How to improve everything with speech analytics?
I know, I know, that is a little pretentious. Let’s just look at a few ways businesses are using speech analytics to get ahead of the competition.
Now, everyone is different, and speech analytics is a really versatile tool, so this is not going to be the end of our list.
That said, these are the typical areas where speech analytics is used to improve business;
- Monitoring compliance
- Improving agent performance
- Business optimisation and processes improvement
- Provide customer insight
- Improving the customer experience
We’re going to tackle each of these areas in some shallow depth for now, and we’ll start from the most obvious (monitoring compliance) to the fuzziest (improving the customer experience).
Call centres in Australia and abroad are under constant scrutiny, leaking private information is always a costly subject. In 2014 the Department for Business Innovation and Skills found that 31% of breaches came from inadvertant human error. Compliance also covers anything the ACCC might be interested in.
Speech analytics is just one tool you should be using to keep an eye on red flags in terms of managing private information and contract terms. Not only does speech analytics help insure against potential liability, it also provides a system to help train, educate and improve agent performance in these challenging situations.
We use speech analytics in:
- Validation of contracts concluded on the telephone
- Validation that vital information is shared with the customer preventing disputes and call backs
- Verification and documentation of essential statements within the conversation
Speaking of compliance, KnowledgeSpace’s solution is PCI DSS compliant.
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Improving agent performance
There was a time when we called our speech analytics solution ‘Quality Assist’. This is because speech analytics easily becomes an extension of your Quality Assurance department. A typical call centre may employ roughly 15 Quality Assurance agents (depending on the size of the call centre). Typically the Quality Assurance team will listen to 3 calls per agent per month. Now, depending on the types of calls you’re receiving, your agents are probably taking 200 to 300 calls per month at least.
See where I’m going with this? There is no consistency in the types of calls monitored and no weight of data to enable true insight into agent behaviour. It is a challenge to identify specific behaviours associated with certain types of calls that might be negatively impacting agent performance.
Needless to say, a lot of room for improvement with old Quality Assurance. Speech analytics can bridge that gap and bring your contact centre into today. Speech analytics provides the level of insight and a depth of understanding that is essential for targeted coaching. Categorising calls by driver, and diving down into the call for specific performance components enables the Quality Agent to focus on specific areas.
What would having a second set of ears on every call that drops into your call centre mean to you?
Business Optimisation and Process Improvement
Now the fun stuff, Business Optimisation and Processes to improve operational efficiency.
- Improving first-call resolution rates (FCR)
- Reducing average handle times (AHT)
- Repairing broken processes
First call resolution
Who likes First-Call-Resolution? We like First-Call-Resolution!
One of the most-watched metrics in today’s contact centre is that of first-call-resolution, this is for two reasons:
- Each subsequent call increases the cost of providing that solution
- Additional calls tend to lower customer satisfaction
I don’t care how nice your hold music is. If I have to call twice for the same problem – you have failed me.
A variety of factors, including company policies and procedures, environment or even incentives, may be limiting the agent’s ability to close. Effective use of speech analytics allows you to identify the major drivers that cause repeat calls.
Average handle time
Any experienced manager will tell you that a dramatic change in the AHT can be an early warning of something unexpected or unusual taking place in the contact centre.
When AHT rises unexpectedly, and remains elevated, it is important to get to the core reasons for the rise. In the industry we call this ‘root-cause analysis’ and it can show the specific call drivers driving each type of call and highlight the AHT for each driver. The point is, no matter what unexpected problem has occurred, you’ve got the tools to identify what it is and therefore develop a strategy to patch and resolve it.
Repairing broken processes
Process Improvement is the proactive task of identifying, analysing and improving upon existing business processes within an organization for optimisation and to meet new quotas or standards of quality. With processes being perhaps the most critical resource an organization develops. We adopt a six sigma and lean approach to process improvement
How well do you know your customers?
Some companies pay millions to get to know their customers. These campaigns take many forms, from customer satisfaction surveys and NPS to product tests in focus groups, but their overall goal is the same; to provide market intelligence and customer insight with which to help make strategic business decisions.
Speech analytics is disrupting these old methods by providing customer insight that is both more quantifiable and lower in cost. If you record your calls, you have access to millions of hours of rich audio data that is just waiting to be unlocked. Because this data is gathered from actual customer interactions, rather than from a customer’s recollection of the interaction at a later date, the data is more likely to be in context and obviously less subjective than opinion polls and surveys that are traditionally used.
Improving the customer experience
What is the most critical factor in brand profitability?
The loyalty expressed by customers, especially in a digital world that we face today tomorrow and the future. Customer experience is not just the customers sentiment on any given day. It’s customer access, reduction in customer effort and yes, it does include customer sentiment. Customer satisfaction is a very fluid measure, easily impacted by the most recent experience with your contact centre. Proactive analysis and strategies for handling dissatisfaction will help keep it from becoming systemic.
We use Speech Analytics to directly target the customer experience, and provide insights such as product failure, missed call-back commitment, or poor service quality. The customer experience is also effected by the aforementioned Compliance Monitoring, Improved Agent Performance, Business Optimisation and Customer Insights.
Use Speech Analytics to Improve Everything Closing notes:
Anyone can start running speech analytics software, there is a plethora of platforms out there, and many open source to boot. But to get real value from speech analytics, you need to provide the analytic skill. Or just ask us, anytime.