Text and Speech Analytics Plays a Vital Role in BPO or Call Centers: The Real-World Problem Solutions

At the Advent of Technology, Speech Analytics tools has entered the market more than 14 years ago and it is now one of the fast-growing solutions for all companies offering consumable products and services and it plays a vital role and help for Call Centers. Because of its benefits, it is expected to grow from $941.1 million to $2,175 billion until 2022.

What exactly Speech Analytics is and how business benefitting from this tool at the Pantheon of Technology?

 

What is Speech Analytics

Speech Analytics is a Cloud-based solutions that is used to capture and record calls to gather the actual and real customer information and problems being raised to different customer contact centers. BPO or Call Centers is using the recorded conversations between customers and their agents to further understand the problems raised by the customers.

With the recorded conversations, customer contact centers can be able to identify real problems and provide actual solutions. This will also help to enhance their customer service strategies. With this technology, companies can perform a lot of things such as Trend Analysis, Sentiment Analytics, monitor campaign effectiveness, identify strengths and weaknesses, and include the performance of their agents or employees.

Having this kind of Technology may not only helping businesses they support but also for them to improve the services and to understand the areas that they need to work on or improved such as skills of their agents, attitude of their agents, communications skills of their agents and of course the flexibility of their agents when it comes to handling thousands of issues being raised to them.

 

How Speech Analytics Work

Basically, there are three different types of technologies that are available today in the market:

·     Phonetics-based

·      Speech-to-text

·      Grammar-based

This kind of Cloud-based solution records the conversation which converts unstructured and out-of-the-box conversations into what we call metadata for the purpose of the further analysis.

Data Scientist can make use of the data to perform or build models and algorithms to address the concerns of the callers. They can perform Sentiment Analysis or Text Analytics to understand the actual voice of the customers which can be used by the companies to provide solutions and strategies. Customer Contact Centers can also benefit from this Analysis because they can also identify Topics to focus on, people skills to improve and identify areas to prioritized.

 

The Benefits of Speech Analytics

Speech Analytics is very useful for businesses because it allows them to extract important information out of the unstructured data from interactions with customers. It can also help companies identify patterns and use it to improve their services.

 

1.     Customer Experience

This is one of the outstanding benefits of Speech Analytics for Customer Contact Centers because they can perfectly improve Customer Experience. Based on analyzed or transcribed Audio or conversations, they can understand and capture the needs, as well as the expectations of the customers. They can also identify behavioral patterns, and they can also predict trending topics and issues facing by the customers. Through the recorded conversations, call center management can also identify areas to improve on their part to achieve the best quality of conversing with clients and they can also help their people to improve their communications skills.

  

2.     Cost Reduction

One of the benefits of deploying this technology is the cost reductions in many ways such as the cost reduction on the quality assurance and monitoring. They can also control call volumes dues to optimized processed, they can also help minimized live-calls because of the interactive or AI-powered voice response technology. Automation of most process related to compliance checking and of course minimize call transfers and they can shorten call handle time.

 

3.     Marketing or Selling Opportunities

By utilizing Speech Analytics, Customers Contact Center can analyze and identify the behavioral patters that could generate more leads to increase sales, and they can use the information to deliver and promote right products and services to the target consumers in a right manner and time. Targeting right consumers for specific products and services.

 Analytics also plays in optimizing marketing messages, reduced customer churn and improve customer retention by mitigating the problems facing by the customers. Offering right and fit products and services based on the need of the customers may increase customer loyalty and retention. It may also help increase efficiency of debt collections and better conversion rates.

 

4.     Improve Operations

Applications of Speech Analytics Technology can bring outstanding improvement in the operations and performance of different departments within the company. They can formulate strategies to improve their services at the most-cost effective manner.

Customer Contact Centers perform quality monitoring, automate many processes that are handled manually and improve the Average Handle Time.