the long run, this will also help you save money.

Faith is a digital media enthusiast aiming to become an active part of the tech world by sharing her insights. She likes to blog about everything digimarketing, technology, and social media.

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