Benefits Contact Center Speech Analytics for the Customer Experience

Part of growing your business to the next level means focusing on improving the customer experience. Failing to give the appropriate time and attention to improving the customer experience and improving the quality of customer service overall could cost you tremendously in the long run. Finding ways to improve the customer experience is crucial to the success of your business. Contact center speech analytics can provide you with the tools you need to provide the highest level of customer care.

What is Contact Center Speech Analytics?

Contact center software is the hub of your customer interactions and speech analytics allows you to analyze those interactions to help you identify patterns and problem areas. Rather than listening to randomly selected calls, you can find and listen to only the most critical ones.

Contact center speech analytics (CCSA) also give you customer insights and a better understanding of agent performance. That coupled with a boost in productivity and reduced associated costs makes contact center speech analytics worth considering. With this technology, you'll have the visibility you need to develop awareness of opportunities as well as problems and you'll be better equipped to act quickly.

How Does Contact Center Speech Analytics Work?

Speech analytics usually starts by monitoring and transcribing calls and then organizing those calls into a searchable database. According to Target Tech, the speech engine is responsible for performing the early analysis and converting the data into a series of small phonetic sounds. The software can detect things like competitor names, customer dissatisfaction, language that implies excitement, product and feature terms, and opinion statements, to name a few.

Speech analytics takes any kind of data from recorded calls, emails, chat transcripts and other types of customer interaction and combines it with structured metadata, including information such as which agent handled the interaction, who the caller was, and the length of the call. Any audio calls must undergo speech recognition that transforms audio into text. Then, each interaction is formatted for easy access.

What Are the Benefits of Speech Analytics?

Not only would speech analytics provide feedback on agent performance and organize calls into a searchable database, but you can also view that information from a dashboard with generated reports that help filter the results. This technology can also be used to coach your call center agents by identifying selling opportunities, tracking regulatory compliance, and helping to improve first call resolution, as well as shorten call times.

Speech analytics also provide the following benefits:

  • Reduces Operational Expenses and Overall Costs: Speech analytics essentially pays for itself within the first year. Furthermore, it reduces contact center operating expenses by finding ways to save you money and preventing you from spending more money than you need to while allowing you to generate incremental revenue.
  • Increases Customer Retention: Using speech analytics helps you better understand why your customers are unhappy or why they leave, meaning you can turn things around and fix any issues that might be hindering you from increasing sales.
  • Improve Customer Experience/Service: CCSA can also identify positive and negative responses in real-time so that customers in a certain geographical area or of a certain demographic aren't happy, management will know and your team can make necessary changes to your product or marketing strategies.
  • Pinpoints Cross-Sell and Up-Sell Opportunities: Speech analytics can detect opportunities to cross-sell and up-sell items that would meet or exceed each customer's needs, leading to increased customer satisfaction.

What Type of Software Do You Need?

Implementing contact center speech analytics is hassle-free because there's no additional software needed to run it. You can integrate it with your current contact center software because it's an out-of-the-box solution that comes with a library of predefined categories and topics to get you started.

Best Practices

When considering speech analytics for your contact center, use these best practices to get the most out of your speech analytics software.

  • Choose the Right Vendor:  Speech analytics is improving every day and to get the most out of your CCSA, you'll need to carefully consider the vendor you choose to provide your services. Look at the features most crucial to operating your contact center and find the vendor that provides what you're looking for and more.
  • Teach Your Team the Software: Ask someone on your management team to train the rest of your team on how to use the software properly. Think about creating a schedule for training so that everyone gets trained quickly and easily and you can begin using your CCSA as soon as possible.
  • Set Goals: In order to know where you're going, you need to set goals for your team to get a better understanding of how your contact center is doing against your key performance indicators (KPIs).
  • Determine KPIs: Your KPIs measure your performance, but you need to measure the right ones in order to track your performance and progress, such as customer satisfaction, first call resolution rate, wait time, and service response times.

Speech analytics can transform any contact center into a hub of information for your agents and your customers. As you can see, it offers several benefits in addition to helping streamline customer interactions, reduce costs, and providing insights into customer behavior, desires, and patterns.

With 8x8's Virtual Contact Center you get world-class technology and everything your domestic or international business needs without the need for multiple disparate systems. Call 1-866-879-8647 or fill out an online form to request a no-obligation quote from an 8x8 product specialist.

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