8 DAYS LEFT TO ENTER THE AWARDS!
Compete in 2019 for a World Title and be named Best in the World in one or more than 34 awards - Click here to apply now
JOIN US AND HEAR BEST PRACTICES
At the 2019 NEXT GENERATION Contact Center & Customer Engagement events - Click here to book now
Time to upgrade your membership
Take advantage of all the benefits of an executive membership - Click here to upgrade now
Article : Speech Analytics in Contact Centers
In its incipient stages, the speech analytics market faced formidable growth barriers including low customer awareness and a lack of understanding about quantifiable ROI. But today, speech analytics is one of the fastest growing technologies in contact centers. In the past few years, the implementation of speech analytics has become commonplace, and in the future, we expect this trend to accelerate.
The Transformative Effect of Speech Analytics
But why is speech analytics growing so rapidly? One reason involves its powerful, enterprise-wide impact. Speech analytics identifies real business challenges and opportunities, delivers measurable benefits and improves the customer experience. Furthermore, this new technology delivers great value to multiple corporate departments including marketing, sales, product development and manufacturing. By using speech analytics, the marketing department, for example, can evaluate the success of a campaign while product management gains new ideas for product improvements.
Sponsor message - content continues below this message
2019 '14th annual' Global Contact Center World Awards NOW OPEN!
Enter your Center, Strategy, Technology Innovation, People and more into the ONLY TRULY GLOBAL awards program - regarded by many as being like the Olympics for the Contact Center World! Join the best from over 50 nations and compete for the most prestigious awards out there!
Content continues ….High-volume contact centers must handle a vast quantity of unstructured data making it time-consuming and cost-intensive to extract relevant information. Speech analytics technologies, however, enable the automatic search for critical keywords within a huge mass of data, thus making previously hidden information accessible on a near real-time basis. The newly gained insights can be transformed into valuable business knowledge with company-wide impact. Corporate decision-makers can use informative voice data and interaction trends to facilitate customer services, streamline processes and reduce costs, thus boosting revenues in both their contact center and other business areas.
The growth of speech analytics can also be attributed to technical improvements of the technology itself. While the precision of speech analytics used to hover around 50 percent, today these systems actually offer an 80-to-90 percent matching accuracy. Moreover, the speed of the results has also increased significantly, enabling real-time information for company decision makers.
Speech analytics combined with emotion detection provides unique capabilities. Emotion detection is based on analytics of typical voice characteristics and is used for identifying calls, which contain specific acoustic signals, e.g. high volume. Combined with speech analytics you can detect relevant conversations more precise, because additionally to the acoustic characteristics textual features are also considered.
Speech Analytics in Workforce Optimization
Speech analytics also represents an integral component of workforce optimization (WFO) solutions. (WFO also encompasses communications recording, quality monitoring, eLearning and workforce management.) This technology, in tandem with speech analytics, improves multiple contact center KPIs including first call resolution (FCR) and average handle time as well as identifying knowledge gaps and training needs for call center agents. As a result, agent performance and customer satisfaction improve significantly. Workforce optimization solutions use keyword spotting or phonetic indexing. The latter technology provides greater flexibility for variable search terms, while keyword spotting offers a greater matching accuracy.
Thanks to its transformation of unstructured data, technological advancements and the ability to boost revenue and customer loyalty, as well as offering enterprise-wide feedback, speech analytics will continue its expansion in contact centers for the foreseeable future.
Today's Tip of the Day - Integration
More Editorial From ASC
About Florian Ackermann:
Florian Ackermann is Solution Marketing Manager for ASC Technologies AG, a global provider of workforce optimization (WFO) and advanced recording solutions.
ASC is a worldwide software company with a variety of solutions to record, analyze and evaluate communications. All multimedia interactions in contact centers, financial institutions and public safety organizations are documented and analyzed. The content of communications becomes transparent, critical information is generated and market trends are revealed, providing real-time business intelligence for immediate management action. With subsidiaries in the United Kingdom, France, Switzerland, the United States, Brazil, Japan, Singapore and Dubai, as well as certified and vastly experienced distribution partners, ASC’s ambitious projects span more than 60 countries. Headquartered in Germany, ASC is a global player with an export quota of almost 70 percent and a worldwide service network.
Published: Friday, April 10, 2015
eGain customer engagement solutions power digital transformation for leading brands. Our top-rated cloud applications for social, mobile, web, and contact centers help clients deliver connected custom...
Verint Systems is a provider of analytic software-based solutions for the security and business intelligence markets. Verint solutions transform voice, video, and text into actionable intelligence - m...
Atos is an international information technology services company with annual 2011 pro forma revenue of EUR 8.5 billion and 74,000 employees in 48 countries. Serving a global client base, it delivers h...
CallMiner is a provider of enterprise speech analytics. CallMiner believes that resolution is the fundamental driver of positive customer experiences. With the tagline “Listen to Your Customers, Impro...