Speech analytics stands out as one of the fastest-growing areas of CX technology.
Creating great customer experiences starts with understanding and listening to your clients. Speech analytics supports this by allowing companies to dive deeper into their customers' words, questions, intent, and sentiment.
As a growing area of artificial intelligence, speech analytics promises to teach companies how to better track the customer journey and deliver more substantial outcomes for clients.
However, like any technology investment, this solution will work best when brands have the right strategy.
Within this speech analytics guide, unpack many best practice considerations for using speech analytics correctly.
Using Speech Analytics Correctly
Speech recognition software has been around for several years. However, it's only recently that companies have begun to dive deeper into the possibilities of analyzing and assessing speech.
Today's speech analytics tools can detect customer sentiment or intent and help companies to outshine their competition. When beginning to implement speech analytics strategies, remember:
- Goals: Setting goals is crucial when launching any new technology in your CX environment. As a team, decide what you want to achieve with your speech analytics strategy. Do you want to get ahead of customer trends and recognize changes in behavior before they happen? Are you trying to improve your NPS score by keeping track of customer sentiment, or do you want to improve regulatory compliance and reduce risk?
- KPIs: Determine which KPIs are going to establish whether your speech analytics strategy is successful or not. You can track information from NPS and CSAT scores alongside customer retention or churn rate. If you're using speech analytics to improve employee engagement, you may need to track first-time resolution metrics and other performance factors.
- Vendor: Working with a suitable vendor is always essential in any CX investment. The key is choosing an analytics vendor who understands your goals and offers the right features to help you reach your targets. Companies with unique compliance and privacy requirements should also search for speech analytics vendors who understand their unique challenges.
- Training: Employees and teams need to know how to use speech analytics tools correctly to leverage their benefits. Make sure you have policies in place for who will be able to analyze this information and how they should access the data. Proper training and policy use should reduce the risk of security and compliance issues.
- Expansion: You don't necessarily need all the most advanced speech analytics features from day one. Gradual development into new concepts like voice biometrics and sentiment could give your employees more time to get used to each element and the benefits it can offer. Take your time with it!
Speech Analytics Use Cases
Many view speech analytics as a performance management tool that uncovers new ways to bolster agent performance.
