The benefits of Speech Analytics for Call Centers
The technology of Speech Analytics entered the commercial market just 14 years ago, but it has already become one of the fastest-growing applications in the field of call center management – in fact, it is expected to grow from $ 941.1 million to $2,175.8 billion by 2022. But what exactly is Speech Analytics, and how does it benefit companies?
Introduction to Speech Analytics
Speech Analytics is a cloud-based technology for analyzing recorded calls with the purpose of gathering customer information and identifying patterns that could improve future interactions. It is widely used in call centers to mine recorded communications and apply the extracted data to enhance customer service strategies. With this technology, companies are able to perform trend analysis, identify strengths and weaknesses, monitor campaign effectiveness, and observe employee performance.
How does Speech Analytics work?
Currently, there are three different types of technologies available on the market: phonetics-based, speech-to-text, and grammar-based.At Cloud Worldwide Services, we can equip our cloud-based call recording solution Recordia with speech-to-text analytics, a process that converts unstructured conversations into metadata that can be analyzed later. It can be summed up in 3 steps:
1. Audio is processed into data.
The first and most logical step of the process is taking recorded audio interactions and converting them into meaningful, easily searchable data. Now, the peculiarities of each Speech Analytics software will vary depending on the company and the technology behind its solutions – some systems will go deeper than others, so make sure to do your research on the functionalities that best fit your needs. For example, Recordia is capable of transcribing speech to easily searchable text in more than 60 languages.
2. Refining data
Once the conversations have been converted into data, it needs to be refined and prepared for obtaining future insights. At this step, a speech engine performs the initial analysis and converts the collected information into a series of phonemes, or small phonetic sounds. The results of this process are indexed and made searchable via a query engine.
3. Data analysis
After the software has transcribed and refined the collected data, you can use it to identify and automatically analyze keywords, phrases of interest, topics discussed during the calls, and even reveal trends and opportunities. Usually, the results are presented directly on your dashboard, or through generated reports. With Recordia, you can search information among millions of calls.
Top 4 benefits of Speech Analytics for Call Centers
Speech Analytics is extremely useful for businesses that operate with call centers because it allows them to extract important information out of unstructured data from interactions with customers. It can also help companies identify certain patterns and use them to improve the quality of their service.
One of the most common reasons why call centers deploy speech analytics is to improve customer experience. This technology analyzes audio data to help them understand the needs and expectations of the customers, identify certain behavioral patterns, and predict trends that can improve the quality of the conversation.
Another benefit of speech analytics for call centers is that its deployment can help companies cut on unnecessary expenses in various situations:
- Lower costs on quality assurance and monitoring;
- Controlled call volumes due to better optimization of internal processes;
- Avoidance of live-calls that can be handled better by an Interactive Voice Response technology;
- Better automation of different processes such as compliance checking;
- Fewer transfers and shortened handle times.
By using analytics of speech, call centers can analyze and identify the behavioral patterns that could lead to more sales, and use this information to deliver the right product at the right time.
Analytics can help companies optimize their marketing messages, reduce customer churn, increase the efficiency of debt collection, and increase conversion rates.
Applying speech analytics technology can bring improvements in the operating performance of various departments within the company. It helps call centers perform quality monitoring, automate many processes that are handled manually, and improve Average Handle Time.