A report was released last week stating that the global speech analytics market is expected to reach $1.33 billion by 2019.1 Why is it growing so rapidly? Because companies like yours are recognizing that they need the insights hidden in call recordings. Here are five reasons why speech analytics are so important:
1) Big Data is not just one thing; it is everything. If you are committed to using Big Data within your organization, it is important not to leave out any sources of that data, especially not the 270 billion customer service calls that take place each year2. Speech analytics give you a way to use those calls as a data source well beyond the time the customer hangs up.
2) Call centers are not going away. Email, twitter, web chats, and other forms of communication are growing, but 90% of U.S. consumers still prefer to resolve their customer service issues by phone. Implementing speech analytics can transform the call center from merely an unavoidable cost to a rich source of business insights.
3) Your call center agents are vital to your customers’ experience. Well-trained, effective call center employees can be the difference between a satisfied customer and one who decides to churn. Speech analytics make it possible not just to spot-check call center interactions but, in effect, to listen to every call that comes in. This information can then be used to determine issues with your customer service agents, prompt additional training, and possibly forestall a bad customer service call from going viral.
4) Searchable transcripts support your compliance, audit, and litigation needs. A key component of speech analytics is the transformation of audio data into text. Text is much easier to share and to search when it comes to proving regulatory compliance, conducting an audit, or enabling the discovery process in the event of litigation. The data is available for anyone who needs it within the organization, in a format that can easily be found.
5) Accurate analysis helps business. Speech analytics, when done properly, gives you nuanced information upon which to base business decisions. If you have the right solutions in place to interpret the words correctly, categorize them accurately into the topics your customers care about, and identify how they feel about those topics, you have a treasure trove of information. You can hear about processes and products that are broken, learn how to communicate more effectively with your customers, and provide them with service that solidifies their loyalty to your brand.
Speech analytics is critical to having an overall understanding of the customer. It is the most literal expression of the Voice of the Customer, and can serve as a foundation to providing an excellent customer experience.
Lisa Sigler is Sr. Manager of Content Marketing at Clarabridge. For over 16 years, Lisa has used her writing and editorial skills to bring the value and benefits of technology to life. In her current role, she works to demonstrate Clarabridge’s position as thought leader and trailblazer in the Customer Experience Management market. Lisa holds a B.A. of English from Kent State University. Read more from Lisa on Twitter @siglerLis.