Speech Analytics as an Enterprise Change Agent
Four ways that speech insights can impact the contact center and beyond
Speech analytics technology is becoming an essential change agent across the enterprise, with impact beyond the contact center, or customer engagement center.
Many forward-looking organizations are using speech analytics to mine millions of customer call recordings for powerful actionable insights that can help improve the customer experience and optimize business processes.
How It Works: Mining Call Recordings for Customer Insights
Today, the phone call remains a top channel for customer interaction by volume—and a gold mine of information. For instance, a five-minute call can contain about 1,000 words that can reveal needs, complaints, product feedback, and potentially even competitor data.
Speech analytics can automatically analyze millions of call recordings to help make important discoveries for the organization:
- Categorize calls (e.g., by call type, product/service, outcome, emotion)
- Discover trending topics
- Gauge customer satisfaction and churn risk
- Track agent performance
- Analyze root causes of issues
Four Ways Speech Analytics Makes Businesses Better and Customers Happier
Speech analytics can produce powerful actionable insights that can help the contact center, as well as other parts of the organization. Here are four potential ways, with examples:
- Lowering Contact Center Costs and Improving Agent Productivity. In one case study, Verint Speech Analytics helped a large North American telecommunications company with 9,000 agents discover why it was receiving millions of highly similar customer calls asking “where’s my phone?” It was due to a misalignment between order fulfillment and delivery processes—a critical insight that enabled the company to fix the issue and save $30 million Canadian dollars in the first year alone.
- Fixing Self-Service Issues. In another case study, a leading U.S. personal property and casualty insurer used Verint Speech Analytics to discover confusing IVR prompts that were frustrating customers and leading to unnecessary phone calls. Those insights led to IVR enhancements that reduced agent call volume by 60% for a savings of $1 million U.S. dollars since implementation.
- Reducing Customer Churn. In this customer example, an international financial services company with 3,000 agents used Verint Speech Analytics to identify “at-risk” customer accounts by analyzing previously lost accounts and their associated speaking patterns within phone conversations. By implementing changes to address this issue, within three months its agents prevented 600 current at-risk customers from leaving, saving $1.7 million USD in revenue.
- Detecting Business Process Issues to Improve Outcomes. In another case study, a leading supplier of maintenance, repair and operations products used Verint Speech Analytics to reveal business process issues that, once addressed, resulted in reduced product returns by a significant margin.
Interested in learning more about these case studies? Click here for the eBook called “Transforming the Contact Center into an Enterprise Change Agent.”
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