Speech Analytics: The Driving Force For Better Business Practices and Customer Experience

by Emily Nave
VB5 Blog DrivingForce 01

Customer experience is the driving force behind the most successful businesses these days. The road to success may evolve, but one thing has become constant: customer experience monitoring is no longer an added benefit, it’s necessary for your company’s survival.

In business, the endgame is to provide the best for the customer. However, there is a need to balance operational efficiency with the ability to make good business decisions. A well-oiled contact center is where that balance can be achieved—the ability to provide the best service to your customer, while making sure that your business is productive and profitable. 

The missing link to obtaining these goals is speech analytics. Here’s how VoiceBase is helping companies produce improved analytics, business practices, and customer experience through the Voice of the Customer.

Understand Your Customer Better

There are hundreds of thousands of calls going in and out of contact centers everyday. These conversations vary from sales calls, to billing inquiries, to customer reviews and complaints. Each one of them contains data on how a business can provide a better service to its customers.

However, manually listening to and scoring the volume of calls received 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.

Preventing loss information is a key benefit of integrating a speech recognition software into play. Whenever a phone conversation is completed, a speech recognition platform–like VoiceBase–will automatically transcribe the conversation into text for near-instant analysis. Speech analytics shows  you exactly how sentences were spoken, and as a result, unearths their underlying meanings. This grants your business 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.

Develop better business practices

While having transcripts of your calls is fine and dandy, what do you do with a pile of unorganized, disordered transcribed conversations? A single manager simply does not have the time to pour over thousands of calls to develop actionable strategies based on the data. The team effort between managers and agents is more likely to succeed with the implementation of speech recognition software. 

Going beyond just transcription of calls, managers can now instantly search through all of those calls to analyze their agent’s performance to determine how they can improve agent training, sales, and customer experience. Here are just a few benefits that speech analytics can bring to a business:

Agent Quality Monitoring

Contact center agents are the frontlines of customer experience, which means it’s important to analyze every part of how they handle conversations. With speech analytics, you can monitor data like call duration and resolution ability to see who is providing the best services to your customer.

Sales Optimization

Knowing when and how best to sell is key. Speech analytics can extract critical intelligence from sales calls to provide better training opportunities and raise conversion rates.

Natural Language Processing

There are certain keywords and phrases that determine how a call should be handled. Keyword spotting and custom vocabularies help identify distinct situations on the phone so you can act accordingly in the future.

PCI Detection and Redaction

As a business, you always want to ensure that customer information is encrypted and safe. With payment card information (PCI) detection and redaction, speech analytics detects any sensitive information to remove it–keeping your customers safe, and your business in compliance with safety standards.

With just these benefits, the data from a customer’s last call can be used to preemptively address future concerns. From there, you can even start to build data for improved training of current agents and new hires.

The Voice of the Customer creates an overall better customer experience

Customers today want high quality service in an expedient fashion, and it’s up to businesses to adapt to the new future of customer service. Smooth over any transition by arming your agents with the power of speech analytics. Businesses are now in control to fully understand what customers want and need, and can increase the overall performance of the company with a click. This in turn will improve business practices and agent performance quality, allowing for managers to have the time to truly focus on what is important to their customers.

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

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