Before the pandemic, progress in the contact center evolved slowly but steadily over a 60-year history. The holy grail was an agile environment that took the customer experience into account on every level. There have been leaps in technology in the past, but speech analytics has made a tremendous difference, especially for a suddenly remote workforce due to COVID-19 shutdowns.
Combining speech recognition software with pattern spotting and text analysis, this technology is able to categorize touchpoints with customers. Consequently, it can flag problematic conversations between team members and customers for further review. It can also pinpoint examples of excellence for training or recognition purposes.
When it comes to contact center analytics, speech analytics streamlines the analysis of voice recordings and live calls. This helps team members gain insight into their performance and enables managers to provide coaching and additional training as needed.
Speech Analytics in Contact Centers
Speech analytics has transformed the way contact centers perform quality assurance and also adds depth to your understanding of the customer journey. Companies gain insight into customer preferences and service features competitors offer, which helps refine the customer experience.
Speech analytics can also help identify the exact moment when the agent has won over the customer and closed the sale. This is invaluable for training purposes. On the other hand, speech analytics also helps identify moments where the customer has become bored or lost interest.
By analyzing customer interactions for keywords and phrases, this technology can draw inferences that are valuable on many levels. Growing at an annual rate of 22%, the $1.6 billion speech analytics field plays a crucial role in customer satisfaction. This technology turns call recordings into actionable items that improve retention rates.
Conversation and sentiment analytics demonstrate how far speech technology has evolved. It can accurately measure opinions and attitudes and help your company develop more effective scripting and messaging that can reduce customer churn.
In turn, this provides the ability to adapt quickly and make necessary changes to products and services. Ultimately, this results in a better customer experience and reduced defection to the competition.
Combining Speech Analytics with Human Monitoring
It’s true that speech and text analytics have transformed quality management in contact centers. They are rapidly becoming standard tools for monitoring customer service quality as well as providing deep insight into the customer experience.
By quickly identifying challenges, pain points, and customer motivation, speech analytics also makes it easier to provide insightful coaching and training. In order to leverage the benefits of speech analytics tools, you can utilize your quality monitoring team to optimize lessons learned and find root causes faster. In short, human understanding provides an essential layer of analysis and brings positive results to fruition quickly.
Superior Customer Insight
If you need better solutions to scale your customer experience, speech analytics provides a number of insights into the customer journey.
First, the speech analytics solution that you choose must transcribe voice to text accurately. You also need a technology partner that allows you to include topic lexicons and custom language related to your industry. Otherwise, you may need an additional layer of tuning that can delay some of the benefits of adopting this technology. You cannot underestimate the importance of quality call transcriptions when it comes to speech analytics solutions.
Speech analytics solutions provide a depth of understanding that allows you to make accurate predictions. With artificial intelligence in play, contact centers can analyze complex data in a more significant way. For example, this technology can “learn” to detect programmed keywords and phrases to predict call outcomes.
With automated analytics, you can free up time that allows your quality assurance experts to add value. By getting rid of the manual process of listening to calls to evaluate individual agents, speech analytics provides a huge value. Your quality assurance team can use that extra time for developing excellence through coaching and feedback.
Giving contact center representatives the ability to self-coach can dramatically improve performance across the board. It could also improve working relationships and culture in contact centers.
5 Benefits of Speech Analytics
Speech analytics allows you to use tons of information from conversations that may have never been heard in the past. This may lead to a number of positive changes that permeate the organization from top to bottom.
Here are five key benefits of speech analytics when it comes to how your business interacts with customers:
- Reduced customer churn
- Improved agent retention
- Reduced risks involving compliance issues
- Better productivity at a reduced cost
- Improved agent performance
By onboarding speech analytics solutions, contact centers typically find that they gain insights more quickly than through human quality assurance solutions alone. The technology monitors, flags and categorizes all conversations, vastly increasing the pool of raw data your company has to improve not only the customer experience but your actual products and services.
You will find that the knowledge gained changes the way your company tracks how it does business. With Etech’s proven track record, there are numerous benefits to choosing our speech analytics solutions as the power behind your quality assurance efforts. So, adopt this technology if you want to improve agent productivity, customer satisfaction and watch your business thrive. Etech changes the way customers track their contact center business and can help you achieve our same proven results.
COVID-19 forced many companies to make technical changes that will have strong repercussions for the future. Speech analytics was part of that revolution for many organizations. Having Etech in your technology stack can allow you to take an agile approach to the customer journey, and speech analytics provides a crucial understanding of how to manage your contact center resources effectively.
Etech has provided contact center solutions for more than 20 years. You can rely on us for speech analytics, text analytics, quality monitoring, and other services using AI to help your business make human connections better. We deliver scalable enterprise AI solutions to improve the quality of your client connections.
Contact us today to set up a demo or discuss how speech analytics and other solutions can help you improve customer satisfaction and retention.