ROI of ADVANCED VOICE ANALYTICS
ROI of Using Advanced Voice Analytics in the Call Center
In the past few years, the contact center industry has seen the emergence of innovative voice technologies; voice analytics, predictive analytics, and more. Voice analytics, a technology based in Natural Language Processing (NLP), is designed to extract and analyze voice data that includes speech patterns and specific keyword mentions that provide in-depth insights for your company. The intelligence gathered through voice analytics can help organizations to provide better customer experiences and boost revenues through higher ROI.
What Is Voice Analytics?
Voice analytics is the process of using speech engines to process audio recordings, convert speech into text, and extract insights from voice data. Analysis of the speech patterns, emotions, and other signals from the speaker provide powerful clues to call centers of how to provide better service to their customers.
Let me break it down: Most call centers analyze their call conversations manually, a process that allows them to analyze only a small percentage of these conversations. A result of this are huge knowledge gaps that make it difficult for your business to understand what interventions you could require to provide better customer services.
Enterprise executives know that Customer Experience is everything to a business. Now that workforces are more distributed, understanding what is going on in your calls is more difficult than ever. That’s where Smart Voice Analytics comes in handy.
Smart Voice Analytics allows your business to gain visibility into your customer base through the gathering and extraction of voice data, and identifying specific keywords and emotions, allowing your business to craft highly personalized interactions with customers in real-time.
Voice Analytics Statistics: Numbers don’t lie.
The Opus Research report: Global Survey of speech analytics and conversational service automation, destination 2020, stated 68% of the companies participating in the survey saw speech analytics as a cost-saving component, while 52% saw speech analytics as a revenue enhancement feature in their business processes.
The numbers get more interesting with the integration of Voice Analytics.
Businesses don’t just have the ability to transcribe speech into text but now get insights into a customer’s mood, i.e., frustration, satisfaction, by analyzing their speech patterns which businesses utilize to engage with the customer more productively.
Voice Data: Applications
The data gathered by Voice analytics tools provide a wide range of insights that companies can effectively utilize to better their business processes. Here are a few use cases for voice intelligence to empower the enterprise.
Sentiment scoring provides businesses a comprehensive look of positive reviews related to the number of negative reviews submitted by your customer. It gives an overall score, whose results are based on an algorithm that assesses a transcript’s tone on a spectrum of positive to negative.
Voice data provides sufficient data for sentiment scoring by answering the following questions: What was expressed on the customer and agent’s call? Was the customer upset when they called or did they change during the call?
A keyword tracking process allows you to collect important data and metrics about specific keywords. Voice data allows you to answer questions such as; how many times was product x mentioned, the number of calls with mentions, a timestamp of when they were made and why, and is product x trending up or down?
Call resolution KPIs generally measure the outcome of individual calls handled by your call agents and how well your customer issues are being resolved. Voice data provides you with insights to help you answer questions that address your call resolution KPIs, such as: was the customer’s reason for calling addressed? Did the call end with the customer being satisfied?
Issues that get resolved on the first contact with your call agent indicate customer satisfaction and an awesome customer experience. This results in higher customer retention and increased revenues for your business.
Voice data provides you with insights on which types of custom categories could be most appropriate for you to build by answering these questions: What should be your proper agent greeting? At what point is a prospect likely to cancel further engagement with your company? Is there a likelihood of a fraud occurring with a particular lead?
Learn how Avantive Solutions, a global contact center business increased their performance and sales conversions after deploying smart voice analytics. By using VoiceBase Query Language (VBQL) they were able to create custom categories that automatically extracted data and visualized it on their Avantive Solutions Business Intelligence (BI) tool.
How Voice Analytics Work? A Step by Step Guide with VoiceBase
Voice Analytics works by analyzing the speech patterns for specific audio features such as tempo, rhythm, stress, pitch, and tone to derive the speaker’s emotional state. This voice data equips Smart Voice Analytical tools with the insights to provide your business with an accurate estimation of a customer’s current emotional state.
A customer may use the word ‘bad’, which normally denotes a negative sentiment.
Step 1: Customer Gets Connected
When a customer gets connected to your contact center, a connection is immediately established with our VoiceBase speech engine that starts to call tracking for that particular conversation in real-time.
Step 2: Extraction of Voice Data
Our VoiceBase cloud speech engine proceeds to extract voice data and performs Voice Analysis, providing suggestions based on the data’s insights.
Step3: Output of Voice Data
Completed information (processed data) is then made available to you in a structured format (JSON) together with a machine-generated transcript.
Benefits of Voice Analytics
The integration of AI, machine, and deep learning technologies in Voice Analytics provides Smart Voice Analytics tools with many awesome innovative features that provide contact centers with many benefits, as outlined below:
Foul Language Detection
Voice analytics uses Natural Language Processing (NLP) to detect and flag topics or keywords in your customer conversations. This provides your business with detailed data on your customers’ actions, intent, and overall customer experience, which your business can utilize to develop appropriate measures to address such issues.
