Speech analytics in the contact center is not a new concept.
The first speech analytics products became available for commercial purposes in 2002. Typically comprised of a speech engine that converts speech to data, an indexing layer that makes it searchable, a query and search user interface to allow the user to define requirements and carry out searches, and reporting applications to present the analytics, speech analytics deployment has been increasing exponentially since that time.
Statistics show speech analytics solutions are currently in use in roughly a quarter of organizations, with the insurance (54%), medical (45%), and retail (40%) sectors accounting for some of the highest speech analytics implementations.
Speech analytics in the contact center is not a new concept – but there is still a considerable amount of information organizations do not understand about the technology. Forty-three percent of companies do not yet know what speech analytics really is or how it can benefit their business, says Smart Customer Service.
Previously, we wrote up a list of 13 things you might not know about speech analytics technology. To build on that list – highlighting some of the key trends in the industry and predictions for the future – we’ve compiled a list of 5 (more) things you may not know about speech analytics. Enjoy!
1) Speech Analytics vs. Speech Recognition vs. Voice Recognition
While there are similarities between these three forms of speech technology, it’s important to note the distinctions. “Speech analytics not only translates what someone said – much the same as speech to text – it also determines emotion and intent by analyzing how it was said and what other words were used,” according to one article highlighting speech analytics capabilities.
Speech recognition, on the other hand, provides a “best guess” as to which word the caller intends, while voice recognition (sometimes called “voice printing”) allows a person’s voice to be used like a “key” to gain access to secure systems or facilities.
2) “Traditional” Contact Center: A Thing of the Past
Research shows the number of telecommuters has increased by 800% over the past five years. As contact center agents increasingly work remotely, the ability to effectively and efficiently manage them becomes more difficult.
In the 21st century contact center, speech analytics extends beyond the four walls of the call center and turns unstructured audio data into actionable intelligence so sales managers can monitor the performance of their distributed teams to determine which agents are performing well (and why) and which require training…all from a web browser.
3) The Influence of Multichannel Analytics
According to a recent Call Centre Helper article, multichannel use is predicted to rise exponentially over the next two years. Video is expected to increase 311%, while WhatsApp will grow by 470%, reports CCH.
As customers come to rely on multiple forms of communication in the years to come, companies need to be leveraging multichannel analytics to optimize customer engagement. Multichannel speech analytics analyzes customer conversations across channels, providing insight into what customers want and need at every stage of the customer lifecycle.
4) Speech Analytics: By the Numbers
Contact Babel’s “U.S. Contact Centers in 2015: The State of the Industry & Technology Penetration Rates” report shows there were 43,675 U.S. contact centers and 211,000,000,000 minutes of inbound calling in 2014 alone. What’s more, emerging communications channels such as web chat and mobile customer service apps are set to grow at a CAGR of 21% and 49%, respectively, by 2018.
A recent CallMiner infographic shows how contact centers across the U.S. are using interaction analytics to capture and analyze data from across channels to continuously improve performance and gather business intelligence.
5) Speech Analytics Market Predictions
MarketsandMarkets research into the global speech analytics market for the 2014 – 2019 period shows the following predictions:
• Currently, the global speech analytics market is estimated to be around $450 million
• CAGR of around 24% over the next few years will result in a global speech analytics market valued at $1.33 billion by 2019
• North America will account for a large percentage of the global speech analytics market by 2019, with emerging economies (Middle East, Latin America, Asia Pacific) taking up a greater market share as 2019 approaches
Speech analytics may go by many different names – voice analytics technology, interaction analytics, customer engagement analytics, etc. – but the end result is the same: Speech analytics technology allows companies to improve agent performance, customer experiences, and ultimately the organization’s bottom line.
What unknown facts about speech analytics would you add to the above list?