The Benefits Of Real-time Speech Analytics


I’m hearing more talk about using real-time speech analytics to monitor agents. - Do you think that makes sense? Enjoy this article as well as all of our content, including E-Guides, news, tips and more. You forgot to provide an Email Address. This email address doesn’t appear to be valid. This email address is already registered. You have exceeded the maximum character limit. Please provide a Corporate E-mail Address. I agree to TechTarget’s Terms of Use, Privacy Policy, and the transfer of my information to the United States for processing to provide me with relevant information as described in our Privacy Policy.
Please check the box if you want to proceed. I agree to my information being processed by TechTarget and its Partners to contact me via phone, email, or other means regarding information relevant to my professional interests. I may unsubscribe at any time. Please check the box if you want to proceed. By submitting my Email address I confirm that I have read and accepted the Terms of Use and Declaration of Consent. I’m wondering if I should give this consideration. Real-time speech analytics is in its early stages, both as a technology and in contact center use. Not all vendors offer it, and most that do announced availability within the last year.
Adoption of speech analytics in general is fairly low, and companies that currently use or are planning - to adopt analytics are focusing on driving value from the technology. When considering speech analytics, real time or not, don’t view it simply as a tool to monitor agents. Its value goes well beyond that in terms of insights and actions it can drive for your contact center as well as other parts of the company. Achieving value from speech analytics requires analysts and defined business objectives, whether focused on quality, compliance, sales, relationship building, product insights or other goals. The benefits can be great for both the customer and the company -- reduced call lengths, increased call resolution and targeted cross-sell and up-sell, for example.
However, companies pursuing this technology must be willing to invest in the people and processes to use it effectively, both up-front and ongoing. Anyone tackling this project today could be considered an "early adopter," so if your organization is interested, make sure it can make the right investments of time and resources and expect some bumps along the way. Not many companies have done this yet and thus cannot yet share their learning or provide insights that will improve the products. Your organization will be a pioneer but may blaze a trail that leads to great advantages if all goes well.
To ensure legal compliance, Real-Time Speech Analytics enables organisations to confirm that agents are adhering - to a script, or alternatively provide the businesses with the peace of mind that mandatory phrases have been conveyed in every interaction - . Real-Time Speech Analytics delivers - further reassurance to businesses by allowing agents to monitor whether key contract terms have been explained correctly, and by highlighting any inappropriate language from agents, prospects or customers. In addition, the system flags calls which require manual evaluation, effectively enabling organisations to be certain of compliance at all times. Using Real-Time Speech Analytics, the quality of entire campaigns can be objectively evaluated - at the touch of a button. The call monitoring capability enables all calls to be assessed as required. The solution tracks call contents, the phrases used, the loudness of the voices, the frequency of interruptions and the speech ratio between agents and customers.
The real time feedback allows agents, team leaders and quality assurance teams the ability to make the necessary adjustments to optimize customer interactions. The product enables businesses to identify areas for corrective action, such as agent training and coaching and better call selection for quality assurance purposes. Developed with input from a leading German - university and research institute, Real-Time Speech Analytics is intuitive and easy-to-use, requiring no programming knowledge or specialist speech analytics expertise. Clear metrics and graphics statistics show agent and campaign performance in real time and flag problems for later evaluation or quality assurance reviews. "We are excited about the potential of Real-Time Speech Analytics to help organisations achieve compliance with the latest regulations and deliver high-quality service dynamically, in each and every customer interaction," adds Black.
Speech Analytics Market Report provides complete Market information about Top Manufacturers, Suppliers, Distributors, Investors, and key Applications of Speech Analytics. The report provides an in-depth Speech Analytics Market Overview with Product Specification,Technology and Product type considering major factors such as Production Cost and Sales Market Comparison. The Research projects that the Speech Analytics market size will grow from in 2017 to by 2023, at an estimated CAGR of XX%. Do You Have Any Query or Specific Requirement? What are the Key Manufacturers, raw material suppliers, equipment suppliers, end users, traders And distributors in Speech Analytics Market ? What are Growth factors influencing Speech Analytics Market Growth?
What are production processes, major issues, and solutions to mitigate the development risk. What are the Speech Analytics Industry opportunities and threats faced by the vendors in the Global Speech Analytics? What is the Contribution from Regional Manufacturers? What are the Key Market segment, market potential, influential trends, and the challenges - that the market is facing? To gain insightful analyses of the Speech Analytics market and have comprehensive understanding of the global market and its commercial landscape. Assess the production processes, major issues, and solutions - to mitigate the development risk. To understand the most affecting driving and restraining forces in the market and its impact in the global market. Learn about the market strategies that are being adopted by leading respective organizations. To understand the future outlook and prospects for the market. Besides the standard structure reports, we also provide custom research according to specific requirements.
