Speech Analytics Takes Off
Speech Analytics Takes Off
By Donna Fluss
Speech analytics has taken off in the past year. The number of implementations has grown from 178 at the end of 2005 to 603 in December 2006. This market is expected to grow at a rate of at least 100% in both 2007 and 2008, fueled by quantifiable benefits and vendor hype. The great news is that the benefits are real when users invest the time and resources to make these applications work.
What is Speech Analytics?
Speech analytics, also known as audio mining, structures conversations and finds hidden insights, implicit needs and wants and the root cause of issues embedded in conversations. It can also monitor staff performance. Speech analytics applications capture customer conversations and transform them into metadata. Once structured, the conversations are analyzed using a variety of techniques, including key word, phrase, concept and contextual search. Some speech analytics applications can identify concepts and trends that end users didnt even know existed. This enables contact center managers and corporate executives to address the issues that generate call volume and to identify competitive challenges and new revenue opportunities.
Benefits of Speech Analytics
For contact center managers, speech analytics provides valuable customer insights and identifies the root cause for calls, on a timely basis. This enables managers to reduce call volume, improve quality and reduce customer attrition. Speech analytics is also a great tool for making sure agents meet regulatory requirements and adhere to scripts.
Sales organizations can use speech analytics to identify ways to increase sales conversion rates both for new customers and up-sell/cross-sell. Speech analytics can also be used to segment customers by sales channel. Customers often tell contact center agents the most appropriate way to communicate with them and what types of products and services they prefer. A speech analytics application can capture this information and use it to increase sales conversion rates by interacting in the customers channel of choice. Customers are pleased when an enterprise cares enough to listen to their preferences; this helps build customer satisfaction and loyalty.
Speech analytics applications contribute to marketing organizations by identifying competitive challenges and opportunities on a timely basis, so that the enterprise can create a campaign to respond appropriately. It can be used to identify at risk customers and successful retention methods. Speech analytics can be used to gather customer insights about a company, its products and the competitive environment. It is also a great tool for understanding customer preferences and market trends, in order to generate new product ideas and enhancements. From a public relations perspective, when a company does something that generates negative publicity, speech analytics functions as an early warning system that can notify management before the issue impacts a large segment of the customer base or becomes a liability in the press.
For fraud departments, speech analytics can quickly pick up on new schemes and prevent major losses. It can also be used to identify individuals that are engaged in a fraudulent activity. For collections groups, speech analytics emotion detection can be used to measure stress levels to determine if customers are telling the truth when they make a promise to pay. By rapidly identifying customers at risk of defaulting, an enterprise can intervene earlier and reduce its losses.
Speech analytics evaluates customer satisfaction with policies and procedures, providing timely alerts on operational issues. By rapidly identifying call trends and their root causes, it allows early identification of performance issues throughout the enterprise and is the only tool that can directly correlate complaint calls with the group that triggers them.
Customers are Beneficiaries of Speech Analytics
Among the most important beneficiaries of speech analytics are enterprise customers. Today, much of what customers share with enterprises is ignored because agents do not have a system or process for formally gathering and communicating this information. Wrap-up systems are limited and generally invite agent feedback on certain pre-selected items. CRM applications capture transactions, but generally do not reflect customer opinions. Speech analytics doesnt miss anything. This input is most valuable if the enterprise builds a formal process for putting it to work.
Speech Analytics Report
DMG Consulting is releasing its second annual Speech Analytics Report at the end of March 2007. This in-depth industry Report addresses all aspects of this developing market. The Report reviews all existing and emerging vendors and provides detailed comparisons of their products and capabilities. It discusses the benefits and ROI of speech analytics and presents 8 case studies that show how to realize the greatest returns. It provides a framework for building a speech analytics business case, implementation best practices and pricing. The Report presents all the information needed to select the right partner and succeed with a speech analytics implementation.
If youre interested in speech analytics give Deborah Navarra a call at 516-628-1098 or send her an email at Deborah.email@example.com to request a Report abstract, or to set up a call to discuss how this Report can help your company.