Author: Chris Robinson, Director and Executive Chairman, Awaken Intelligence
According to the research firm, Technavio, the global voice and speech analytics market is poised to grow by USD 2.17 billion during 2019-2023, progressing at a CAGR of almost 18% during the forecast period. What’s exciting about this news is that more businesses are recognising that this technology can transform their customer experience (CX) while helping to drive greater efficiencies across their call centres. So, if you haven’t considered implementing voice analytics (VA) and speech analytics (SA) for your contact centre here’s a few reasons to get onboard with this astounding technology.
One of the key highlights from the Technavio research is the ability VA and SA will give organisations adapting to rising trends and changes in consumer behaviour. Consumers have had to rapidly modify their own behaviours this year and many will be more au fait with technology as a result. That familiarisation will result in a greater level of expectations so how can voice analytics help you to stay across your customers’ demands?
The first advantage of VA is the ability to better understand a customer’s perspective through their voice and tone. The pitch, loudness, timbre, speech rate and pauses in a customer's voice will help you to analyse and assess whether a conversation is proving to be a positive, or negative, experience for them. What’s more this will be a two-way conversation so you can also measure your agent's tone of voice too. This insight will help you to understand how they are feeling during a conversation, while at the same time measuring sentiment based on the words used.
Businesses are starting to realise how important their customer experience (CX) is therefore embracing the technology to help them stay ahead of customer expectations is a no brainer. Apparently 96% of American businesses close their doors within 10 years (of being established) and a contributing factor to that is poor customer service. Making sure your customers don’t have a negative experience or equipping your agents to transform a customer problem into a positive conversation is business critical.
VA not only helps to take the heat out of a tricky situation but because it provides data you and your team can use these insights to reduce call times and repeat calls helping to reduce customer churn and improve the quality of their experience. As Gartner recently highlighted 94% of customers with low-effort interactions intend to repurchase compared with 4% of those experiencing high effort.
So, if you’re new to this technology you may want to find out more about how you can utilise a combination of language analytics and behavioural analytics such as topic modelling, natural language processing (NLP) through to acoustics and vocal emotion detection to create greater insight into your agent and customer conversations.
From this crucial date you can extract actionable insights and introduce quick changes to improve agents’ performance while analysing calls to help them to identify complains. Ensuring that you’re both compliant and able to react to vulnerable customers means that you can rapidly transform your CX. And what’s really important is that with embedded machine learning you can continue to learn and therefore adapt to your customers’ ever-changing needs. Consumers don’t stand still and in the land of call centre technology nor should you.
Published: Monday, August 17, 2020
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