I may unsubscribe at any time. Please check the box if you want to proceed. By submitting my Email address I confirm that I have read and accepted the Terms of Use and Declaration of Consent. Speech analytics tools are appealing because they allow companies to take action on unstructured data from customer interactions, and gain rare insights about their customers. With new technologies, such as real-time speech analytics, emotional analytics and AI, contact centers can create better customer experiences. As interest grows in speech analytics, more vendors are beginning to appear, eager to provide the supply for the increasing demand. When used properly, and with contact center best practices, speech analytics software can give a company a significant competitive advantage. If you're considering speech analytics for your call center, browse our list of the top five benefits of speech analytics tools.
Improving the customer experience is one of the main reasons companies deploy speech analytics technology - in the first place. Speech analytics software mines and analyzes audio data, detecting things like emotion, tone and stress in a customer's voice; the reason for the call; satisfaction; the products mentioned; and more. Speech analytics tools can also identify if a customer is getting upset or frustrated. Users can quickly identify a customer's needs, wants and expectations, and gauge how to best address any issues. Contact center expert Donna Fluss saw the speech analytics market growing at a rapid pace. Contact center (or call center) managers can use speech analytics software to monitor customers and call center agents simultaneously.
Managers can track contact center agents' adherence to scripts and make sure regulatory requirements are met. Speech analytics technology is also useful for coaching contact center agents that stray from the script or who are underperforming, improving first call resolution and reducing call volume. Operational and performance issues that occur throughout the enterprise can be tracked and managed, leading to improved service quality across the board. Speech analytics tools also help managers identify difficult calls, and then create specific workflows for handling those types of calls, leading to a more seamless experience. According to Fluss, speech analytics can pay for itself in three to nine months.
The software can reduce call center costs -- it decreases operating expenses by detecting cost savings and ways to avoid spending money, while generating incremental revenue. There has also been an increasing trend in the enterprise in investing and prioritizing the customer experience over controlling costs. Speech analytics tools can also be easily integrated with other applications, allowing organizations to create a cohesive and satisfactory customer experience. However, it's important to remember that, while the benefits can be substantial, they don't come easy. A significant investment of time and resources is required in order to tune a speech analytics application for a specific site.
The call center isn't the only area of the enterprise that can benefit from speech analytics software. Sales organizations using speech analytics can use the technology to identify up-sell and cross-sell opportunities, leading to increased sales conversation rates. Sales managers using speech analytics - tools can also use the data to learn about how a particular up-sell or cross-sell impacted a customer's level of satisfaction, and how different customer demographics respond to offers. Real-time speech analytics applications can be used to create personalized up-sell and cross-sell opportunities that meet a customer's specific needs as the call is happening. Real-time analytics also helps managers provide agents with immediate support should an issue arise.
Speech analytics tools can also be used to track the effectiveness of marketing campaigns by identifying the customer's age, gender or any other specified marketing campaign target. Many companies see a decrease in customer attrition rates after deploying speech analytics technology. According to Fluss, speech analytics can help companies identify why customers are leaving, giving them the opportunity to make the changes necessary to keep customers coming back. Also, improved service quality results in improved customer experiences and satisfaction, giving customers less of a reason to leave in the first place. While these five core benefits remain steadfast, speech analytics tools continue to evolve. Speech analytics technology is beginning to incorporate AI and machine learning into new tools in the hopes of not just being able to analyze customers on calls, but to eventually be able to predict customer behavior. This would allow organizations to solve problems before they even happened, creating an even smoother customer experience.
The speech analytics market continues on its remarkable journey as it matures, enters middle age, and confronts a variety of new challenges. Each of these market challenges represents substantial opportunity for vendors and end users. - Companies that are serious about using speech analytics and treat it as an enterprise-level analytics solution, support it with highly trained business intelligence analysts, and build a change management program to apply its findings are realizing great benefits. Unfortunately, there are also many hundreds of organizations that are not yet doing so. Speech analytics has reached maturity after 14 years in the commercial market. Currently, there are two types of speech analytics solutions.
The first group consists of a small number of feature-rich solutions. These sophisticated applications are evolving into business intelligence platforms that use speech- and text-based findings to provide enterprise-level data. The second group of solutions is much larger and includes many that have more rudimentary functionality. They concentrate on identifying keywords and even some key phrases and might come with charts or dashboards to help users find some basic word and phrase patterns. DMG expects this high-value IT sector to continue to evolve and transform into increasingly valuable solutions. The upside for speech analytics remains great. While adoption has been strong, the addressable market is still large, and there are thousands of contact centers that have not yet adopted speech analytics. The technical innovation that is coming from leading providers of speech analytics is compelling, and there are substantial differences between current and older applications.
From the market’s beginning, these solutions held great potential for companies, but their contributions will increase as their capabilities are incorporated into other applications. This is absolutely the case for customer journey analytics. Speech and text analytics are necessary to understand many aspects of the customer journey and are a great way to get started in building a voice-of-the-customer program. Speech analytics technology, specifically keyword search and transcription, is being incorporated into a variety of third-party applications, creating a very large opportunity for the engine providers. - It is common to find speech analytics as a fully integrated module of sales solutions and marketing automation platforms. Speech analytics engines are a standard component of e-discovery tools and are finding their way into enterprise business intelligence solutions.