Why is Speech Analytics important?

by Aisling Moriarty June 11, 2020
Why is Speech Analytics important?

Analyzing your customers’ calls is the best way to know how your business is performing, 92% of all interactions with customers occur over the phone, the information you access through the call recordings can become a gold mine, obtaining information on customer satisfaction, turnover, employee performance, campaign effectiveness and service problems, among many others.

92% of interactions occur over the phone

Reviewing and analyzing them manually is not realistic and unsophisticated. With our Recordia solution, 100% of recorded calls can be transcribed and analyzed generating valuable information. You can also automatically identify and analyze keywords, phrases of interest, categories and topics covered during calls in order to reveal trends, concerns and opportunities.

What is Speech Analytics?

Speech Analytics is a tool that helps analyze the content of a conversation, this conversation is usually a call that was recorded or processed for this purpose. Speech Analytics normally consists of two parts, on the one hand the transcription of the audio into text, and on the other hand the analysis of that transcribed content. With this system, you can detect and analyze patterns, keywords of interest, etc.

Every day Speech Analytics is becoming more advanced and allows for more complex and real-time analyzes, and not only calls (audios) but also emails, SMSs and other communications that are made between the company and its customers.

There are several reasons to use Speech Analytics, among which the most prominent are:

Management analysis, such as quantifying the times that a client mentions the competition, or knowing the customer’s feelings by quantifying, for example, the times that the Client mentions “problem” or “does not work”, thus managing to make decisions quickly, solving any incident that is causing problems for clients.

Detecting patterns of interest, such as if a person mentions “unsubscribe” or the name of the competition during the conversation, this can be used in real time in a digital marketing system, then the system will automatically show the employee promotions or steps to follow in the event of loss of service.

Detecting unknown patterns, for example ranking the words most used by customers, knowing what the concerns are, or understanding what is the informal name that customers give to certain products or services, thus acquiring valuable insights for future business and marketing decisions.

Doing an in-depth analysis of the data and information, which we can access thanks to Speech Analytics, we can understand customer tastes or concerns, what bothers them about our services, where we are failing in customer service, knowing the management flow of our contact centers and employees to users and customers, so we know what needs to be corrected or modified.

The importance of Speech Analytics

Improving the customer experience

Most of the time, improving our customers experience is the main reason to invest in solutions such as Speech Analytics, this type of technology allows us to track and analyze the management of commercial and tele-operators in real time if necessary.

Improve quality

With Speech Analytics, you can track customers and employees simultaneously. Defining key performance indicators (KPIs) that allow measuring, in hundreds or thousands of calls for each of the company’s employees. This allows us to make decisions on those problems that may occur during management: abnormal increase in calls, high dissatisfaction rates, etc. It also lets us to know the weaknesses in the training of company personnel, in order to train them and thus have a better quality service: Customer Satisfaction, First Contact Resolution, Sales Effectiveness, Duration of Service, etc.

Increase efficiency and reduce costs

When we have specific objectives, the ROI (return of investment) of Speech Analytics is usually very high. Focusing the tool on 1 or 2 objectives, we can achieve goals quickly, providing significant savings and improvements in terms of sales, with less effort and in shorter implementation periods.

To meet the expectations of Speech Analytics, it is necessary to have an expert technology company. At CWS, we have the ability to achieve personalized designs for the needs of each client, with minimal internal effort and maximizing the benefits and quality of the results.

Increase sales and identify business opportunities.

Thanks to Speech Analytics, companies can increase sales, cross-selling and up-selling. With this tool gather information on the quality of the opportunities and / or leads, increasing and personalizing offers, according to the interest shown by each client in their conversation. In addition, you can extract best practices in closing sales and managing customer objections, among many other valuable information.

Reduce customer churn

With the use of a Speech Analytics tool we know the perception of customers about our products, services and care, the combination of this information allows us to accurately identify the causes for which customers negatively value the company, or leaving the services. In this way, each client can be identified and rated on their potential leak rate, or on the contrary, on the increase in their loyalty.

Learn more about our Recordia solution and what speech analytics can do for your business.

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