Must-Dos of Choosing the Right Speech Analytics Solution for Your Collections Business

When it comes to selecting an appropriate speech analytics solution for your business, there are several critical steps that you need to follow to ensure that you make an informed decision. Here are essential to-do’s that can guide you to find the right solution. 

As a best practice, document your findings during each stage of the process. This will help you immensely in making the right choice.

Research and Shortlist Potential Providers

Conduct thorough research on various speech analytics solution providers, keeping in mind that it is essential to choose a service provider who specializes in the collections space. Evaluate factors like customer reviews, video testimonials, and industry expertise. Gather success stories and lessons learned from other businesses that have implemented the same speech analytics solution. Case studies provide valuable insights into the benefits and challenges faced during implementation, as well as the outcomes achieved. Study these examples to gain a better understanding of how speech analytics can deliver value to your organization.

Request Demos and Customized Proof of Concept

Contact the shortlisted providers and request demos of their solutions. This will give you a firsthand experience of how their technology works and its suitability for your business needs. Additionally, ask for proof of concept to assess how well the solution can be customized to your collections needs. 

Assess Scalability and Integration Capabilities

Consider the scalability and integration capabilities (especially with the call recorder). Determine whether each solution is omnichannel enough to grow and adapt along with your business needs. Additionally, check if it can seamlessly integrate with your existing systems to ensure a smooth transition and efficient operation. Make sure you have answers to questions such as: 

• How well and easily will your selected solution integrate with the rest of your existing system, for instance with your CRM and existing compliance management/business intelligence platform? 
• Can you easily migrate your data to other tools should the need arise?
• Are there any cases of vendor lock-in or trouble users experienced with moving data to another provider?
• What kind of mobile analytical capabilities does your team need?

Ask Questions Related to Safety and Security 

Evaluate the security practices of a potential partner to ensure that the necessary precautions are in place to safeguard your information. The ownership of your data is critical. So, explore what options the contesting speech analytics products provide for user authentication, authorization, and access control. As a best practice: 

• Ask the solution provider if the platform will enable you to relegate or renounce role-based permissions to control who can view and who can refresh your speech analytics framework. 
• Check what standard security controls and procedures the vendor will put at the process, system level, and data level, to control precisely which users or groups can access which information. 
• Understand the implications of mobile speech analytics as this will allow end-users to access data wherever they are, (even outside of the company firewalls). 

Consider Implementation Requirements and Timeline

Evaluate the implementation process and timeline required for each solution. According to the survey by AccountsRecovery, it takes over three months to implement speech analytics in 50% of cases, which is not ideal. Hence, you should go for a service provider who can reduce this time to less than one month to quickly achieve a return on investment.

Assess whether your business has the necessary resources and infrastructure to accommodate the implementation. Choose a solution that aligns with your available resources and time constraints. The solution you choose must not disrupt your workflow at the time of implementation. 

Analyze Pricing Models and Return on Investment (ROI)

Compare the pricing models offered by different providers. Consider both upfront costs and ongoing expenses, such as licensing fees and support charges. Assess the potential return on investment (ROI) by estimating the value the solution can bring to your business in terms of improved efficiency, customer satisfaction, and revenue generation. In the ideal case, the service provider should own the ROI for you. 

Features to watch out for: When choosing a SA platform, it is also important to consider key features that would be most beneficial to your business. To assist you in finding the best solution for your specific needs, we have created the ultimate speech analytics buying guide. It offers expert tips to help you understand your user requirements, consider integration considerations, recognize the significance of reliable support services, and weigh other important factors before finalizing your decision. If you have narrowed down your search to the final two contenders, you can utilize our checklist by clicking here.