7 Factors That Justify the Cost of Implementing Speech Analytics Software

The fact that technology is infiltrating every industry comes as no surprise. With a large number of organizations, whether large or small, taking their step forward to improve the relationship with their customers, the implementation of the latest tools and technologies has become an indispensable step to attain increased productivity, efficiency, and improved results. Out of the numerous technologies implemented, one of the latest tools that help strengthen the customer-business relationship as well as enable the business’s growth and development are speech analytics software.

Speech analytics is the process of extracting meaningful and relevant customer data by analyzing the recorded call data to improve future communication and interaction. The analysis of this data can be done using speech analytics software that helps unlock the hidden insights in the voice communications that may help improve customer loyalty, efficiency, and agent performance.

Since every contact center attends hundreds of calls per day, there is no uncertainty about the availability of big data for analysis. However, analyzing such gigantic data leads to a huge cost for the contact center. But, one must remember that the output attained by analyzing this data is justified. Wondering how? Read on to know the ways in which implementing speech analytics software may benefit an organization:

1. Boosts Customer Experience

Delivering an improved customer experience is one of the primary reasons for implementing speech analytics software. This software not only helps in analyzing the call data to understand the customer’s voice and emotions but also to gauge the reasons for their call, the products being discussed, etc. It also gets easier for the agents to identify the needs and wants of the customers and hence, start working towards attaining their maximum satisfaction.

2. Improves Service Quality

Speech analytics software allows an easy access to the necessary customer-related information and his/her experiences with a contact center. The availability of this information makes it easier for the contact centers to plan a suitable action plan that may help improve their agents’ performance and service quality. This, in turn, helps attain maximum customer satisfaction and improvement in various other important metrics such as First Call Resolution (FCR) score, Average Handle Time (AHT) and the total call volume.

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3. Identifies the Need of Agent Training

Using speech analytics software helps identify the need of agent training. This is enabled by monitoring each and every call handled by the agents and identifying the flaws in their conversation with the customers. The availability of this information is, then, used as a basis to plan a suitable training module that may help improve agents performance, their skills as well as enable the delivery of better customer service and experience for the customers.

4. Moderates Customer Attrition

There can be multiple reasons for the customers to discontinue availing services from a particular service provider. This may include factors like higher cost, poor service, inability to address the exact concern, etc. But, it is important to remember that an increasing number of customers dropping their association with the contact center also lead to an increase in customer attrition rate. Customer attrition or customer churn rate is the number of customers who drop their association with a brand or company.

With speech analytics software, it might get easier to identify the exact causes behind the increasing customer churn rate, their reasons for dissatisfaction, etc. Having this information can make it easier to implement ways that can help improve the customer experiences with a contact center and in turn, leave them with no reason to end the association.

5. Identifies Cross-Sell and Up-Sell Opportunities

With speech analytics software, it gets easier to identify the possible cross-sell and up-sell opportunities for a contact center. This is possible owing to the tool’s ability to conduct a detailed analysis of the calls held between the customer and the agent. For instance, the software can be used to identify the potential of a particular call to convert into sales, the customer response rate across various demographics, identifying and meeting the distinct requirements of the customers, etc.

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6. Reduces Operational Cost

When implementing speech analytics software, it is important to know that the software starts to reap benefits soon if used correctly. Helping its users gain some meaningful and relevant insights about its customers, the software helps reduce the total operational cost of the contact center by driving better agent performance, identifying the common concerns raised by the customers, etc. Assisting the contact center to plan a suitable solution for the frequently raised concerns of the customers, this software allows them to deliver the required results in the minimum time possible.

7. Tracks The Effectiveness of Marketing Campaigns

A contact center might plan and execute different marketing campaigns to attain its goals such as higher revenue, increased sale of products and services, etc. But, the success of these marketing campaigns is not always certain. In order to identify their rate of success, using speech analytics software is suitable. This software will not only allow one to identify their customer satisfaction score (CSAT) but will also help them identify the common glitches in the entire communication.

Speech Analytics Is Never Only About Expenses

Implementing speech analytics software is never about expenses as its benefits outdo the cost involved. Moreover, the software’s ability to empower the contact centers with the relevant customer and agent-related information make it the much-needed tool. The best aspect of this tool is that it doesn’t require an extensive training and is ready to be used at all levels in a contact center. Therefore, keep the hassle away of using complicated technologies and tools and leverage this user-friendly tool to provide a more tailored experience for your ideal customer.

Author
Himanshu Bounthiyal is in marketing and research domain with MattsenKumar LLC, who have shown tremendous growth in Consulting, BPO services, and speech analytics software. Himanshu has a keen interest in marketing and technology, which allows him to write on various topics including, marketing growth, business technologies, and customer services.