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Speech (Interaction) Analytics : Realize the Essential Points and Leave the Rest as Surplus

As worldwide establishments continue to look for ways to make big data actionable, solutions such as speech analytics are well placed to help customers and balance the need of revealing new revenue opportunities, reducing costs and optimizing the customer experience.

A report was released last week stating that the global speech analytics market is expected to reach $1.33 billion by 2019. Why is it growing so rapidly? Because companies like yours are recognizing that they need the insights hidden in call recordings. 

Speech Analytics is one of the fastest growing segments of the technology market, according to analysts and experts. Speech analytics tools are appealing because allow companies to take action on unstructured data from customer interactions and gain rare insight about their customers. When used properly and with best practices, speech analytics software can give a company a significant competitive advantage.

Speech Analytics, also known as audio mining, is a software that converts unstructured conversations, such as phone calls, into structured output. The conversations are structured using a variety of techniques and turned intometadata. Then, the output files can be analyzed and used by the enterprise. Most speech analytics solutions use recorded conversations for their input, but progress has been made recently in real-time analysis. Real-time speech or interaction analytics applications that address both verbal and writteninteractions (e.g., Web chat, email, short message service, and tweets) are expected to play an increasingly important role in contact centers.

The advantage of Interaction Analytics

★  Root cause analysis: Understanding the reasons that people call.
★ Trend analysis: Identifying volume trends of both anticipated and unexpected reasons for customer calls.
★  Emotion detection: Understanding callers’ emotional state (some solutions can detect emotional changes and heightened states).
★ Talk analysis: Understanding caller and agent talk periods, including measuring silences, holds, transfers, and talking over.
★ Script adherence: Monitoring how well agents follow their scripts, communicate required information, or utter inappropriate phrases or words.
★  Quality assurance: Identifying conversations that require management’s attention.

Speech Analytics enables you to drive campaign planning and executions with deep customer insight and improve the effectiveness of your marketing spend. In particular, Speech Analytics can help improve first-time call resolution. Understanding WHY customers are making repeat calls is the first step to eliminating the root cause. 

Industry Experts have realized Value in Speech Analytics: One latest Ovum report titled “Transitioning Beyond Speech Analytics in Contact Centers,” states that “The future of ‘speech’ analytics is to learn how to leverage speech in combination with other factors to trigger better cross-sell or up-selloffers, flag potential issues such as account cancellations or compliance problems, and enhance quality monitoring by pushing specific calls to managers for review as they happen. The better an enterprise can gather together the threads of what it knows about its customers, the more influence it is likely to have on the customer experience. It will then be easier to improve the overall relationship—and every individual interaction.”

Companies can become “Best Practice” Leaders with appropriate Speech Analytics solutions : I have analysed few success stories from speech analytics solution providers to give you an idea of ‘How industries are leveraging Voice Analytics?’

  • One multi-nation insurance company wanted to improve sales efficiency, lower costs and better understand the causes of customer dissatisfaction and confusion. After implementing speech analytics solution it was able to effectively individualize training based on best practices gleaned from high performers, which resulted in improved skills and better results across customer service staff. The firm realized a benefit of nearly $2.5 million, resulting in a 307 percent return on investment (ROI).
  • A global leader and innovator in the European insurance market deployed  industry-leading speech analytics software to better understand why customers and partners call, particularly repeat callers, to drive further efficiency and effectiveness. The initial result was a cost savings of nearly $80,000 through the identification and implementation of measures to improve one-call resolution. At the same time, it reduced average call handling time and call volume while improving agent proficiency.
  • A leading Canadian financial services company, with more than 1.5 million customers and over $20 billion in assets, found that it lacked a holistic view into client service operations. It also had limited resources for identifying client issues and determining if the issues were handled efficiently or effectively. After deploying a proven speech analytics solution, the company saved $400,000 in the first year alone by identifying and addressing issues with its password process. It also reduced call volumes by uncovering the need for improved online documentation.

The core benefits of Interaction Analytics 

► Improve the customer experience
► Coach and monitor call center agents, improve service quality
► Reduce operating expenses and save money
► Identify up-sell and cross-sell opportunities, boost revenue
► Reduce customer attrition

Does Interaction Analytics Provide the Actionable?

The number-one complaint among users of speech analytics solutions is that they find it difficult to apply the identified insights and cannot make the solutions actionable enough to pay for themselves. There is a clear disconnect between the findings reflected in reports and dashboards and using them to effect the necessary changes to fix the underlying issues.

The speech analytics vendors hear this demand from their customers daily and are working hard to meet the challenge. They are delivering more packaged offerings that come with results-focused libraries, reports, and alerts. They are providing tighter integration with other workforce optimization modules, such as quality assurance and coaching, as well as ways to feed other enterprise systems beyond the contact center. Finally, they are developing and delivering new workshops, training, and professional services to help users derive the full benefit of their speech analytics solutions.

Entering its second technology generation, speech analytics is the most mature of the analytical applications used in contact centers. It is helping enterprise leaders appreciate the value that contact centers bring to the entire organization. Better harnessing the information that arrives continually in contact centers, both internally and for the broader enterprise, remains a challenge for all but a few highly progressive companies.

Not everything that can be counted counts, and not everything that counts can be counted.

Social media is accelerating the need for multi-channel analytics to address all forms of spoken and written communication. Calls, emails, text messages, blogs, Twitter, Facebook, and other forms of social media are increasing the visibility of speech analytics beyond the boundaries of contact centers. To take advantage of those opportunities, speech analytics vendors must build multichannel solutions and prove to the market that their applications can be used to drive the necessary changes to improve the enterprise’s bottom line.

Speech Analytics is no ‘magic bullet’, but it is an important tool that you can use to sharpen your entire customer management effort. This improvement is not limited to front-line operations, either. Throughout your organisation, the learning from Speech Analytics can be put to work, making‘Customer Centricity’ a reality, as well as creating efficiencies and saving costs.

In God we trust. All others must bring data.

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Strive for continuous improvement, instead of perfection. Share your feedback with me.


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