5 benefits of speech analytics for your contact center
What is not measured is not improved. This is why all good businesses operate on the principles of benchmarking and KPI-tracking — so they can constantly optimize their efficiency and input to output ratio.
For contact centers, this traditionally happens over conversations with their supervisors — an agent will narrate every single highlight of their calls — why that particular call took such a long time to resolve (because he was shuffling around the knowledge management database?) or why the cancel rates were so high (it’s always a problem with the product, never with the customer service), why the CSAT / NPS score was so low.
Traditionally, there exists no formal system to capture this data objectively, benchmark it against other agents on the floor, and present it to the management in a way they can easily understand.
Speech Analytics solutions like ICAP, engineered specifically for contact centers, allow you to monitor customer interactions for regulatory compliance, optimal sales/upsell execution, and increased collections. They not only mine, evaluate, and present audio and transcripted data, but also analyzes information and spots patterns, identify and coach agents on the customer’s emotional nuances, and also measure how well agents are fulfilling a customer’s needs.
Here are some key ways a speech analytics solution can transform the performance of your contact center and enable you to do more with less.
- Boosting agent productivity and effectiveness
In the collection industry, all that matters is how many deals your agents are able to close. This is in direct relation to the number of calls that your agents make.
ICAP provides stakeholders with effective productivity analysis, with measures such as the average call times, silence analysis, or times of maximum activity, and then uses this information to identify areas where agents can be coached to increase performance.
Over time, progress being made can also be tracked, helping firms identify opportunity areas where efficiency can be boosted. Low hanging fruits can thus be identified easily, and ICAP can also assist you on how to give them a shot.
Successful calls are identified and analyzed separately, then the directed feedback is passed to the concerned parties. This boosts agent and collector effectiveness, which ultimately means more business being done.
2. Reduce costs and increase profit
A good speech analytics solution will deliver ROI in 90 days — with more calls, higher collections, reduced customer attrition. Find better ways to do the same thing and reduce overheads as well as training costs.
3. Reduce customer churn and improve satisfaction
The customer satisfaction score, or the CSAT, is a measure of feedback, satisfaction, effectiveness, and performance of interaction of the customer with the agent. A CSAT score of 100 would indicate that the customer believed the interaction to be complaint-free, without any agitation.
ICAP actually objectively monitors and scores each call in this respect. These CSAT scores are then used to identify specific behaviors at the agent level, focusing on qualities such as empathy, politeness, and tone of voice. This can actually help in identifying agents that use these specific skills, and how much of a positive impact these have on customer interactions.
4. Make every agent your best one
The previous point leads us into a perfect segue into our next benefit, agent evaluation, and training.
A good speech analytics solution will equip your staff to provide your customers with the best possible experience. Agents and supervisors can effectively listen to every call, note the flagged issues or non-compliance, spot trends to understand ways in which they can improve. Are agents following the correct script? Are all compliance metrics being followed? Which agent needs additional training and which one needs to be promoted?
Internal call center management becomes much easier with this data. One failure, however, of most speech analytics solution is that transcription and flagging are not always 100% accurate due to variations in accents, low quality of customer’s voice, or disturbance in the network. Provana’s ICAP here ups the ante with a managed speech analytics solution — you get the software as well as manual QA to ensure only genuine mistakes are flagged for your review.
5. The Future of Market Intelligence
This is perhaps the most underrated benefit of a speech analytics solution. With data being effectively the oil of the 21st century — and firms that have spent millions on market research are waking up to the potential of speech analytics to gather information on existing and potential customers, along with what they think of their product. This data is quantifiable and can be mined faster than traditional human-centered data mining — and worth its weight in gold. Combining it with the right machine learning algorithms, call center speech analytics software represents the future of predictive modeling.
ICAP can certainly be the X-factor for your contact center’s performance and efficiency. Don’t believe us? Schedule a demo today!