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How to Maximize the ROI of Speech Analytics Software

August 27, 2015 by Morgan Pulitzer

Purchasing speech analytics software requires an investment, of both money and time. While it’s obvious that investing in speech analytics software will provide key insights into business practices, allowing a company to improve these business practices which will in turn improve the customer experience and increase sales is worthwhile, the implementation and execution of utilizing the software requires careful thought and planning in order to maximize the ROI.

Here are 4 ways companies can maximize the ROI of speech analytics software:

Understand and identify business needs first

Before purchasing speech analytics software (or any software for that matter), a company needs to spend time understanding and identifying its needs and processes to determine how the software will play a role in its success. What are the current business weaknesses that need attention and what areas need improvement? How can speech analytics data be utilized to make necessary improvements?

Plan ahead for implementation

Prior to implementation an organization must determine how the speech analytics solution will be used, who will be using it, and what the process will look like. It’s important to remember that speech analytics software isn’t a “set it and forget it” tool. Skilled human management is necessary for the technology to work. Speech analytics software users must be setting parameters, determining which keywords and search terms to focus on, pulling reports, and properly analyzing the reports on a regular basis.

Utilize the cloud

The cloud has leveled the playing field. Technology (including speech analytics) that was once only accessible to companies with the largest budgets is now available to smaller companies via the cloud. Cloud based speech analytics requires far less IT resources, making it a cost-effective alternative to on-premise solutions, which contributes to increased ROI.

Analyze results and optimize the process

While using a speech analytics tool, it’s important to optimize the process based on results. As customer needs and business offerings shift, the keywords and search terms reported on should change to reflect this.

Remember, speech analytics software doesn’t just help in the call center and with agent training. It should be used strategically to play a role in overall organizational success. Speech analytics data and the insights found within that data can be used to make important strategy, marketing, development, and process decisions.