Learn more about how VoiceBase Smart Voice Analytics tools and Natural Language Processing are deployed to identify and flag keywords.
Understanding Your Customer Base Sentiments
Smart Voice analytics provide businesses visibility into their customer base and the extraction of voice data they can use to analyze and identify valuable KPIs relevant for their customer base.
Learn about VoiceBase customer experience analytics on how it can help your business measure and improve your customer experience.
Gathering and Analyzing Data for Product or Service Insights
Call center voice analytics allow businesses to turn unstructured voice data into tagged, structured data across 100% customer interactions. This allows you to understand the top product or service issues affecting your business.
Learn how VoiceBase utilizes predictive analytics to detect and predict your customers’ sentiments towards your products or services in real-time, giving it ample time to put in place measures to prevent churn.
QA Monitoring of Agent Performance
Call center voice analytics monitors agent performance by measuring their emotions, keywords, and sales metrics, giving you a holistic view of your sales team effectiveness. This provides you with data insights that inform you of where to focus your improvement efforts.
Learn how to automate agent scoring and how VoiceBase can help your business design dashboards to view your agent interactions.
Mitigate Liability risks and compliance issues
Smart voice analytics monitors conversations in real-time to ensure call agents comply with Federal Consumer Protection Laws. They also send reminders to the call agents on mandatory disclosures that they are supposed to share with customers at the end of their conversations. These safeguard your company from incurring cost damages arising from litigation.
Learn how VoiceBase ensures your agents don’t deviate from the pre-determined, compliance-ready scripts.
Smart voice analytics tools can automatically flag calls based on specific words or interaction types as a fraud detection mechanism.
If a customer calls and mentions both ‘‘need new card’’ and ‘‘need to change address’’ in the same call, it is flagged as a potential fraud case for further review.
Learn how Voicebase can monitor trends and outliers to protect your customers’ data.
Identifies Opportunities for Coaching and Support
Voice analytics enable call managers to monitor calls and identify instances where agents require additional coaching and support. Post-call voice analytics provide agents with further insights on their call performance to make adjustments.
Business ROI of Advanced Voice Analytics in Call Centers
Call center voice analytics driven by big data, faster computing, and processing speeds can deliver Return on Investment (ROI) via a variety of ways through different interventions that reduce costs and increase revenue as outlined below:
Improvement of Call Center QA
Advanced Voice Analytics tools improve call center QA by listening and extracting a customer’s data in real-time. These insights provide call agents with actionable data to optimize any broken processes within the organization. These measures result in huge cost savings caused by:
- Reduction on unnecessary call-backs from customers after improving first-call resolution
- Fewer call agents required due to handling of calls by website Self-service due to insights extracted from customer conversations.
- Huge reduction on cost per call due to shorter engagement with call agents and fewer transfers.
Improvement of Customer Experience
Smart Voice analytics deploy various analytical tools; speech to text, speech analytics, sentiment scoring, and text analytics. These tools mine data for the analysis of speech patterns for the detection of various emotions and reason for the call and boost business ROI in the following ways:
- CX and call center executives can craft strategies to solve such issues and prevent them happening again in future, resulting in better customer experience and higher conversions.
- Noticeable increase in customer satisfaction scores resulting in higher customer retention rates, translating to higher revenues for your company
Empowerment of Call Center Agents
Call voice analytics tools provide call managers with performance metrics on their call agents, which they use to identify coaching and support opportunities. These make sure your call agents are well informed and skilled enough to handle multiple call agent tasks, resulting in:
- Reduced staff attrition rates, resulting in lower recruitment costs as call center supervisors and executives can offer coaching and training to call agents, making them feel more invested in the company than before.
Protection of Customer’s Data
Smart voice analytics are integrated with artificial intelligence that assesses and scores calls for potential fraud instances. These analytics tools alert your company before they release confidential customer information, resulting in:
- Huge savings from damages; fines, and non-compliance penalties that could have been imposed by customers and appointed government institutions
- Reduction on the cost of quality assurance and monitoring as Smart Voice Analytics takes over the process.
Provision of Additional Revenue Streams: Up-sell & Cross-sell Opportunities
Voice analytics allows call agents to leverage insights gathered from customer voice data extracted during conversations to identify a specific product or service they can offer to a specific client during a live call. This allows your business to deliver the right product to the right customer at the right time, resulting in:
- Increased revenues through up-sell and cross-sell opportunities
- Higher customer retention periods due to longer customer lifetime value
Voice analytics provides your business with Conversational intelligence, enabling you to connect with associates and customers at a much deeper level due to an in-depth collaborative effort from all your business components.
VoiceBase analyzes and extracts deep insights from your company’s voice data.
It not only makes this data accessible but actionable, making it a precious component in your business growth strategy. To learn more about how we can help you transform your contact center into a more effective and productive component in your overall business processes strategy, contact us today for a FREE demo.