Going beyond traditional customer surveys and performance metrics with voice and speech analytics

December 16, 2019
Estimated reading time: 3 minutes
analyticsdigital transformationspeech analyticsvoice analytics

When a customer service agent hears you say “I tried to find…,” “I searched your website”, “I was transferred….”, he/she may be unaware of your mounting frustration, but the voice and speech analytics solution isn’t. Increasingly, companies are using voice and speech analytics solutions to analyse thousands of call recordings to better understand customer emotions and proactively identify process and performance issues to deliver exceptional customer experiences.

Today, as human agents, as well as other voice interfaces, handle increasingly complex transactions, advances in voice analytics technology are helping call centre executives unearth deeper insights and context about customer conversations. The result: enhanced ability to improve operational metrics such as the average speed of answer, average talk time, average hold time, and ultimately the customer’s experience. Unsurprisingly, voice and speech analytics is rapidly becoming a must-have enterprise capability to drive customer retention and growth.

Here are some of the key benefits of voice and speech analytics.

Empowering agents to demonstrate empathy

Voice analytics forms the backbone of continuous improvement in large contact centres. It helps business leaders and supervisors eliminate subjectivity by enabling them to deliver transparent, objective feedback to agents and develop customised learning plans. Empowered agents are the key to consistent customer experience.

Elevating customer loyalty

In today’s hyper-competitive landscape, where the customer has a multitude of choices, responding to customers with speed, accuracy, and personalization is vital to customer satisfaction. For instance, an irate customer’s switching cost for a banking product or automobile insurance is negligible. Voice analytics can help develop effective customer retention workflows at scale. It can efficiently detect leading indicators and trends based on a variety of factors such as keywords, key phrases, requests made by the caller, and customer emotions. The leading indicators can be used to improve processes and agent performance, in turn mitigating customer churn.

Understanding emotions to design delightful customer experiences

Voice analytics is helping business leaders understand customers better by detecting emotions like happiness, anger, and frustration. These insights are crucial to enabling continuous improvements in the customer experience journey. Emotions exhibited by agents during customer interactions also play a crucial role. An agent’s calm response can deescalate an irate customer while an agitated response can quickly become a legal liability. Responding with speed and accuracy is critical, and this is where voice analytics helps businesses develop, track, and improve qualitative metrics across a large number of voice interactions.

Speech analytics helped a leading digital subscription television company increase Net Promoter Score (NPS) by 14-points and improve First Call Resolution (FCR) by 5%. ( View detailed case studies)

Spotting and responding to sales opportunities with agility

AI-powered voice analytics can churn through millions of voice interactions to quickly spot up-sell, cross-sell opportunities. It can analyse factors leading to successful sales opportunities. When the data set is statistically significant, highly reliable signals and patterns emerge, which can dovetail into the creation of effective sales coaching programs. Business leaders can then amplify the winning habits of customer service agents while systematically eliminating process bottlenecks.

A subscription entertainment company deployed voice analytics on 100,000 sales conversations to identify areas for improvement in agent behaviour and develop agent training and coaching programs, leading to 15% improvement in sales conversion.

Improving channel efficiency

When customers switch from self-service to an agent, they often describe the frustrations they had with the website or app. Voice analytics can capture these, pinpointing the main points of friction that cause customers to call.

Keeping customer interactions compliant

Voice analytics can be trained to “listen” for and report on potential compliance risks. It can identify interactions that may represent potential violations that could be detrimental to the reputation of the enterprise. Multiple industry verticals, especially the highly regulated ones, require voice interactions to mandatorily include “mini-Miranda” disclosures. Voice analytics can ensure that agents adhere to these mandatory protocols during customer interactions.

Focusing on metrics that matter in the digital age

In today’s digital age, superior customer experience forms the cornerstone of success across industries. A robust voice and speech analytics solution provides customer-centric insights across a large number of complex voice interactions, enabling contact centre leaders to deliver superior outcomes. Among others, these outcomes include uplifting NPS by 15 to 20 points, raising first contact resolution by 5%-10%, improving sales conversion by 10%-20%, and improving average handle time by 30-45 seconds.

Download our eBook ‘Are You Listening’ for further insights into how you can harness the richness of voice data using a simple three-step approach.

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