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.
