Speech analytics is one of the fastest growing segments of the call center 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 call center best practices, speech analytics software can give a company a significant competitive advantage. If you're considering speech analytics for your call center, browse our list of the top five benefits, based on resources from SearchCRM.com experts.
|The benefits of speech analytics for the call center|
When used effectively, speech analytics can help to:
1. Improve the customer experience
According to experts, improving the customer experience is one of the main reasons companies deploy speech analytics technology in the first place. Speech analytics software mines and analyzes audio data, detecting things like emotion and stress in a customer's voice, the reason for the call, the products mentioned and more. Users can quickly identify a customer's needs, wants and expectations, and work to meet them.
Even though it is a relatively new technology, call center expert Donna Fluss sees the speech analytics market growing at a rapid pace. In 2007, the number of speech analytics implementations increased to 1,242, a 106% jump from 2006. Despite poor economic conditions, DMG Consulting forecasts the speech analytics market to expand by 70% in 2008 and 50% in 2009.
2. Coach and monitor call center agents, improve service quality
Call center managers can use speech analytics software to monitor customers and call center agents simultaneously. Managers can track call center agent adherence to scripts and make sure regulatory requirements are met. Speech analytics technology is also useful for coaching call center agents, improving first call resolution and reducing call volume. Operational and performance issues that occur throughout the enterprise can be tracked and managed, leading to improved service quality across the board.
3. Reduce operating expenses and save money
According to Fluss, speech analytics can pay for itself in three to nine months. The software can reduce call center costs -- it decreases operating expenses by detecting cost savings and ways to avoid spending money while generating incremental revenue. However, it's important to remember that while the benefits can be substantial, they don't come easy. A significant investment in time and resources is required in order to tune a speech analytics application for a specific site.
4. Identify up-sell and cross-sell opportunities, boost revenue
The call center isn't the only area of the enterprise that can benefit from speech analytics. Sales organizations using speech analytics can use the technology to identify up-sell and cross-sell opportunities, leading to increased sales conversation rates. Sales managers using speech analytics can also use the data to learn about how a particular up-sell or cross-sell impacted a customer's level of satisfaction, and how different customer demographics respond to the offers. Real-time speech analytics applications can be used to create personalized up-sell and cross-sell opportunities that meet a customer's specific needs. Speech analytics tools can also be used to track the effectivness of marketing campaigns.
5. Reduce customer attrition
Many companies see a decrease in customer attrition rates after deploying speech analytics. According to Fluss, speech analytics can help companies identify why customers are leaving, giving them the opportunity to make the changes necessary to keep customers coming back. Also, improved service quality results in improved customer experiences and satisfaction, giving customers less of a reason to leave in the first place.