Speech analytics is quickly becoming recognized as a vital part of a successful business. In a survey conducted of 500 company decision makers by Uniphore Software systems in the first quarter of 2016, the majority of those companies said they expect to increase their spending and investments in speech analytics software. And North America is predicted to have the largest market share in speech analytics growth between 2015 and 2020. This is because companies are truly seeing the amazing benefits speech analytics can bring to them, and why a solid investment in speech analytics can reap tremendous rewards both now and in the future. Rewards such as:
Speech Analytics for Happier Customers
The Uniphore survey previously mentioned revealed 72% of companies believe speech analytics can enhance the customer experience. Oftentimes, customers may not come right out and tell a company how they could improve, or what changes they would like to see. Even directly asking customers with feedback tools like surveys will probably not offer the best information. After all, if a company gives a survey to 100 people, and only 1/3 of those people complete it, are the results truly indicative of what customers actually want? But speech analytics can help companies discover the hidden meanings in what their customers are saying. By searching for key words and phrases, speech analytics can help identify common themes and trends in calls. This allows companies to both address frequent issues that may arise, as well as make informed strategic business decisions to improve brand presence and keep customers happy in the future. Decisions and strategies are based on solid evidence, not just guesswork. Think of speech analytics as an incredibly powerful suggestion box.
Improved Cost Efficiency
Superior customer listening means speech analytics can also help companies save money. When companies are better able to understand what their customers actually want, they can more confidently determine where in their operations they can invest their funds, and where it might be alright to trim a little fat. When the voice of the customer is better understood, it can bring in new business and retain current customers. Speech analytics can also help avoid costly and inane lawsuits and other litigious actions by ensuring agents are adhering to script compliance, particularly in regulated industries. And studies show speech analytics are acutely instrumental in detecting fraud, especially in the financial service, banking, and retail sectors. Finally, speech analytics can identify any efficiency gaps in internal operations, which may lead to frustrated customers and lost revenue. No wonder 68% of respondents in the Uniphore survey view speech analytics as a cost saving tool.
“Experienced customer care professionals have gained confidence in real-time capabilities of the latest speech analytics platforms,” says Dan Miller, Lead Analyst of Opus Research. This comes as no surprise once it becomes evident what speech analytics can really do for a business’s bottom line. As speech analytics convert what once was raw data into actionable business insights, companies can not only address what may have gone wrong in the past, but also handle issues in the present, as well as be better prepared for the future. It is not simply desirable to have speech analytics; it’s necessary.