North American Contact Centers Leading the World in Speech Analytics Deployment

According to the analysis company ReportLinker, the speech analytics market is expect to grow from $589 million to $1.6 billion by 2020, with North America leading the way in adoption.

We point this out not to paraphrase a certain presidential candidate, and suggest that we’re making North America great again, but to observe that if your company has not yet looked into speech analytics, there’s a good chance your competitors will. And if they access its capabilities to deliver better customer service, it is only a matter of time before some of your customers figure this out as well. 

The contact center industry fields more than 50 million calls every day. Even if they’re all being recorded, they’re not all being reviewed. To do so would be impossible. Over the years managers have tried various methods for collecting representative samples, but none of them are as effective as speech analytics. 

Speech analytics generates automated alerts triggered by voice data, whether that’s the use of profanity, or 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 in time to impact their outcome, which could mean the difference between keeping and losing a customer.

In addition, with speech analytics integrated into a call recording solution, the contact center can link customer feedback with specific customer interactions; that means you are not working from a random sampling, but with a subset of calls that have been flagged as important because of the key words of phrases used by the customer. 

Sure, some of this data might eventually be collected through call recording alone. But time is money in business, and with speech analytics this vital information can be accessed far more quickly, and is more detailed as well. Now managers can delve into caller patterns that will further refine the company’s customer service efforts. What used to take weeks can now be achieved in just minutes. 

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 call center policies and procedures might need to be changed. Result? Happier customers and increased sales.

These are just some of the reasons why the market is growing so quickly. If it’s time you took a closer look at this technology, contact Monet today. 

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