For those of you looking for a beginners guide to speech analytics, why not start with the top 3 benefits of speech analytics?
We’ve spent countless hours considering the top 3 benefits of speech analytics and have returned to blog about it!
1. Improving the customer experience
There is no denying it. Improving your customer’s experience is the number one use for speech analytics.
We use Speech Analytics to directly target the customer experience, and provide insights such as product failure, missed call-back commitments, or poor service quality. Customer sentiment is still an emerging technology and we’re getting some interesting results. In theory, measuring customer sentiment via speech analytics should be much more accurate than NPS, which is often criticised for failing to predict loyalty behaviours.
Arming your business with these insights will allow you to fix basic problems and provide delights for an exceptional customer experience.
2. Reduce costs
Often through the analytics process you are given a deeper level of understanding about your business. This leads to Business Optimisation and Processes to improve operational efficiency. You now know what processes are not working and where to invest your time and money;
- Improving first-call resolution rates (FCR)
- Reducing average handle times (AHT)
- Repairing broken processes
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
3. Compliance Monitoring
The last of the top 3 benefits of speech analytics. This is the one that keeps your lawyers up at night. Compliance breaches are costly, and extremely damaging to your brand.
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