How Speech Analytics Software has Influenced the Mainstream Business World
Before 2004, the use of speech analytics in the United States was strictly limited to priority federal organizations, such as the FBI. But soon after the wave of globalization hit the world, entrepreneurs started using this technological innovation for various business purposes. A quick overview of this intelligent software can help users realize its functional advantages.
How Speech Analytics Software Works
The main benefit of speech analytics software is automating the process of monitoring phone calls, in their raw data form, to extract key business insights. Businesses use this data to analyze the performance of their organization on many levels, from their contact/call center, to their sales and customer service teams.
The following information can be deduced from the data analyzed by this software:
- Duration of calls
- Caller information (location, contact number)
- Talking time measurement (number of pauses, holds)
- Call quality assurance
- Agent performance
- Script compliance
- Customer satisfaction or dissatisfaction
Following are some of the many practical advantages of implementing intelligent call analytics software:
- Enhances the communication skills of employees and improves their performance
- Increases productivity and improves investment to capital ratio
- Reduces operation costs
- Facilitates real-time interaction with consumers
- Helps understand consumer expectations and provides an opportunity to plan strategies accordingly
- Keeps you informed about your most successful ventures
- Helps you improve products and services
- Provides opportunity to increase business revenue
- Helps business owners spot practical investment opportunities
- Allows you to make the most of available resources
- Helps you pinpoint the flaws in your business strategies or customer experience programs and allows you to rectify them at early stages
How to Use Analytics Reports
Although the concept of implementing analytics software programs, particularly in call centers or customer care departments is not new, many users complain that analytics reports are difficult to comprehend. This is because they don’t follow the raw information contained in these reports.
For example, many businesses may overlook the value of the report that provides data on the number of pauses, silence, or transfers on a customer call. However, this information can help them understand the reasons that customers are dissatisfied with the service and can uncover poor customer experiences.
First-time subscribers must keep the following considerations in mind while choosing a call analytics software:
- Start with a simple speech analytics solution that is easy to implement in your business.
- Start with small goals, and learn and grow into the solution as you become more comfortable and versed in using the technology.
- Define goals and objectives for the audio mining solution, including what outcomes and business changes you’d like to make as a result of the business insights you obtain.
- Make sure the solution is easy to integrate with your current departments, and that multiple departments (sales, marketing, compliance) are on board.
- Be sure to monitor the results and data captured in the speech analytics platform so that you can measure and demonstrate the results.
- Leverage the tools and access you have to those tools during the implementation process.
When implemented, speech analytics software will provide your business with the intelligence you need to make more strategic business decisions to improve the overall customer experience and cultivate long-lasting relationships, which will lead to better business performance.
Schedule a Demo of CallFinder
Learn more when you schedule a demo of our cloud-based speech analytics solution. And be sure to access our Resources Library to learn more about CallFinder’s technology.