According to research done by MarketsandMarkets, the global speech analytics market size will grow from $1.5 billion in 2020 to $3.8 billion by 2025, at a Compound Annual Growth Rate of 20.2% during the forecast period. The increase is not surprising because of the growing need for customer service improvement.
Speech analytics is useful to businesses operating call centers. It allows them to extract crucial information from interactions and identify patterns that will help improve customer experience and how they are selling their product. Moreover, there is a growing demand for monitoring agent performance and adherence to standards.
The increasing need to predict customer intent, use of AI and machine learning to facilitate real-time actionable customer insights, and monitor agent behavior are the factors you need to consider inputting a speech analytics solution. Learn more about the benefits and reasons why you should get one by reading further.
What Is Speech Analytics?
Speech analytics is a tool, automating the process of listening to customer interactions. It extracts crucial information from customer conversations that can be lost. Aside from using speech recognition technology in identifying words or phrases, it can also analyze the amount of silence in the call, and the emotion in the speech.
The use of this solution involves a multi-step process that traps the unstructured data in the audio of the recording before making it structured, so it will be easier for it to be searched and analyzed.
First, incorporation of conversations from the source and the related metadata- the agent who handled the call, the time and date it occurred, and the customer. Then, the audio is turned into text through a speech recognition process. Lastly, the system will automatically analyze language patterns and tag contacts who have the characteristic.
Speech analytics solutions also integrate specific language characteristics and other key factors into an index that will measure agent quality, customer emotion, satisfaction, and first contact resolution.
Benefits of Getting Speech Analytics Solution
A speech analytics solution brings improvements to the operations of your business. Apart from reducing the average handling time, it also helps in call deflection, first-call resolution, and transfers.
Employing this in contact centers improves all areas of manual monitoring, specifically those that have inherent deficiencies.
Analytics evaluators are tasked to review all calls against a set of employee skills, bringing out unbiased actionable data that the quality management team can use. The data produced will then identify points of improvement that need to be addressed to garner higher customer satisfaction and increase revenue.
Improved Customer Service Experience
The main reason why businesses get speech analytics solutions is to improve customer experience because it helps in analyzing audio data, detecting emotions, tone, and stress in a caller’s voice, finding out the reason behind the call, customer satisfaction, and more.
In addition, it can also sense whether a customer is getting upset or frustrated. Having this in contact centers will allow agents to efficiently and quickly identify customers’ needs, wants, and expectations. They can gauge, too, the best approach to address any issues.
Customer Loyalty and Retention
One of the incredible features of speech analytics is its ability to detect trends based on programmed keywords, requests, and even emotions in real-time or through the call history. Moreover, it can monitor all calls and tell whether an agent is talking over the customer and not listening.
Compliance and Risk Issue Identification
Speech analytics is scoring every call coming in your system against your compliance criteria in real-time. It also analyzes selling opportunities that have been either missed or achieved.
Integrating this into your operations will allow agents to learn because of the prompt feedback if there is a flagged call for compliance risk or poor performance. Your compliance team will also have more time to focus on low-quality calls because speech analytics will search for them.
If agents are under pressure in meeting productivity goals, there is a chance that they may reveal protected, sensitive information. Committing this violation entails financial penalties and damage to reputation that may inflict long-term harm on the business.
The role of speech analytics is to identify calls that may represent potential violations. To identify calls that fall into this, you need to listen to them and create training tools to help agents familiarize themselves with the requirements, and fine-tune scripts, so it will be easier for them to recite over the phone.
You may also program your e-learning system to send prompts if the agent has provided all the required disclosures.
Reduce Costs and Enhanced Revenue
Speech analytics can deliver return on investments through various contributions, reducing costs, and increasing revenue. Below are the factors contributing to these benefits:
- Reduced staffing from automation of call monitoring and compliance checking.
- Avoidance of penalties and damages due to noncompliance.
- Increased sales conversion rates.
- Increased debt collection.
- Reduced call volumes after learning the reason behind the customer’s call and optimizing processes in the operations that cause inquiries.
- Improved first-call resolution rates.
- Shortened handle times and fewer call transfers.
- Improved marketing messages because of customer evaluation.
- Faster response to new competitors and their pricing information.
Speech analytics is one of the fastest-growing trends in the contact center industry, and companies that invested in this saw great returns as it increased their revenue and decreased their costs.