How One Public Utility Saved $3.6 Million with Speech Analytics
Speech analytics has not yet become standard equipment at contact centers, but with success stories like this one, it’s only a matter of time.
In Las Vegas, Nevada, the Las Vegas Valley Water District added speech analytics and it proved particularly beneficial at delivering 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. That reduced the number of trips by service technicians to shut the water off, as well as return visits to turn it back on. In one year the savings in cost avoidance reached $3.6 million.
This is just one example of the ROI that can be achieved through a more precise identification of customer insights, made possible with speech analytics. Because the overwhelming majority of customer interactions through contact centers are unstructured, more companies are discovering the value in leveraging speech analytics to structure conversations and uncover customer preferences and needs.
But right now such solutions used in less than 25% of all organizations. This market is projected to expand significantly in years to come.
Sometimes, the voice of the customer is saying something without actually saying something. Speech analytics makes it possible for contact centers to place conversations in context and understand the meaning behind them.
With Monet WFO Live’s speech analytics capabilities, contact centers gain even more insight from their call recording solution. With automated alerts triggered by voice data, managers have access to critical business intelligence that boosts both agent performance and the customer experience.
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