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The conversations your call center agents are having with customers may be a valuable source of information you’re ignoring. Are you making the most of interactions by learning from your customers? Are you able to monitor what they are saying and see the patterns in the data? Speech analytics has significant benefits for every aspect of your business.

If you can’t gain insights from your customer interactions, you may be losing customers and profits. Can speech analytics propel your business to a leadership position?

What is Speech Analytics?

Speech analytics is the process of analyzing recorded calls to discern patterns and gain knowledge about customer interactions with a business. Speech analytics software allows you to mine all of your contact center interaction data and get to the nuggets of information hidden within a sea of call data. The best use of speech analytics is a proactive approach that not only maximizes agent service quality, but applies customer insights to other areas of the business in order to boost performance.

Increasingly, speech analytics packages have integrated multichannel interaction analytics capabilities. This means they can utilize all the data a contact center produces–text, chat, email, voice, and more–to produce even richer business intelligence.

Know Thy Caller

Knowing what’s happening in customer conversations with your contact center has many benefits.  Mariann McDonagh, the VP of global marketing at Verint Systems Research, found that only 20 percent of customer complaints are related to the agent, with the remaining 80 percent coming from product/process issues and differing expectations. Speech analytics solutions can help managers to identify why sales are falling, what products are failing, and how customers feel about your business. Speech analytics can help contact centers identify the root cause behind a problem and take actions to correct it.

Speech analytics uses can be used for many purposes, but here are some primary ones:

  1. Identifying Opportunities – Speech analytics can help identify patterns like the launch of a competing product being brought up consistently in customer conversations. This can help guide marketing responses, giving you the opportunity to fight back against encroaching competitors.
  2. Root Cause Analysis – A product that keeps having problems can be identified through speech analytics. This can lead your engineering team to make improvements, reducing the number of complaints and increasing satisfaction.
  3. Increasing Agent Quality – A carryover from traditional call monitoring, speech analytics can help you increase your agent service quality. Speech analytics makes the process more efficient by quickly identifying problem areas and patterns.

A Growing Market

According to the DMG Consulting 2010-2011 Speech Analytics Market Report, the speech analytics market is projected to grow 42% in 2011. In comparison, many other IT sectors slowed or ceased growth. Speech analytics is still a relatively recent innovation that is just entering it’s second technological generation. Increasingly, speech analytics software is developing the ability to monitor multichannel interactions and glean intelligence from the data. Vendors are also introducing text analytics functionality to increase the usefulness of analytics solutions.

As speech analytics solutions continue to mature, their findings will become more actionable and valuable to business success. The solutions are rapidly being improved, leading to greater ROI.

Can your business use speech analytics? What do you think about the potential of speech analytics solutions? Leave your thoughts in the comments below.

 

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