Five Reasons to Be Thankful for Speech Analytics

With Thanksgiving coming up, November is a time to be thankful for many things that make our lives easier and better. Many contact centers would count a speech analytics solution in this category. If you haven’t yet added a speech analytics tool to your business, here are five reasons you might be saying ‘thank you’ for it next year – or even sooner. 

1. It Turbocharges Customer Data Collection

Speech analytics delivers critical business intelligence that boosts both agent performance and the customer experience. Traditionally the same type of data was collected by call recording. But caller patterns that would take weeks to learn with that effort can now be achieved in minutes. 

2. Real Time Reactions

Speech analytics generates automated alerts triggered by voice data, whether that’s the use of profanity, use of the word “cancel,” or the mention of a specific new product or service. By being alerted to these calls in real time, managers can react to impact their outcome, which could mean the difference between keeping and losing a customer.

3. Better Compliance

Should you ever need to demonstrate how your contact center is meeting established criteria for keeping credit card information safe, speech analytics can quickly search through thousands of calls and highlight any in question by locating the precise language used in each conversation. Even single words can be flagged and calls brought up for review. 

4. Improved Procedures

Speech analytics also delivers additional customer service benefits that impact agent training and overall efficiency. By exploring not just what is said on a call but how it is said – specifically the customer’s demeanor and choice of words – it is easier to discover which contact center policies and procedures might need to be changed. 

5. Cutting Costs

One public utility in Las Vegas, Nevada used speech analytics to deliver insights on delinquent customers. The data generated led to a change in procedure on how and when these customers should be notified. The result? More customers paying their bills. In one year the savings in cost avoidance in having to pursue these delinquent accounts reached $3.6 million. Speech analytics also delivers better marketing intelligence in other areas at a fraction of the cost of traditional methods. 

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