True Facts About the ROI on Speech Analytics

Need to convince the decision makers at your company that the ROI on speech analytics justifies the cost? Here are true facts about the return on investment with speech analytics technology.

A speech analytics solution will boost sales. It’s that simple. But we know that investors will want some evidence to back up this claim.

To start, a speech analytics solution identifies and extracts specific words and phrases within daily phone conversations to easily detect which moments are most indicative of a sales opportunity. You can use this data to help agents gain a better understanding of up or cross-sell opportunities. When agents are aware of interactions that indicate a possible lost sale, they can learn how to retain customers instead of losing them to a competitor.

Speech analytics also obtains insights from customers on how to improve goods and services. Using that knowledge to create new products ultimately gives customers what they want. And you’ve just retained a customer and created a new revenue source. On that note, marketing departments can use this data to create more effective ad campaigns, bring in more calls, and more sales. When used creatively and intelligently, all of these insights ultimately lead to better sales conversion rates, which means a better bottom line.

Speech analytics helps agents find successful answers to common questions and problems. This improves first call resolution rates and reduces callback volume. You can also reduce overall call volume by obtaining more permanent solutions to these issues. In addition, speech analytics ensures industry compliance by redacting sensitive information (e.g. credit card data) and monitoring agents for script compliance.

In fact, script compliance is one of the biggest benefits of speech analytics. By helping businesses avoid the risk of potential fines and lawsuits, speech analytics proves to be a cost-saving solution for companies in heavily regulated industries. And because speech analytics provides fast and accurate results, your contact center can solve problems more proficiently, resulting in a more cost-effective approach to customer service.

Of course, all the benefits of speech analytics are lost if your agents are not properly trained. Using speech analytics to monitor and evaluate all agent-customer conversations provides better training opportunities. Supervisors can use actual samples of dialogue to demonstrate to agents where they may be falling short of expectations, and how they can enhance their performance.

Agents then have the tools they need to manage any situation that may arise. When they are given the tools and knowledge to perform their duties competently and confidently, mangers can lower agent attrition and hiring costs. Moreover, improving agent communication skills with customers improves agent/customer relations, and the customer’s perception of the business itself. All of this leads to retaining existing customers and gaining new customers.

Before implementing a speech analytics solution, it is vital for businesses to do two things:

While speech analytics technology requires monetary investment, a great speech analytics solution shouldn’t require a large investment in time or effort. In any case, the results consistently prove to be more than worthwhile. Learn more about implementing this technology to guarantee an ROI on speech analytics.