What is speech analytics?
Speech analytics, also known as customer engagement analytics, is software that can analyse customer conversations via phone, email, text messages, webchat or social media. Company owners need to have this if they wish to understand the reasons behind their customers buying techniques. Modern-day speech analytics take priority over other robotic forms of technology as it can interpret the feelings behind customer calls. Known as emotionally intelligent AI, it provides users with real-time analytics and can even record conversations for playback later. Transcribing 100% of conversations, and converting it into searchable and structured data gives companies valuable insight into what their customers think and feel.
Industries benefit from speech analytics as they can ascertain if agents are following strict compliance protocols. Doing this ensures customers get the best customer experience. The Vice President of Marketing at CallMiner states that customer experience matters and industries such as debt collection and the collection of medical bills benefit significantly from this technology. The advantage here is that these industries can understand their customers better.
Monitoring calls in real-time is essential for businesses such as law firms that provide legal advice. Agents need to deliver information accurately to avoid being liable for damages if a client attempts to file a claim, and there is a problem with the enrolment or compliance.
Speech analytical tools provide users with full transcripts and recordings. An added benefit is the post-call analytics which scores the quality of the overall call. Agents also use platforms to provide management teams with real-time analytics and specific knowledge of certain trigger words during the conversation. The analytical software allows users to note how their customers are feeling about particular services and in turn assists them in improving delivery methods.
A good strategy is crucial when it comes to sales. CallMiner can review the calls that ended in a successful sale, and from this, companies can create a blueprint to assist salespeople in bettering their approach. Aside from reviewing and recording data, speech analytics also guides agents by making useful suggestions. The coaching here is made available to each user, so improvements are individualised and independent.
In the past, agents would make use of manual call scoring, which involved checking off items. Disregarding this old method of scoring allows agents to have the freedom to express themselves more. Having speech analytics creates a more authentic and emotional connection with the customer and results in users being more natural and less scripted.
Implementing speech analytics allows management teams to identify the trends and address the training needs of their staff. Having these results on hand provides organisations with the opportunity to increase productivity and reflect on past performance for improvement.
Best practices of speech analytics
To utilise your speech analytics solution to the fullest, it is essential to follow these ten best practices.
1 – Identify your goals
Teams need to have an idea of what they want to achieve with their speech analytical solution. Many businesses invest in speech analytics to get a better understanding of how their contact centre is performing concerning their Key performance indicators (KPIs).
2 – Get management on board
It is essential to get leadership to follow through with your decision if you wish to improve customer satisfaction. Teams need to research to show why they feel speech analytics is an excellent investment for your company. It is essential to highlight the benefits and value of speech analytics.
3 – Identify your KPIs
KPIs measure company performance and this depends on the long term goals that you wish to achieve. Speech analytical software can track an array of KPIs from first call resolution rate to customer satisfaction.
4 – Remember staffing
If you want to implement a new software solution, you must ensure you have the best team. A contact centre supervisor is good to have to allow insight into any improvements.
5 – Decide on the right vendor
Teams must choose a system that is right for their company. If you need to have a 360-degree view of your customers, you must invest in the best speech analytics software to capture all relevant data.
6 – Have an action committee
An action committee is useful for viewing and identifying customer trends. The committee can assist in researching any changes required to improve customer experience.
7 – Stick to your process
Establishing a good speech analytics process is crucial to the smooth operating of your company. Teams must review all procedures before implementing the software.
8 – Educate your team
Before you invest in the speech analytics software, you must appoint a member of your team to learn about all the processes. If someone in your organisation is already familiar with the software in its entirety, it creates structured training sessions.
9 – Report all findings and actions
Ensure that you are sharing the value that the speech analytics software is bringing to your team by creating reports to showcase results and ask for feedback. Doing this allows members of the company to feel involved.
10 – Expand gradually
Remember that speech analytics is not just limited to one area of your business. It can be deployed in new sectors once team members are comfortable.