8 Impressive Benefits of Speech Analytics
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Analyzing all your customer calls to gain real-time insights is no longer a hassle with speech analytics.
Speech analytics examines data collected from every interaction between your agents and customers to provide direct insight into the voice of the customer.
This valuable insight can help you improve quality assurance and customer satisfaction.
But those are just a few benefits of using speech analytics for your business.
In this article, we’ll cover eight impressive benefits of speech analytics and answer some related FAQs.
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8 Impressive Benefits of Speech Analytics
Businesses, especially contact centers and call centers, can experience a myriad of speech analytics benefits.
Here are some of the most prominent benefits of the use of speech analytics:
Understanding Customers Better
Speech analytics helps organizations understand needs, concerns, and ever-changing customer expectations.
Understanding customers better can help companies improve their products, services, and marketing strategies.
In addition, speech analytics software helps you quantify data to understand the percentage of users satisfied or dissatisfied with your service. This allows you to take concrete actions leading to better customer satisfaction and customer experience levels.
For example, with a solution like iovox Insights, you can record and transcribe all customer calls to analyze your customer’s wants and needs. iovox’s conversational AI can also help you:
- Spot trends across your customers’ needs
- Predict outcomes to boost sales and improve customer service
- Discover customer interests and the factors influencing purchase decisions
Tracking Agent Performance
Speech analytics is a great way to determine agent performance when it comes to customer service. It can quickly show you metrics like how well they are doing and spot their deviations from the script.
You can also use a speech analytics solution to understand where your call center agents or sales team need improving and what training would be necessary for them.
With iovox Insights’ conversational AI, you can review recorded or transcribed calls to track customer sentiment and speech. This will allow you to decipher what kind of customer interaction is helpful and what parts of the conversation aren’t beneficial.
You can then use the insight to alter sales call scripts to make them more effective and conduct better quality management.
You can get to know every customer and their motivations by incorporating speech analytics and call analytics — making it easy for you to personalize each customer interaction and your offerings per your clients’ needs.
This helps improve quality assurance, customer retention, and your chances of conversions while enhancing customer loyalty.
Moreover, when you understand customers and their sentiment better, agents can create a good rapport with them and show them how your product or service is the right fit for them. As a result of the good rapport, you can upsell or cross-sell products or services.
Mitigating Compliance and Risks
Many companies need to adhere to several operations and regulatory compliances.
This is made simpler by using speech analytics software as they can help you monitor if every agent complies with all guidelines while on a sales call or any call involving customer interactions.
With iovox Insights’ transcribed and recorded calls, you can detect customer conversation script deviations, data leakage, and factors increasing business risks — allowing you to nip compliance problems in the bud.
Reducing Customer Churn
Knowing why your loyal customers are leaving your brand can give you the power to turn your business around and retain your market share.
A speech analytics tool can help you spot why customer satisfaction and customer engagement are dipping for your brand.
For example, iovox’s speech analysis can help you spot keywords in real-time that result in customer churn.
All you have to do is input the conversation Artificial Intelligence with relevant keywords like “dissatisfied,” “discontinue,” “quality issues,” “cancel,” etc. The speech analysis AI will then track calls with those keywords and send out an alert for you to identify elements leading to dissatisfying customer experience and churn.
You can also choose to track keywords that enable customer retention. This only makes your quality management easier and better.
Reducing Business Losses
Speech analytics technology also offers accurate predictions about possible slumps and anticipates changing customer needs.
Predictive analytics let you prepare in advance, helping you through a turbulent market while avoiding substantial business losses.
A speech analytics tool like iovox Insights can help you spot major industry or customer behavior trends on calls to help you predict outcomes and improve customer engagement — preventing business losses.
The data collected by speech analytics software lets you focus your efforts more accurately, helping you reduce unnecessary costs while saving time.
You can use the valuable insight to make your products, services, selling, cross-selling, and upselling approach more effective, improving your probability of success — at a lower expense.
Now let’s answer some FAQs to understand speech analytics further!
FAQs About Speech Analytics
Here are some answers to speech analytics-related questions:
What is Speech Analytics?
Speech analytics is a technology that analyzes voice recordings or live agent phone calls to gain valuable and actionable insight into customer conversation, call quality, and customer behavior.
The technology helps you recognize audio patterns and carry out sentiment analysis to detect stress and emotions in a speaker’s voice.
A customer support or sales team can also keep up with changing customer needs and preferences by using phone call analytics — improving the overall customer experience and customer journey.
How Does Speech Recognition Software Work?
Speech recognition software captures spoken audio, breaks it into words, and then transcribes the verbal form into text.
Using algorithms, the speech recognition technology can process an audio track and divide it into separate sounds. This lets it scrutinize each sound to find the match in a chosen language.
The separate sound bites also help the software convert speech into a digital format to be further analyzed.
What Technologies Are Utilized in Speech Recognition Solutions?
Artificial Intelligence (AI), Natural Language Processing (NLP), and machine learning methods are common in advanced speech recognition software.
These systems use structure, grammar, syntax, and composition of audio as well voice signals for speech processing and sentiment analysis.
Businesses, especially contact centers and call centers, are now starting to understand the value of speech analytics and its use cases. It’s helping enhance their strategic planning processes and business strategy.
With speech analytics technology, you can identify your business’s strengths and weaknesses and make appropriate improvements — to successfully meet customer expectations and boost revenue.
So are you ready to adopt speech analytics for growth optimization?
Look no further because we have just the speech analytics solution: iovox Insights.
Start using iovox Insights today to see what works and what doesn’t for your company’s growth and customer journey!
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