Are you familiar with the American TV series Lie to Me starring Tim Roth? Lie to Me’s story centers on Cal Lightman who was an expert in reading people’s facial expressions and involuntary body movements to get to the bottom of a case and extract the truth. Speech Analytics is sort of the same, except that it’s neither facial expressions nor body movements that are being analyzed, but the elements of speech used in a conversation between an agent and a customer.
It is being used to gather insights to improve services provided by a contact center.
Speech Analytics was introduced back in 2004 when there was a low rate in customer awareness, resulting in low ROIs. It was then referred to as Audio Mining which was basically identifying the emotion of the customer, grouping and organizing words and phrases into themes and pinpointing trends in behavior within a conversation between a client and a representative.
Speech Analytics is used to identify the strengths and weaknesses of an organization and for gathering information on how customers perceive your brand and your products.
Donna Fluss, CEO of leading advisory and consulting firm that specializes in contact centers and analytics, wrote in an article that Speech Analytics have resulted in a “three to twelve month payback, high net present value (NPV), and high internal rate of return (IRR)” for many companies.
Proof of standards
One of the advantages Speech Analytics offers is that it makes you aware of how your agents are conducting each call. Through it, you would know if they have been following the scripts they are provided and how they handle unexpected phone calls.
A Speech Analytics report can also serve as evidence against litigation concerns. It reflects whether an outsourced customer service is faithfully abiding by the standards and regulations in the industry. It can help you identify questionable behavior and procedures that need modification and address them ahead to avoid being subjected to litigations at all.
Training to improve customer service
Agents are the hearts and souls of any contact centers. Their performances serve as basis of whether you provide great customer service to your clients or not. Training them is necessary in maintaining the quality of service that you provide.
But not all agents share the same weaknesses. Through speech analytics, instead of training in groups, you can apply a more focused approach by zeroing on those who need training in specific areas.
Speech Analytics helps you assess how your customers perceive your products and their preferences, giving you room to modify to keep up with the latest marketing trends.
In some cases, some agents do not possess the skills or the training to fully gather information and feedback from the customer that can help you improve your company’s performance. One of the advantages of using a Speech Analytics software product is that it has the capability and the thoroughness to gather this type of information for you.
It helps you pinpoint clients you’re at risk of losing, allowing you to find out in depth what their concerns are and to figure out solutions to help them, therefore, retaining them.
Speech Analytics gives you a way to optimize calls and turn it into your advantage by using it to create and develop targeted actions and solutions. It provides you with the capability to correct behaviors and enables your team to achieve goals in providing world-class customer service.