The Future of Speech Analytics

The Future of Speech Analytics

Tanika Marais

29th June 2021  |  Customer engagement

43% of companies do not yet know what Speech Analytics is or how it can benefit their business. With the growing importance of customer engagement, Speech Analytics is following suit with a predicted market value of 2.23 Billion USD by the end of 2021. Speech Analytics will be leading the market in boosting quality, efficiency and control with instant customer feedback. 

The revolution of quality management for contact centres is driven by speech analytics. The ability to review all calls against a defined set of employee skills, allows managers to produce unbiased and actionable information that can be combined with incentives for quality performance.

Using speech analytics can help to determine areas for improvement, utilising tools such as positive/negative  Sentiment analysis – which can easily understand trends in customer conversations to ascertain customer satisfaction. 

5 things that companies should consider when implementing speech analytics. 
1. Automated Customer Satisfaction Surveys

In a recent poll conducted by the Connex One Linkedin Audience, less than 40% of customers said they would provide feedback on a regular basis via a service when prompted to do so. 

With a large portion of customers unwilling to provide feedback manually, customer engagement teams are now turning to AI to monitor their customer feedback with real time analysis.

Speech analytics software detects certain trends based on programmed keywords and phrases as well as variations in pitch, silences and emotions.

This information is extremely valuable for companies who can now get a complete overview of what the customer thinks of your product, without relying on customers to complete timely surveys, that often produce inaccurate results. 

2. Transcription services

Quality transcription converts into quantifiable data. Athena Speech can score agents based on handling customer interactions for politeness, providing sentiment analysis for both customer and agent to allow measurable KPIs for businesses agents and teams.

Having the capability of call transcription in your contact centre can help agents reference past conversations, and easily pick up with a customer wherever the last conversation ended.

When conversations are in a written form, it’s much easier to scan for certain keywords or phrases, as well as when you need to reference particular information that was mentioned in the conversation.

Connex One has developed Athena Speech, a transcription tool that can provide transcription of a call recording in either mono or stereo form. Transcriptions have proven to be highly effective for training purposes. It’s a great way to showcase good agent behaviour as well as highlighting mistakes to avoid.

Agents can also choose to listen to review the script and identify possible areas for improvement. Call transcriptions are stored for up to 7 years in a secure and compliant way, making it easy to go back and reference specific cases.

3. Benefits to understand and predict consumer behaviour and buying patterns

AI can improve understanding complex data by going beyond just comprehending trending topics. Speech analytics can provide acoustic analytics that helps to detect silent time, over talk and vocal emotion.

This type of information can equip managers to understand what type of topics are driving the negative or positive customer impact, and can thus help agents to solve customer frustration to improve customer experience. 

4. Automated quality assurance

The ability to instantly evaluate calls without going through a lengthy manual process of quality assurance listening to calls free up hours of valuable time that managers can utilize to spend on coaching for excellence.

In addition, with automated quality assurance, you gain instant insight into how your customers feel about your business with IVR surveys. Agents now have the power to view their dashboard, allowing them to self-coach and improve areas of poor performance. 

5. Full Keyword Analysis

Utilising the function of setting which keywords and phrases to watch out for can increase opportunities to up-sell by targeting how and when keywords are used.

By analysing the call data for discussions related to products, services, price, quality, location and much more, you can learn from your customers to identify what they want, and recognise potential up-sell and cross-sell opportunities, creating more sales.

This can also be a way of incentivising agents and measuring effort and attempts alongside success rate. For example, a Travel Agency incentivising the agents to sell upgrades on hotel rooms, can tag and measure “Junior Suite” as a key phrase and begin to establish a pattern with what goes into a successful sale of the upgrade.

To learn more about how Connex One is helping our clients to overhaul their customer journeys, visit: www.connexone.co.uk or get in touch with our team at hello@connexone.co.uk or request a free demo of our platform here.