All You Need to Know About Speech Analytics Services

1. All You Need to Know About Speech Analytics Services Speech analytics is the study of recorded calls to accumulate customer interaction information to obtain data linked to firms’ operational processes, strategies, performance, contact centre customer representatives, and products. Customers want instant gratification and contact centres are expected to know the customer and their preferences. Analytics solutions over voice help build a context of the reason why the customer is calling. With speech analytics, you will be able to locate keywords, phrases, and trends within call recordings and identify opportunities to reduce risk, improve operational efficiencies across the organization, and leverage business intelligence. It makes sure that all the information will be available in real-time. Through speech analytics solutions, the agents will be able to know what the next steps are and resolve customer queries and provide knowledge to the agent on the screen. This automates the entire process in the backend and helps the client address all the calls.

2. Who Uses Speech Analytics? Speech analytics is often used by contact centres that need to enhance efficiency, track particular marketing efforts, and influence ROI. Firms use speech analytics to identify the voice of the customer and augment operational efficiency to enhance the brand experience. Some of the firms that extensively utilize speech analytics include: • • • • • • Utility companies Retailers Healthcare providers Financial institutions eCommerce Communication companies These companies bridge the gap between fragmented processes at the backend. When a customer has a complaint, they talk about the area of concern and the analytics tool will pick those phrases and provide understandings on why the customer is dissatisfied. What are the Benefits of Speech Analytics? Organizations will enjoy the following benefits by using speech analytics: • Improve effectiveness by providing targeted coaching to agents by analyzing their relative performance. Detect product/service flaws Discover customer insights into satisfaction, competitive intelligence, business issues, and marketing campaigns. Collect competitor information Automate quality assurance Trend analysis Improve the self-service experience Lower customer attrition by discovering the root cause and predicting at-risk customers. Script compliance Reduce average handle time and repeat calls with insights Increase first call resolution Increase sales revenue by improving quality monitoring by going over large samples and specific call types. • • • • • • • • • • • Things to Keep in Mind Before Outsourcing Speech Analytics Here are the things a firm should keep in mind before outsourcing speech analytics services: Collaboration and communication: With the growing popularity of agile development, continuous collaboration and communication have been at the core of groundbreaking projects. It is important to

3. keep this in mind before outsourcing your speech analytics work to a third party, especially if you are thinking of offshoring. In the instance of overlap during work, time for communication will be limited that may either impact product quality or may lead to long lead times. Business reputation: If a company picks its outsourcing partner effectively, the consumers will seldom realize they are speaking to an external representative. However, if an ineffective partner is chosen a divide between the business and its customer service becomes quite obvious, leading to a major backlash. Cost efficiency: Since most businesses take the help of outsourcing companies to lower expenditure on labour and operational costs, raise profit margins while improving the bottom line. However, the cost- efficiency of this approach will be questioned if critical processes are left in the hands of a third party. Innovation: Outsourcing innovative processes such as speech analytics can lead to great results, as members of the internal team may find it difficult to think differently. By identifying a new market, the business can potentially become an industry leader. If they fail to do so, competitors will, so outsourcing prudently in innovation is vital. Today, AI-based voice analytics services aiding firms decode customer expectations during communication. Brands are able to measure feedback and offer more services and products by mining conversations and deciphering customer requirements. Ultimately, firms must enhance an existing product, improve the monetary value of their offerings, design new solutions, all based on insights from conversational analytics.