How Your Competitors Are Utilizing Speech Analytics
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How Your Competitors Are Utilizing Speech Analytics

February 20, 2015 by Morgan Pulitzer

Speech analytics software is being utilized in call centers of all sizes and across a wide variety of industries today. That’s because the benefits of implementing a speech analytics solution far outweigh any associated costs. Even if you aren’t yet using speech analytics in your call center, you can be sure of one thing: your competitors are. Here’s how they are using it:

For market research
Businesses can gather a wealth of information from their call center, as long as they have the technology that allows them to do so. Using call recording and speech analytics software, businesses can mine hours of content to gather data directly from customer interactions in a matter of minutes. Other traditional market research tactics are much more expensive and it can take weeks or even months to retrieve the results (data). Statistics pulled from speech analytics reports allows each department within an organization (marketing, sales, legal, etc.) to spot trends and identify areas for improvement that will contribute to the overall success of the business.

To improve customer service
Customers are the lifeblood of any organization. If customers aren’t satisfied, they’ll take their business elsewhere. Call center agents are on the front lines and have the most interactions with customers. Speech analytics software can be used to ensure that call center agents are properly following scripts and meeting regulatory requirements. Agent performance can be tracked, arming businesses with the information they need to make critical improvements and regularly update coaching and training materials.

To increase revenue
Speech analytics software allows users to search for keywords inside calls in order to seek out up-sell and cross- sell opportunities. In addition, the marketing team can use this data to analyze response to a particular product or campaign and make adjustments as necessary.

To reduce risk
Depending on the industry, there may be specific rules and regulations to adhere to while conversing with customers. Call recording and speech analytics software provides a way to confirm that agents are compliant. A compliance officer can monitor calls to determine whether or not vital information is shared with the customer, preventing disputes. They can verify agent delivery of essential statements within the conversation and make sure that the company is maintaining compliance with laws and regulations, which acts as insurance against potential liability.

The companies using speech analytics have a clear advantage over those that aren’t. If you haven’t deployed a speech analytics solution yet- what are you waiting for? Don’t let your competitors get ahead of you.

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