To almost every problem that surfaces, there seems to be a digital solution to it, especially in the world we live in today. And nowadays, speech analytics software is one of the most important investments call centres can make. It can turn speech into actionable insights to improve quality and monitor real-time speech from customers. Moreover, while easing pressure on-call agents, using modern technology is one of the best ways call centres can improve customer experience.
However, in some places, a lot of people do not completely understand what speech analytics software is. It is the analysing of collected data from phone conversations, which provides benefits for an organisation and customers or consumers. And for any business that wants to focus on excellent customer service, speech analytics is one of those solutions that has proven to be imperative.
It aids with the ability to detect some expressed emotions like silent patches, hold times, or agents talking over a caller, on a phone call as well as trends within a call. And it now involves in-depth searches based on phonetics too. Though, it was originally called audio-mining, in which audio files were converted to text to enable searches of specific phrases or words.
However, the interesting thing about it is that it now creates meaningful voice data and interaction trends to help companies improve services, grow revenue in their other business areas, contact centre and also reduce costs.
1. Provision of best customer experience.
To help the agents provide the best solutions and enable the most satisfaction from the customer, speech recognition software could determine the mood of the customer by detecting their phrases and words. It also takes both the agents and customers audio data to analyse. It determines the reason or purpose of a call. So one of the reasons you can use speech analytics is to enable the best customer experience.
2. Cost savings.
By automating call monitoring and compliance checking, staff costs can be reduced by decreasing their required number. Because while also delivering a great ROI in the long run, speech analytics can save costs in the short-run. And also, due to a high staff turnover rate, companies often endure another huge cost if they need to train new staff. However, with its usage, the right training can be provided during induction and throughout agents’ time within a business and it reduces costs.
Furthermore, it has a higher job satisfaction rate and it gives the agents the best tools to do the best in their role. It ensures that agents are compliant by assisting them to avoid fines and prevent the loss of revenue from a bad reputation due to non-compliance. Broadly speaking, via a variety of contributions that reduce costs and increase revenue, it can deliver a return on investment.
3. It improves operations.
Speech recognition software can help to improve outdated and current operations within the business aside from improving the first-call resolution and reducing average handling time. It can provide a completely unbiased report that allows management to identify training needs and opportunities within the workforce. And it can review calls against employee skillset with its analytics evaluation.
4. Improvement of customer loyalty.
Speech analytics software can identify phrases in real-time that an agent may not have picked up on and can identify programmed keywords. It is most times easier to say one will save sales than it’s done. But with the use of speech analytics, identifying customers at risk is essential.
Moreover, customers could take their business elsewhere when mistakes are made by agents. However, with speech analytics, their decision of leaving can be altered, and they may end up staying back because it can then alert an agent that there is a risk or problem.
5. Upsell opportunities and revenue enhancement.
With speech recognition software, simple queries can be turned into a sales opportunity that is relevant with the right sales pitch for the right callers. However, with sales pitches that don’t apply to a customer, any of them can be frustrated and that can lead to callers becoming irate for a very avoidable reason.
Also, it allows agents to deliver the best product or service for the customer, resulting in not only higher revenue but also making the caller feel valued and listened to. It can provide agents with prompts for upselling opportunities they may have missed themselves with immediate real-time feedback too.
In conclusion, investing in the best speech recognition software is essential for modern businesses. Though, it is thought or belief that human beings can be replaced by robots with the abundance of technology nowadays. Whereas in some aspects like call centres, there’s no chance that such could be totally achieved and human cannot be completely made obsolete. Because human beings still seek a touch of human on the other end of the telephone.