There are so many important business insights within customer and prospect phone calls. At one time these insights remained hidden but today, with speech analytics software, companies are able to turn this previously unstructured data into structured data. Speech analytics software can extract these insights giving companies that have invested in the technology a competitive advantage.
Here are the top 3 reasons why companies should be using speech analytics software:
To Capture the Voice of the Customer
Providing a positive customer experience matters today more than ever before. That’s because customers have access to plenty of public outlets where they can express their frustration or their happiness. Companies must do everything they can to ensure it’s the latter. Speech analytics software can be used to identify words or phrases that are used in positive, negative, or neutral ways. It can also detect emotion. It’s not just the experience the customer is having on the phone that matters, but their overall experience with the product, service, marketing, etc. Once this data is analyzed, it allows businesses to make necessary improvements.
To Monitor Agent Performance
In addition to monitoring what customers and prospects are saying, another key benefit of speech analytics software is that it provides data on more than just a small sample size of agent calls. Manually listening in on a few calls per agent each month isn’t providing an accurate picture of their performance or areas where they may need improvement. Managers are able to monitor what agents are saying and whether they are successful in their approach. This allows for ongoing, customized training and coaching opportunities to ensure that agents are happy and confident in their position, which reduces agent turnover rates that cost a lot of money. In a sales environment, managers can monitor agent use of up-sell and cross-sell keyword usage to determine whether agents are attempting it, what the results are, and if the approach needs to be tweaked.
To Monitor Compliance
Call center agents must follow specific rules, especially within highly regulated industries such as financial services and healthcare, when speaking with customers on the phone. If specific industry standards aren’t met, the company could potentially face legal action. Speech analytics software can be used to monitor and ensure compliance and whether agents are adhering to scripts. It provides documentation of all conversations and evidence that all essential statements were made within the conversation to protect against potential liability. If compliance issues are found, they can be addressed immediately.
An investment in speech analytics software can help a company improve its business processes in many ways. The data the software provides on a regular basis can be used to make necessary changes to ensure that customers have a positive experience which leads to growth.