Why You Should Use Speech Analytics

The principal reason that you should use Speech Analytics in your business is that it will enable you  to, analyse and act upon 100% of customer communications. Expose and resolve broken procedures, identify and exploit winning strategies and replace tactical sampling with genuine strategic oversight.

Speech analytics will enable you to identify the words and phrases your agents are using, pin pointing the use of negative, defensive and ineffective language such as 'sorry', ‘not possible’, 'I’m afraid', 'unfortunately it’s our policy' and 'I can't do that' as well as assessing the impact of up sell / cross sell proposals made by your agents. You will also be able to assess to what extent compliance with legal regulations, training and internal procedures are actually being achieved.

Without total coverage of your communications, irrespective of the alternative methods of performance management you employ, you are leaving your self open to making decisions on small samples using subjective analysis, anchored in conventional wisdom.

Our consultants have successfully employed speech analytics to address a multitude of business issues, including customer satisfaction, compliance, business development and debt recovery as well as uncovering issues that the company was unaware of at the start of the engagement. The following examples show areas where speech analytics is extremely effective.

Customer Satisfaction

Speech analytics will enable you to get underneath the raw telephone statistics of queue times, call handle times, lost calls etc... to the actual conversations, where the true causes of customer satisfaction are to be found. For example in a recent engagement;

"Speech analytics results showed that 30% of all agent talk time was in fact silence and the drop in customer satisfaction was due to in-call waiting." more...

Compliance

Compliance can fall into many categories regulatory, procedural or adherence to management guidelines and directives. Speech analytics will enable you to score the number of compliant calls based upon your criteria, to a very high level of confidence.

For example caller/account holder verification in one particular bank required customers to give three pieces of information before being given access to their account information. Using Speech Analytics 94 % of calls were found to be compliant, which meant 60 out of every 1000 calls were potential security risks. more...

Business Development

Speech analytics will quickly identify winning strategies by linking words and phrases to positive outcomes, as well as assessing the emotional impact on customers of offers proposed to them. Conversion rates can be skewed by the number of times an up sell or cross sell proposal is actually made, a conversion rate of 1% could increase to 4% when the proportion of calls where the offer was actually made is taken into consideration. more...

Debt Recovery

Speech analytics will enable you to assess the level of commitment achieved by your agents, identifying causes for promises to be kept or broken. Highlighting best practice and objectively confirming successful approaches or identifying other causes for collection performance. more...

Fraud Detection

Speech analytics allows companies who deal with and record large numbers of telephone applications to virtually listen to every call and identify, cross reference and review all calls matching a set criteria. more...

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