What Are the Top Purchasing Drivers of Speech Analytics (and What Do They Mean for Your Company)?

speech analytics

Speech analytics technology offers a variety of operational benefits to companies: improved customer service quality, reduced operating expenses, up-sell/cross-sell opportunities, decreased customer attrition, and ultimately an improved customer experience.

But, when a company sets out to evaluate speech analytics software, it can be overwhelming to determine the right solution to suit individual business needs – especially with the sheer number of solutions available.  Research, in fact, shows speech analytics is one of the top five technologies evaluated by contact centers and that it’s a solution currently used by one-quarter of organizations across business sectors.

Given that speech analytics is one of the fastest-growing contact center tools, we decided to ask our customers about the top drivers influencing their decision to purchase speech analytics.  Our hope is that the responses will shed light on many of the considerations to take into account when evaluating a speech analytics solution, should your company find itself in that position.

Let’s take a look:

Agent Performance Improvements

In a poll of CallMiner customers who purchased speech analytics, 89% noted that improving overall agent performance was a top driver of their decision to purchase the technology.  Why, specifically?

By evaluating agent performance (whether through recordings or in real time), speech analytics enables managers and supervisors to identify immediate areas of agent strength and weakness, which can be used to identify agent coaching and training opportunities down the line.  Speech analytics also empowers agents with actionable information they can use to improve their own performance, as well as the resulting customer experience.

Regulatory Compliance

In certain industries in particular (collections, for example), staying up to date with compliance rules and regulations is a constant challenge.  Compliance violations can, however, result in serious business ramifications (i.e., fines and lawsuits).

For these reasons, between 64–84% of CallMiner customers purchase speech analytics software to meet compliance regulations.  With speech analytics in place, companies can eliminate compliance risk, improve agent monitoring by scoring 100% of calls, and ultimately boost agent performance.

Contact Center Efficiency

When business results aren’t up to par, it can be difficult to determine what changes need to be made to improve the efficiency of operations across the enterprise.  But, with between 61–72% of CallMiner customers stating they purchase speech analytics to improve contact center efficiency, it’s clear an investment in these types of technologies is a high priority for companies.

Nautilus, Inc., for example, immediately improved operational efficiency and drove significant cost savings by implementing speech analytics.  Specific improvements included a 196% increase in the number of calls Nautilus answered within 20 seconds and a 36% reduction in abandon rate compared to similar months the previous year.

Final Thoughts

There are a variety of reasons a company might make the decision to invest in speech analytics technology, including agent performance improvements, regulatory compliance, and contact center efficiency overall.

We hope the above insights from our customers have proven helpful as your company considers the reasons and goals behind such an investment.