CallMiner Product Innovation Series: December 2022
CallMiner's VP of Product Innovation, Bruce McMahon, shares highlights from the 2022.12 release in his latest product innovation blog.
In the call center environment, it’s critical to drive operational excellence at all times – especially with today’s consumer becoming more discerning than ever before. Recent consumer surveys, in fact, show that just one poor customer service experience can result in the demise of even the longest-standing customer relationship.
So what’s the best way to gain powerful market and voice of the customer insights, leading to improved agent performance and a better customer experience overall?
Speech analytics is one solution.
Speech Analytics: What Is It?
While there isn’t one definitive speech analytics definition – each company will leverage the technology in ways that are appropriate for that particular organization – there are core components of the software.
Speech analytics is 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.
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. Another huge benefit of speech analytics is mitigating regulatory compliance risk and fines.
Key Questions to Ask When Evaluating Speech Analytics
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 asking the right kind of questions can help companies identify the right solutions to meet their needs.
Consider the following questions:
The above list is by no means exhaustive, but rather meant to give businesses an idea of the kinds of questions to ask when evaluating speech analytics solution offerings. Additional considerations may include how the technology helps (specifically) with agent performance improvements, regulatory compliance, and contact center efficiency overall.
How to Get Started with Speech Analytics
After a business makes the decision to invest in speech analytics technology and selects the appropriate software to meet its individual needs, the question is: What comes next?
To move from purchase to product installation to a live operation, it’s a good idea to work with an organization that has a startup services package included as part of its overall software package. CallMiner, for example, offers standard implementation services for our software (project management, installation, technical configuration, testing, and analytics tuning), as well as optional implementation services, which include additional support (best practices, process development, and agent coaching).
The point is to invest in a vendor solution that will provide technical capabilities, in addition to extensive support and training on how best to use the technology.
The decision to invest in speech analytics technology should not be taken lightly. By giving due time and consideration to the right type of software to meet individual business needs, companies stand to reap the benefits of improved agent performance and a better customer experience overall.
Call center metrics, including call tracking metrics, can make improving operations at your contact center much easier to manage. Read this blog for t...
CallMiner is the global leader in conversation analytics to drive business performance improvement. Powered by artificial intelligence and machine learning, CallMiner delivers the industry’s most comprehensive platform to analyze omnichannel customer interactions at scale, allowing organizations to interpret sentiment and identify patterns to reveal deep understanding from every conversation. By connecting the dots between insights and action, CallMiner enables companies to identify areas of opportunity to drive business improvement, growth and transformational change more effectively than ever before. CallMiner is trusted by the world’s leading organizations across retail, financial services, healthcare and insurance, travel and hospitality, and more.