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April 11, 2014
Investing in a speech analytics technology solution is a big decision that begs many questions. If your organization is considering implementing speech analytics software, there is much research to be done about which solution will best fit with your needs and provide the biggest ROI.
According to Donna Fluss, President of DMG Consulting, speech analytics can help call centers achieve four primary goals: reducing operating expenses, providing outstanding customer experiences, increasing revenue, and reducing customer attrition. Fluss also estimates that the ROI of speech analytics can be realized in as little as nine months after implementation, making the benefits far outweigh the costs.
When evaluating speech analytics software, it’s easy to get overwhelmed by the sheer number of solutions available. Of course, there is no one-size-fits-all approach to speech analytics, but the following list of questions can help you identify the right solution to suit your individual business needs:
1. What does your organization hope to achieve with a speech analytics solution?
This is the logical place to start when evaluating speech analytics software. If you’re a large organization with a high volume of calls, you may want to consider an on-premise enterprise solution that will allow for comprehensive analysis. For smaller organizations with fewer resources, a desktop solution with basic call categorization and more flexibility with regard to how and when it’s used could be more appropriate.
2. Can the speech analytics platform be used to build a single view of the customer?
With customers increasingly relying on not only phone conversations but also newer communications channels (i.e., social media, email, live chat, surveys) in order to interact with companies, multi-channel analytics are becoming essential for providing a unified customer experience.
3 Does the solution offer speech analytics in real time?
Knowing what transpires between agents and customers while the call is still ongoing (as opposed to after the call has ended) is critical toward ensuring customer satisfaction. Real-time call monitoring allows managers to review calls as they happen so they can get an idea of how agents work on a day-to-day basis, instead of reviewing a sample size of randomly collected calls.
4. How quickly can the data mined from calls translate into actionable business insights?
Call Centre Helper sums up the importance of this point nicely: “Listening to thousands of hours of recorded audio shouldn’t take thousands of hours. Large call centers with hundreds of agents making thousands of calls per week should expect to get deep and meaningful intelligence within hours or a few days.” When evaluating speech analytics solutions from various vendors, be sure to think about how quickly you expect to see results – and select a supplier you feel most confident can ensure your return on investment.
5. How does the solution integrate with existing recording technology?
To ensure optimal results, a company’s existing call recording and quality monitoring infrastructure should be properly equipped to handle the introduction of speech analytics technology. According to Call Center Helper’s guide to buying speech analytics, the “combined solutions should offer a tightly integrated user experience, minimizing or altogether eliminating the need to alternate between separate application interfaces.”
6. Does the solution offer easy-to-read reporting dashboards for purposes of agent training?
Speech analytics solutions such as myEureka can do more than deliver feedback to agents; companies can also use the insights gathered through real-time call monitoring to roll out best practice training programs to their agents. When evaluating potential analytics solutions, consider whether the product provides easy-to-read reporting dashboards that can be shared with agents during coaching sessions.
The above list is not by any means exhaustive; there are many considerations to take into account when evaluating a speech analytics solution, chief among them the individual needs of your business.
What’s perhaps most important is that you’ve identified, at the outset, what your organization hopes to achieve by using speech analytics. The answer to this question will help you determine what kind of solution most appropriately caters to your business needs.
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