Speech Analytics: the driving force for better business practices and customer experience

Posted by Emily Blazensky on Aug 16, 2018 12:13:23 PM

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Customer experience is the driving force behind the most successful businesses these days. In fact, according to the 2017 Gartner Customer Experience in Marketing Survey, more than two-thirds of marketers compete largely based on CX alone.

As a business, you should always be striving to provide the best for your customer. However, you also do not want to compromise operational efficiency and your ability to make good business decisions. Your contact center is the ideal place to marry these two desires—to be able to provide the best service to your customer while making sure that your business is productive and profitable. And speech analytics is the easiest way to obtain these goals. Let’s explore how VoiceBase is helping companies realize improved analytics, business practices, and customer experience through the Voice of the Customer.


Speech recognition helps you understand the customer

There’s no doubt that you have hundreds of thousands of calls going in and out of your contact center everyday. These conversations vary from sales calls to billing inquiries to customer reviews and complaints, and each one of them contains data on how you can connect and provide better service to your customers.

However, to take the time to manually listen to and score the volume of calls you receive on any given day will likely take more than the 8-hour work day to sift through. That’s why, on average, only about 5% of calls are scored at any given business, leaving a lot of information to fall through the cracks.

That’s where the benefit of speech recognition software comes into play. Whenever a phone conversation is completed, your speech recognition platform automatically transcribes the conversation into text for near-instant analysis. Speech analytics allows you to understand how sentences are spoken and as a result, unearth their underlying meaning. This grants you the power to understand what kind of calls you’re getting, how your agents are handling the calls, and how the customer felt during the conversation every time.


Speech analytics helps you develop better business practices

Having transcripts of all of your calls is all fine and dandy, but what do you do with a pile of transcribed conversations. As a manager, it can be a bit mind-numbing to fathom pouring over thousands of calls to develop any kind of actionable strategy for the business.

Luckily, speech recognition software goes beyond just transcription of calls. Managers can now instantly search through thousands of calls to analyze how their agents are performing to determine how they can improve agent training, sales, and customer experience. Here are just a few benefits that speech analytics can bring to your business practices:

  • Agent quality monitoring: Your agents are on the frontlines of customer experience, so it’s important to analyze how they handle conversations. With speech analytics, you can monitor call duration and resolution ability to see who is providing the best services to your customer.
  • Sales optimization: Knowing when and how to sell to a customer is key. Speech analytics lets you extract critical intelligence from sales calls so you can better train your team and raise conversion rates.
  • Natural Language Processing: There are certain keywords and phrases determine how a call should be handled. Keyword spotting and custom vocabulary help you identify different situations on the phone so you can act accordingly in the future.
  • Security- PCI detection and redaction: As a business, you always want to ensure that your customer’s information is encrypted and safe. With PCI detection and information redaction, speech analytics can detect any sensitive information and remove it, keeping your customers safe and you in compliance with safety standards.

With this information, we can predict future events based on a customer’s last call, and enable a business to preemptively address customer concerns. From there, you can even start to build data for improved training of current agents and new hires.



The Voice of the Customer helps you create a better overall customer experience

Customers today want high quality service in an expedient fashion, and it’s up to you to adapt to this new way of business operation. Armed with the power of speech analytics, you are now in control to fully understand what your customers want and need, which can increase the overall performance of the business. By improving business practices and agent performance quality, managers have the time to truly focus on what is important to their customers.

If you have not yet harnessed the awesome power of speech recognition and analytics, you are missing out on crucial information that can help you ramp up your ability to provide an exceptional experience for your customer.

 


To learn more, contact VoiceBase today.

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Topics: customer experience, speech analytics

Written by Emily Blazensky

As Director of Marketing for VoiceBase, an API-based and enterprise grade speech analytics platform, Emily has developed unique and successful marketing strategies to meet the needs of an emerging industry leader, with a rapidly growing customer base. Emily has a keen grasp of the strategies to elevate awareness of the multiple ways speech technology can be applied to improve business process automation.
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What is Big Voice?

AI-powered speech analytics for the cloud

VoiceBase is defining the future of deep learning and communications by providing unparalleled access to spoken information for businesses to make better decisions. With flexible APIs developers and enterprises build scalable solutions with VoiceBase by embedding speech-to-text, speech analytics, and predictive analytics capabilities into any big voice application. 

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