October 27, 2011: Speech analytics is gaining wide acceptance in various industries around the world. A recent study suggests that there are 2,600 instances of implementing speech analytics around the globe. Estimates show that the opportunity for implementing speech analytics is huge and it is increasing day by day.
Cost reduction is the most important driver behind implementation of speech analytics in different industries. Speech analytics will help organizations in making decision with little data and to monitor manual processes for quality. In the US, speech analytics is being adopted by organizations in order to comply with the law. In most of the cases cost reduction is main reason than compliance.
A major phone service provider in the US make use of speech analytics to distinguish the customer calls based on reason and to assess the performance of the agent based on the type of call. With the help of speech analytics solution management was able to identify problems associated with process and thus they were able to develop solutions. The changes that were brought in the process reduced the Average handling time 36 seconds per queue. The total time saved in a month amounted to 15,000 hours and $5 million per year.
The industries which use speech analytics include Insurance, finance and health care. Outsourcing companies has started to use speech analytics solution in order to improve efficiency and to increase sales.
The speech analytics solution helps call centers in providing the right kind of service to the customers. It helps the call center agents in obtaining data from customers which are not revealed by the customers. Thus collecting such information will help them to offer better service to customers by developing proper solutions to queries raised by the customers. The speech analytics solution will help in serving the customer better, which will make them satisfied. Such satisfied customers will spread positive word of mouth and thus will bring in more customers in future.
The speech analytics gather and analyze the audio data of the customer calls and detect clues and cues from the customer’s conversation. This will help the call center executive to understand what customer need easily and thus gives a solution accordingly. Speech analytics tool is gaining popularity in the BPO industry as it helps them in offering better service to the customers which brings in revenue in terms of profit and cost reduction. This also provides call center executives with opportunity to make cross selling and up selling.