The Many Benefits of Speech Analytics to Business

Updated 01-29-2018

When customers call your company to place an order, inquire about a new product or service, or report an issue with a shipment, you might understandably believe you’re getting all the necessary information from the two-way conversation.

But thanks to an innovative technology called speech analytics, this specialized speech recognition software can identify even more useful information on what customers are saying by picking up on things that might otherwise be missed during the live call. In particular, speech analytics can pick up on keywords between consumers and live agents, as well as the emotional character between the two parties and even the amount of silence during a call.

From there, this technology can covert all of this into data. And by doing so, it can extract information from the conversation that might not otherwise have been picked up on or identified by the company. So why is this important? Here’s a look at the many benefits of speech analytics.

But First, a Brief History of Speech Analytics

Speech analytics got its start in the cloud contact center industry, mainly as a way to offer customers the best support experience possible. Thanks to this technology, companies can identify inefficiencies and study ways to better fast track and expedite these calls in the future.
For example, Aspect Software, a multinational cloud contact center, employs a technology that’s able to provide the company with full transcripts had between customers and live agents, as well as high speech recognition accuracy and other advantages.
However, over time, speech analytics has moved into and found success in other sectors, including the insurance and retail industries. To understand why and how speech analytics can benefit your business, consider the following reasons:

It Can Improve the Customer Service Experience

It’s no secret that analyzing previously-recorded calls can help gather information that will improve company communication and the overall customer experience. In the case of a bank that uses this technology, management can study these phone conversations and abstract data — this may include the variations of a customer’s voice, whether these customers sound happy or frustrated, and the products and services they mention by name — that may otherwise go unnoticed.

Ultimately, uncovering this type of data and feedback will help business owners identify trends regarding poor customer service or ways in which to improve their existing product or service line. Additionally, by understanding which products or services customers are most likely to ask about, business owners can make sure their employees are well-versed on the ins and outs of these offerings and be more adept at answering any questions.

It Can Help Identify Sales Opportunities

The benefits of speech analytics technology are not strictly useful and advantageous for support staff. In fact, sales departments can also take advantage of this innovative technology. After making calls to current or prospective customers, sales staff can abstract data from these two-way conversations; in particular, this may include specific keywords and phrases that might provide opportunities to cross-sell other products or services.

It Can Reduce Client Attrition

As TechTarget.com notes, many companies see a reduction in customer attrition after they begin employing speech analytics technology. In particular, this data can help companies identify why customers may be jumping ship, which, in turn, can provide them with the necessary information and tools to rectify any ongoing issues and ultimately retain them as customers.

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