InterviewCX Intelligence26 Jul 2021 · 3 min read

Utilising Speech Analytics in Contact Centre for Cost Efficiency

Speech analytics has the potential to unlock sizable efficiency gains at your contact centre. From increasing productivity by anticipating the purpose of the...

Rebekah Brace

Speech Analytics in Contact Centre for Cost Efficiency

Speech analytics has the potential to unlock sizable efficiency gains at your contact centre. From increasing productivity by anticipating the purpose of the call, to understanding customer issues that require immediate outbound alerts, it has helped increase profitability for most contact centres. In fact, there were no clear, tangible gains only in 2% of cases.

Speech analytics uses a combination of artificial intelligence (AI), natural language processing (NLP), text mining, predictive analytics, and data visualisation to derive meaningful information from voice calls. It could act in real-time – for example, highlighting 95% likelihood of escalation when it detects a tone of slight frustration. It could also process historical call records to uncover key trends – untapped upselling/cross-selling opportunities, correlations between key phrases and call outcomes, etc.

There are a number of ways to utilise speech analytics in a contact centre in order to introduce cost efficiencies:

Improve first-call resolution to optimise traffic - First-call resolution (FCR) isn’t just crucial to deliver a satisfying CX. It also keeps call volumes in check, preventing customers from calling repeatedly and adding to your queues because they want to solve the same problem. Speech analytics can monitor real-time calls, and automatically fetch information that would help agents resolve the query without requiring a callback. This optimises traffic and reduces costs
Reduce cost-per-call through upselling/cross-selling - Cost per call is the amount you are spending for every call you make. The greater your call volumes and the more profitable your interactions, the lesser will be your net cost per call on average. Speech analytics can surface timely recommendations for upselling and cross-selling based on customer mood. This enhances profitability, thereby making your contact centre more cost-efficient
Increase productivity per agent to reduce labour costs - Labour costs have always comprised the largest portion of opex in a contact centre, and speech analytics can help reduce the number of FTEs you need to reach the same targets. It increases productivity by providing real-time call guidance and automating post-call tasks such as summarisation, data entry, note-taking, etc. agents are able to do more with their time, reducing your overall labour costs
Automate non-complex interactions - Speech analytics coupled with voice recognition technology could help to automate a certain type of interaction. For instance, when the customer is first greeted by an agent and is requested to enter their verification details before being transferred to a subject expert, the entire interaction process could be automated, using a speech analytics-enabled smart assistant. This, again, reduces FTE needs and improves productivity
Stay compliant to avoid penalties and fees - Contact centres must abide by a plethora of regulations, from having to offer the simplest possible grievance redressal mechanism (GRM) to meeting service quality standards, following data privacy laws, and obtaining consent. Speech analytics is crucial in maintaining compliance – both by alerting agents to the necessary compliance checklist and automatically redacting sensitive information from call records. This can help companies save significantly in the long term by avoiding external audit charges and non-compliance fees

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