Author: Richard Stevenson, CEO Redbox
As contact centres look to differentiate and optimise the customer journey in order to reduce churn, increase brand loyalty and improve employee engagement, many are looking at how to make the most of task automation and their ability to leverage AI to improve efficiencies, save costs and increase revenue. A large part of delivering on this vision is to make the most of the hugely valuable insights available in the conversations that are taking place daily across the organisations.
It is imperative for organisations to analyse and tap into the wealth of information within captured voice data from call recordings of conversations taking place both within the contact centre environment and the wider organisation. For example, a call may originate in the call centre, but be resolved by another team, such as sales or finance, and sight of the customer journey is lost.
Our research shows that whilst voice data is increasingly considered a strategic and highly valuable data set, the accessibility and quality of the recordings, captured metadata and Automatic Speech Recognition (ASR) tools are critical to deriving insights from it. As transcription, machine learning, and artificial intelligence become more sophisticated (and have a lower cost to entry), organisations now have a significant business opportunity to take advantage of voice data at scale in both structured and unstructured format. This is especially relevant in customer service, a part of the enterprise where voice is a key component. Voice is an especially salient data point as it can convey intent, sentiment, emotion, action, and context - information that is often difficult to discern in other forms of data.
However, a recent survey* of CIOs and other IT management enterprise employees showed that on average, fewer than 50% of organisation-wide conversations are being captured. This is a significant oversight - potentially resulting in data silos and organisations failing to understand the true voice of the customer (VOC). Furthermore, if organisations are not equipped to record conversations across the full customer journey, they miss out on insights surrounding that interaction which could impact indexes or benchmarking such as The Customer Effort score. This results in businesses acting upon incomplete - or worse, incorrect - insights about customers.
Whilst 55% of those surveyed stated that their customer service departments could benefit from better analysis of voice data, a mere 8% believe the voice data their organisation is capturing is easily accessible for fuelling AI engines and analytics. This is a staggering gap between the potential value seen and the current reality of achieving that value, so why are 92% of organisations unable to tap into these valuable insights at the tips of their fingers?
The first issue is that voice data is rarely ever stored in one, cohesive place. Even in data-driven organisations, voice data is often locked away in a complicated mix of cloud and on-premise telecom systems, and disconnected from the products and services that can help unlock its insight and value. The second issue is, historically, how difficult voice has been to analyse at scale in an unstructured form.
Once an organisation is collecting contact centre voice data, manual analysis would quickly become impossible with a large enough data set. Indeed 84%* of organisations we surveyed expressed that it is pivotal to their voice strategies to have an open API approach, allowing freedom and options, feeding voice data into tools and applications of their choice and, crucially, not tying them to one provider.
Luckily, with recent technological advancements, there is huge potential for organisations to leverage voice data. By making a conscious decision to record all customer interactions happening in the workplace, an organisation can already be ahead of the pack. Finding a solution that can capture and transcribe voice data throughout the enterprise, fuel AI to improve the customer experience, and drive business and process improvements is more pertinent now than ever before and makes analysing unstructured voice data at scale a true possibility. For example, the capability to analyse customer voice interactions can provide hugely valuable insights to guide agent coaching, define best practices and assist with identifying the relevance and prioritisation of content creation to improve customer experience.
Improving the quality and cost-efficiency of the customer service department should be a priority for any forward-thinking organisation. As technology advances enable advanced voice analytics capabilities, organisations need to make sure they are paying attention to the data that fuels these tools, how it’s collected and stored, in order to take full advantage of the opportunity presented - with information that is already there, untapped.
As the recent research exemplifies, organisations that make the most of their voice data for the departments that need it the most are poised to gain a significant competitive advantage.
About Richard Stevenson:
Since joining the company in 2016 I have worked to ensure Red Box continues to expand its global footprint and drive to develop solutions to meet the needs of customers. Having worked in the software and financial services sectors for over twenty years my track record is in leading transformation and innovation. Working with a variety of business, ranging from FTSE 100 companies to start ups, my global experience spans the USA, South Africa, Hong Kong and Germany.
About Red Box:
Red Box Recorders provides software-based voice and data recording solutions.
Published: Monday, October 28, 2019
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