Technology is advancing so rapidly that it is no longer surprising to see innovations. Speech analytics, in particular, has taken over the business world, giving owners a valuable tool to gather data and insights. Speech recognition technologies have been around for quite some time now, starting with software that transcribed phone calls. However, over the years, they have become so advanced that many services and applications today can also recognize emotions and analyze audio patterns.
The evolution of speech analytics has opened up many opportunities for companies to gain more insight into their customers. The tool has grown particularly quickly in the call center field as it helps agents understand customers better and address their needs effectively. To learn more about speech analytics, continue reading to see how the tool can help your business.
How Does Speech Analytics Work?
Understanding consumers’ pain points has always been a difficult task for any company. After all, customers rarely give out this information voluntarily, and even the most perceptive people can have a hard time detecting nuances in behavior. Speech analytics essentially remedies this issue by processing calls and voice recordings to uncover customer insights. Nowadays, the customer experience you deliver can determine how well you perform in the industry.
Real-time speech analytics is used during calls to help agents provide answers based on similar queries in the past, alert a supervisor for situations that need intervention, or remind agents to read disclaimers. Features like natural language IVR and guided scripting to streamline interactions. With these, customer service representatives can address callers’ concerns more effectively and become more productive.
Post-call speech analytics tools, on the other hand, process call recordings with multiple steps by converting the unstructured data into structured data. The exact process can vary for each speech engine, but one common method is to convert the unstructured data from recordings to a series of phonetics. The information is then processed to create reports containing observable language patterns and characteristics.
Why Use Speech Analytics?
Conversations with customers can be complex, making it challenging to deliver accurate information at all times. Speech analytics essentially allows businesses to gauge their performance and see if their products or services are up to standard or whether there are issues that need to be addressed. Overall, some of the top benefits of integrating it into your business include:
1. Boost Returns
Business owners often do not realize how much influence the contact center can have in uncovering the root cause of problems. Complaints and concerns are coursed through there, so analyzing your conversations with customers can help reveal inefficiencies in your operations or products and services. With that, you can significantly boost your returns and keep your customers satisfied.
2. Improve Relationship with Customers
Speech analytics is a valuable tool for improving your Customer Relationship Management (CRM) strategy. Its technologies can boost agent performance and reduce the likelihood of complaints since you can constantly improve your systems and processes.
3. Identify Opportunities
The feedback you get will be useful not just for detecting problems but also for identifying potential opportunities. With speech analytics, you can humanize your customer service approach and thus consider your consumers with every step. As you learn more about your customers’ needs and expectations, you may be able to discover untapped areas that you can explore for your business.
With all that said, it is important to understand that maximizing the benefits of speech analytics requires that you have the right people for the job. You will need the proper infrastructure to implement the process and have knowledgeable people interpret your data. Choosing the right speech analytics vendor will thus be crucial to get the best possible insights. For example, what sets Vivo Analytics apart from most other providers is that they use a flexible approach to work with your needs and offer a pre-built approach to ensure easy implementation.
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