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Business Analytics 101: Transforming Data Into Insights with Speech Analytics

February 03, 2020 by Ashley Watson

US One-Hundred Dollar Bill in Puzzle Pieces - Solving the Puzzle of Business Analytics
The importance of business analytics is a hot topic in the contact center arena. Yet in spite of all the hype around it, many companies still don’t understand the value of business analytics, nor do they have a reliable way to access or understand their analytics data. And for those who can, only 37% feel it’s being used in a valuable way. There is one solution to this puzzle – speech analytics.

Before we get into that, let’s define business analytics.

Solving the Business Analytics Puzzle

In a word, business analytics is a practical, economical way to turn existing data into actionable results. For example, let’s say your business records customer calls to improve call quality monitoring. Great, you’re already on the right path to improving business processes. But how do you quickly access that data and what do you do with it?

That’s where speech analytics enters the equation. And that’s why we are featuring the top 3 speech analytics use cases.

Here’s a breakdown of how you can use speech analytics to “turn existing data into actionable results.”

1. Deliver Exceptional Customer Experience

Perhaps the biggest benefit of speech analytics is that it can reveal trends and patterns that reflect the true Voice of the Customer. With speech-to-text technology, for example, you can quickly scan recorded calls for specific words and phrases to reveal what your customers want. Then you can use this data to inform strategic business decisions that help eliminate common customer pain points, reduce AHT and improve FCR, all with the end goal of keeping customers happy.

2. Enhance Agent Performance

As a manager, you may find it difficult to get a full understanding of agent performance by listening to just a handful of calls. That’s why managers typically use speech analytics to improve agent training. Speech analytics can easily reveal where to find your agents’ strengths and their knowledge gaps. Managers can also ensure that agents are following script compliance guidelines through the use of agent scorecards.

3. Improve Sales and Marketing Decisions

Finally, speech analytics can reveal all the ways your company’s goods and services are being used, as well as any mentions of competitors in conversations. Marketing teams can then use these insights to create successful ad campaigns and products that customers actually want. And your sales department can use this to identify which phrases are most likely to result in a cross or upsell.

Learn More About How to Access Business Analytics

Want a more in-depth view of how you can get valuable insights with speech analytics? Stay tuned! Each of the use cases listed above will be explored further in upcoming posts. We will show you how speech analytics (along with tools such as call scorecards, transcripts, and sentiment analysis) can be applied to help improve business operations and customer satisfaction. Or you can always schedule a live demo with a speech analytics expert.

For now, we hope you found this post informative, enjoyable, and most of all, applicable!

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