Speech analytics is becoming an increasingly popular technology in contact centers. Its ability to capture, analyze, and report on the content of customer conversations can help organizations improve their service quality and identify cost savings and process improvement opportunities. Between 2021 and 2026, the speech analytics industry is expected to grow at a CAGR of 22.14 percent. This and other speech analytics statistics indicate the importance of this technology across various call center use cases. Some of these include:
1. Eliminating Non-Compliance
One of the most significant benefits of speech analytics software is its ability to automatically score and assess 100 percent of calls, resulting in increased agent compliance and a reduced risk of fines and litigation associated with non-compliance. The software analyzes every interaction for compliance violations and harmful language, while random sampling of recorded conversations or contacts prevents non-compliant activities.
EurekaLive and other real-time call monitoring tools further measure specific linguistic and audio aspects while the call is still in progress. Managers and supervisors can now investigate compliance problems and intervene if necessary.
2. Measuring Agent Performance in Real-Time
Speech analytics automatically detects agent activities and behaviors that lead to successful interactions by automatically tracking and assessing calls. On the other hand, the technology allows managers to see specific difficulties contributing to poor agent performance patterns. Agents could work more efficiently as a result and request help where needed.
3. Gathering Feedback
Speech analytics helps gather customer feedback by analyzing what people say on the phone, enabling the impromptu feedback collection without formal surveys or lengthy questionnaires. When coupled with AI, it can also detect the sentiment of a caller and understand if they are happy or dissatisfied. This information can help businesses improve their products or services.
4. Identifying Cross-Selling and Upselling Opportunities
Real-time analytics can boost a contact center’s upselling and cross-selling efforts by reducing the reliance on human recollection. It implies that newer agents who aren’t as familiar with the product line-up or the upselling/cross-selling call script can receive alerts when transitioning a current conversation to a new product or service.
Speech analytics could help contact centers find hidden upsell and cross-sell possibilities to increase revenue. It also identifies the types of replies that various client demographics give in response to ads, allowing for adjustments or enhancements. Contact center speech analytics can assist agents and supervisors in developing personalized upsell and cross-sell tactics tailored to each customer’s specific demands.
5. Detecting Problematic Callers
One of the benefits of speech analytics is detecting problematic callers. This can include angry or abusive customers or those asking for refunds or making customer service inquiries. Speech analytics can help identify these callers so that agents can address their concerns and prevent them from causing further disruption.
It uses natural language processing and artificial intelligence to convert raw audio data into organized keywords and phrases. These are compared to a predetermined keyword database to understand positive and bad experiences.
6. Gaining Insights Into the Competition
Speech analytics can be valuable for gaining insight into customer expectations about the company vs. its competitors. The software analyzes data from contact center agent-to-customer speech and gives immediate insight into their competition whenever a specific name or key phrase is triggered.
7. Conducting In-Call Surveys
Customers tell companies exactly what they think about products, corporate practices, and competitors daily via contact center calls. Their satisfaction and reaction to company operations can be measured by consumer surveys, particularly those completed just after a specific engagement or transaction with a company. However, flaws in survey techniques make it difficult to provide data needed to understand how people feel and act.
Speech analytics technology can help overcome these gaps and establish a more reliable method of measuring, reporting, and increasing customer happiness. By supplementing the survey process with speech analytics – the actual “voice of the customer” – businesses now have significant business intelligence on which to act to improve CX.
8. Ensuring Call Etiquette
A call center that uses speech analytics should have well-defined etiquette regulations to guarantee that all agents are adequately trained and adhere to the same standards. Speech analytics enables the call center to monitor and record all conversations between agents and consumers automatically. This is an excellent opportunity to listen in on calls and find areas for improvement without much human effort. It can detect whether an agent deviates from the script or uses inappropriate language. This makes it possible to increase the quality of its customer service and maintain a professional image by ensuring that all personnel observes good call etiquette.
9. Coaching Call Center Employees
To deal with clients successfully and effectively, agents should be well-trained. Coaching becomes easier when call centers can save all of their recordings and transcriptions in one place. With the ability to search through conversations and report on them in the call center’s reporting engine, they can quickly extract the most critical data. To achieve this, speech analytics technologies can be used in call centers – helping to transcribe and analyze client conversations, allowing supervisors to move quickly through contacts and coach frequently.
10. Validating CSAT/NPS surveys
Surveys are critical for determining how well agents perform; however, manually reviewing and analyzing the survey data might be complex with so many daily calls. Speech analytics can help by converting customer utterances into indexable text and creating an archive of structured information. Data from this archive can help cross-check the results of CSAT and NPS surveys, ensuring that an organization’s decision-making is on the right track.
By understanding the tone and content of 100 percent customer interactions, companies can identify areas where they need to make changes to provide a better CX. To know more about speech analytics use cases, check out our conversation with Andrew White, CEO, of Contexta360.