Digitalization is optimizing the existing processes in many businesses. Adopting a new technology demands sheer determination, effective change management, and decent user adoption. However, one of the key aspects, not much focused on, is measuring the Return on Investment (ROI). Speech analytics has no value unless it helps to drive business success. Any technology initiative is incomplete without identifying measurable benefits.
Speech Analytics benefits the organization in two ways.
- By reducing the cost
- By increasing the revenue
How does speech analytics reduce costs for contact centers?
From avoiding fines due to compliance violations to improving agent performance, speech analytics reduces the operational cost for contact centers by contributing to the following areas.
1. Reduced Monitoring for Continuous Compliance Checks
AI-Powered interaction analytics automates the entire compliance check process and improves the efficiency of your team. This prevents time spent on round-the-clock monitoring and continuous compliance checks. With the power of Artificial intelligence, any violation can be identified and acted on in real-time.
2. Avoiding Non-Compliance Regulatory Fines and Damages
Speech analytics empowers contact centers through real-time compliance monitoring. As a result, any compliance violation can be caught and fixed immediately. This not only keeps your organization in control but also prevents those hefty fines and damages due to compliance violations.
3. Reducing Call Volume
With the help of interaction analytics, organizations can identify and fix processes that are causing an increase in call volume. Problems with self-service channels, IVR, live chat, website, distribution, etc. are key areas that can reduce call volume.
4. Eliminating Unnecessary Callbacks
Many times, customers call back because of not getting the resolution on the first call. This increases customer frustration of repeating themselves to multiple agents and increases the average handle time. Speech analytics provides call center agents with the resources to increase the first call resolution rate, eliminate such unnecessary callbacks, and reduce average handle time.
5. Increasing Self-Service
Interactive Voice Response (IVR) and Live chat are effective ways of responding to common customer concerns, while the human agents focus on more strategic conversations. With the aid of speech analytics, organizations can identify common customer concerns that can be addressed through self-service portals.
6. Reducing time spent on each call
With speech analytics, call centers can identify the actual reasons why customers are calling. Reasons for Call analysis can identify key training points for agents about specific concerns and empower them with resources that can help them resolve customer concerns in a minimum amount of time. As a result, time spent & transfers on each call can be reduced to a greater extent.
7. Reducing Training & Turnover Cost
Interaction analytics empowers call centers to identify areas of opportunities for personalized agent coaching. Through training need identification & analysis, the time spent on training agents can be reduced, while simultaneously helping agents with their specific challenges. Due to this, agents feel motivated resulting in the reduction of agent attrition rate & recruitment costs.
Increasing Contact Center Revenue with Speech Analytics
Contact centers not only reduce contact center expenses but also empower the revenue generation streams. From improving sales conversions to increasing debt collection ratios, here are some major areas where speech analytics makes a remarkable difference.
1. Increased Sales Conversions
Interaction analytics identifies the critical sales behavior of agents. As a result, organizations can incorporate best practices in their agent coaching & training process to increase sales conversions.
2. Higher Debt Collection Ratios
Poor agent performance can increase the risk for call centers doing debt collection. Because of strict regulatory and compliance norms, it is evident that debt collectors have to work under continuous pressure. Speech analytics helps in identifying best practices that lead to a good recovery rate while simultaneously eliminating the negative performance trends.
3. Improved Customer Service Evaluations
With the help of speech analytics, agent performance can be monitored and evaluated in real-time. Hence, agents can be supervised and guided instantly when they need it the most i.e. when they are on call with customers. It also empowers call centers with the evaluation of 100% of customer interactions rather than just a sample of calls.
4. Competitive Edge by Quick Responses
Interaction analytics ensures agents are loaded with all the information and resources necessary for them to be successful in their job. Therefore, agents will be responding quickly to the customer, providing the brands a competitive edge in the market.
5. Reduced Customer Churn
Since customers are getting quick responses and their problems are getting resolved on the first call, this makes a huge impact in building a positive brand image and reduces customer churn. Interaction analytics also provides analytics in real-time in order to make every customer interaction a delight.
Etech Global Services is a servant leader organization with over 20 years of experience in delivering remarkable customer experiences. At Etech every customer interaction counts and we have a unique approach to handholding the customers while they embark upon their digital transformation journey. Our in-house team of data scientists possesses experience in providing these services for a variety of different industry verticals.
Initially started as a call center, Etech has also ventured into providing speech analytics and call center quality monitoring & analytics solutions through Etech Insights, which makes a remarkable difference for our partners and their customers. Contact us today to learn more about Etech’s services and how we can help you!
This Blog was earlier published on LinkedIn