How did that conversation really go? Behind every engagement hides a mountain of data, simply waiting to be leveraged for an in-depth performance analysis. In today’s contact centers, the amount of data available isn’t a problem; the crux is to find the time and resources to efficiently gather, consolidate, and analyze the information for actionable insights and optimization opportunities.
Modern organizations are turning to AI to automate the processes of gathering, evaluating, and analyzing engagement data. The automated process makes it easier than ever to understand and enhance service desk performance and efficiency. Thanks to its transformational benefits, saving time and costs for contact centers, the speech analytics market is expected to reach $14.1 billion by 2029.1
In this article, we’ll explore what Speech Analytics is, its benefits, and use cases for the contact center industry. We'll also focus on how your organization can save valuable time and costs while maximizing performance, productivity, and business growth.
Definition:
What is Speech Analytics?
Speech Analytics, powered by Artificial Intelligence (AI), Natural Language Processing (NLP), and Machine Learning (ML), is a technology solution that automates the process of transcribing speech-to-text and analyzes each interaction to decipher keywords, sentiments, triggers, etc. The solution can help provide a comprehensive and complete understanding of a service desk’s performance and customer/employee needs and wants to improve agent training opportunities and better meet service expectations. Contact centers commonly use AI-powered speech analytics to analyze phone calls and agent performance, empowering organizations with automated and actionable insights to drive more proactive service.
Speech Analytics benefits
and contact center use cases
Speech Analytics transforms the way we work and has already proven to have revolutionary benefits for contact centers. The automated process empowers organizations to gather the right insights at the right time to enable the most efficient and effective engagements — without any added manual work. Enabling speech analytics in any contact center can help optimize everything from performance and productivity to profitability for IT, employee, and customer service workflows.
1. Enhancing employee and customer experiences
By analyzing each spoken word during a conversation, together with the tone of voice used, Speech Analytics provides in-depth insight into a customer/employee's emotional responses and wants. These insights are invaluable in understanding exactly how to serve a caller to efficiently provide tailored issue resolution based on their unique needs, increasing service satisfaction rates without requiring agents or supervisors to put in extra work.
2. Optimizing efficiency, quality, and performance
Manually auditing and analyzing every phone call is not only time-consuming and repetitive but impossible for any supervisor, also juggling many other important tasks. The automated Speech Analytics insights make it easy to proactively monitor quality assurance, optimize workflows, and provide agents with personalized training opportunities to improve efficiencies and service outcomes.
4. Increasing retention and loyalty
When honing in on the details of what your customers or employees like and dislike about your organization, you can enhance not only service processes but also your products and solutions. Speech Analytics can identify happy and unhappy customers and provide insights into trends and triggers, enabling your organization to better understand areas of strength and opportunities for quick improvement in retention rates and brand loyalty.
5. Predicting and preventing outcomes
How soon you act is often just as important as how. Speech Analytics helps organizations predict changes in agent or customer/employee behavior, sentiment, or KPIs to proactively resolve issues quickly and deliver outstanding results. These insights can, for example, help contact centers improve call deflection, where Gartner analysts expect phone calls to live agents to decrease by 50%, saving valuable time and operational costs.2
6. Reducing operational costs
In addition to providing organizations with a comprehensive understanding of how to maximize efficiency and performance, the automation of otherwise manual and time-consuming processes also helps ensure service teams can focus their efforts where they are most valued. The enhanced service efficiency and improved time management drive the added value of decreased operational costs, empowering contact centers to increase revenue across the business.
7. Understanding risk and compliance
With every interaction carefully evaluated, Speech Analytics can help organizations identify non-compliance or risky language usage to effectively mitigate any legal issues before they evolve.
Conclusion
Speech Analytics is transforming the contact center industry by empowering organizations with AI-powered and automated engagement insights and recommendations. The solution provides an innovative process for gathering, analyzing, and optimizing contact center performance and outcomes to maximize productivity, performance, and profitability.
To learn more about Speech Analytics and what the solution can do for your organization, get in contact with a 3CLogic expert today for a personalized demonstration.
