Implementing a speech analytics software solution requires an upfront investment, but that shouldn’t deter companies from purchasing it. What companies really need to consider is the return on that investment that will be achieved over time. As long as a company is utilizing speech analytics properly, it will result in a positive ROI.
Achieving a positive ROI with speech analytics software starts in the call center. Customer service call center agents are speaking with customers on a daily basis about a variety of topics. The experience customers have with call center agents contributes to their perception of the company as a whole. Speech analytics software mines call content allowing call center managers to monitor agent productivity and performance. Speech analytics software provides access to key call center reporting metrics such as average handling times, call abandon rates, call conversion rates, call transfer rates, call wait times, cost per call, first call resolution rates, script compliance, and other key performance indicators relevant to business needs. The data extracted can be used to improve processes and for future training purposes.
Using speech analytics software to gather call center data and optimize agent performance is a given. However, achieving ROI with speech analytics software doesn’t begin and end in the call center. With access to such powerful software, it’s important to utilize it in order to gather data that will bring value to other departments as well.
For example, the voice of the customer data extracted from speech analytics can be very useful to the marketing and sales departments. For marketing, it’s a valuable market research tool. Insights from customer conversations can be used to analyze current marketing campaign performance so that changes can be made or to inform a future marketing campaign. The marketing team can set custom search criteria to search for keywords related to campaigns, promotions, or other key messages. What sets speech analytics software apart as a marketing research tool is that it provides access to a wealth of data in a matter of minutes. In the sales department, managers can review sales representative performance and mine calls for keywords that may highlight additional selling opportunities, ensuring that agents are using up-sell and cross-sell techniques when applicable.
Speech analytics data is also useful for product development. Customers may express their needs and desires during conversations with agents. If management notices a pattern, it provides insights into where current offerings are lacking and this information can be used to inspire future products or services.
Another key department that can benefit from using speech analytics software is the legal department. In highly regulated industries it’s necessary to ensure that agents are always script compliant. Speech analytics reports can be analyzed to make sure agents are compliant to protect the company against potential liability.
While speech analytics software is often closely associated with the call center and customer service, departments across the organization should be taking advantage of the beneficial data it provides.