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What is speech analytics?
Call centre speech analytics uses technology to analyse recorded phone conversations between call centre agents and customers. AI powered speech analysis helps to identify trends, patterns and areas for improvement in customer service, agent performance and overall contact centre operations.
Speech analytics isn’t a new thing. In fact, it’s been around for nearly two decades. But thanks to developments in AI and natural language processing (NLP), speech analytics is growing in popularity and is a powerful tool for contact centres. But why is speech analytics needed?
Why do call centres need speech analytics?
75% of customers will spend more to buy from a company that offers a good customer experience (CX). On the other hand, nearly half of consumers would ditch a brand for a competitor due to poor CX.
In other words, good CX is a huge win for your business. Customers who are happy with the experience you provide will spend more with your business, forgive your occasional mistakes and recommend your products and services to others.
The problem is that it’s not always clear if your customers rate their experience as highly as you hope they do.
Many customers stay silent about their issues, leading businesses to miss crucial feedback. It’s not malice on the customers’ part, but discomfort or wanting to avoid hassle. This silence hurts business and can result in low customer satisfaction (CSAT), higher customer churn rates and reduced sales revenue.
Businesses can’t fix what they don’t know. So, how do we encourage open communication for happier customers and thriving businesses?
How does speech analytics software work?
Speech analytics empowers contact centres by automatically analysing call recordings to understand both agent performance and customer sentiment. It identifies keywords and phrases which reveal customer satisfaction or frustration, even if they didn’t explicitly say it. Looking beyond spoken statements, speech analytics software analyses voice characteristics, like intonation and pitch, picking up on emotions such as happiness, anger or confusion.
To measure agent performance, call centre speech analytics tracks metrics such as time on hold and silence periods, giving insights into both agent efficiency and customer satisfaction.
How is speech analytics used to improve contact centre operations?
The ability to analyse every customer interaction is a powerful tool but how is speech analytics used and what are the benefits?
- Real-time speech analytics software can boost customer satisfaction by 20% and reduce churn
- Proactive Issue Identification: Speech analytics can be used to understand call drivers including emerging problems. Real-time call analysis can alert agents to any new issues and encourage them to address the issue and implement corrective measures to nip the problem in the bud.
- Real-time Sentiment Analysis: Call agents are able gauge customer emotions more accurately throughout the call, allowing them to ease any frustrations and personalise interactions, which all lead to happier customers.
- Targeted Upselling Opportunities: Eradicate the need for relying on your agent’s memory of what’s been said on the call. Real-time analysis can review calls and push alerts to agents to discuss new products or services, driving revenue by 10%.
- Insights from ai speech analytics can be used to improve agent performance and drive engagement
- Personalised Coaching: Coaching your call centre agents is easy with post-call analysis. Review performance and develop targeted training and development plans based on individual strengths and weaknesses.
- Compliance & Quality Assurance: AI-led speech analytics can automate compliance checks across all calls. Real-time analysis (alongside post-call analysis) also prompt agents to read the relevant scripts while the call is taking place. This leads to increased agent compliance and reduces the risk of fines associated with non-compliance.
- Performance Benchmarks and Recognition: Use insights from speech analytics to identify and reward high-performing agents and showcase their successes to motivate and inspire the entire team.
- Automated call analysis can be used to enhance quality management and call handling efficiency
- Quality management: Be more confident in the validity of your quality scores and agent assessments with speech analytics software that automates analysis of all calls rather than relying on a small sample of contact centre interactions.
- Reduce average handling time (AHT): Customers want quick and efficient resolutions over the phone. Speech analytics software can give you powerful insights that help you design better scripts to reduce AHT and cut costs.
One solution to the problem of reticent customers is speech analytics. You’ve probably come across hype around speech analytics before – the technology has been around for nearly two decades. The difference today is that it actually works.
The industry certainly seems to think so too. One recent study estimated that the market for speech analytics will grow at a CAGR of 22.14% over the next five years. And we believe its popularity is entirely justified.
Why choose AI-led speech analytics from MaxContact?
Our speech analytics software will help you to make better business decisions, and understand the ‘why’ behind 100% of your contact centre interactions.
We’ve kept it simple
High-level data is displayed on an intuitive dashboard and further information can be accessed from a central control panel. Simple to set up and easy to understand, MaxContact ai speech analytics provides sophisticated insights at the click of a button.
Powerful filtering at your fingertips
Our advanced solution pre filters nearly 70% of critical and problematic conversations that need further attention. This lets contact centre managers focus on priority issues before it’s too late. Thanks to faster response times, timely interventions and streamlined operations, managers can enhance performance and improve customer satisfaction by coaching agents in real-time.
Easy to integrate
And if all this sounds expensive and complex, it really isn’t. We offer a fully integrated platform designed to work seamlessly with our feature-rich, cloud-based contact centre software.
Speech analytics from MaxContact gives you the information you need to deliver market-leading CX, even if your customers are not always as candid about your service as you’d like them to be.
Book a customised demo to learn how our AI-led speech analytics can understand customer sentiment, improve call quality, and reduce churn in your contact centre.
Leveraging speech analytics for contact centre improvement
Book a customised demo to learn how our AI-led speech analytics can understand customer sentiment, improve call quality, and reduce churn in your contact centre.
