What Is Speech Analytics Software?

What Is Speech Analytics Software?

The power of speech analytics software lies in the customer service advantages it can give your organization. You get actionable, compressed, and insightful analytics you can trust. Speech analytics software harnesses significant technological advancements with artificial intelligence (AI) and natural language processing (NLP) to enhance the effectiveness of your agents. NLP converts spoken words into text, and then AI analyzes the text for tone, sentiment, etc.   

In practice, speech analytics software can transcribe calls in either real-time or post-call, with the benefit of being able to alert, analyze, or score these calls and improve key performance indicators within an organization. That’s the power of AI and NLP working together. Understanding the meaning behind what’s said allows you to dig into the true meaning of the interaction and how to handle it differently in the future. Imagine what you can do with a complete picture of an interaction and access to the depth of insight from the data. A study from McKinsey found that using tools like speech analytics software can reduce agent average handle time by up to 40 percent.  

It’s not all about the agents, though. By digging into the caller’s speech markers, you can gain insights about their intentions. Can your current quality assurance methods claim to do the same? 

Why is Speech Analytics Software Important? 

By no means does speech analytics software replace industry standards like Net Promoter Score (NPS). Still, since those surveys don’t happen often, NPS relational surveys are typically quarterly. Overall, the value of the results can be diminished due to a lapse of time, and corrective action to save a client may be too late. Speech analytics lets you get immediate analysis done and can take proactive steps to reduce strain on clients and agents.  

Types of Speech Analytics  

There are two main types of speech analysis: real-time and post-call. Both have their place, but it’s essential to understand how they are individually effective. 

  • Real-time analysis: When an agent is actively on a call or in a text interaction, speech analysis is done to look for client tone and word usage. It then prompts the agent to things they may be missing so they can try to redirect the interaction into a more positive one. 
  • Post-call analysis: Once the call has ended, the transcript is analyzed for keywords and phrases and scored for the overall call. Highlights are then added to the recorded call for review or teaching opportunities.  

Both of these tools are just that—tools. Humans still need to be involved to grasp the communication nuances unique to every interaction, but these are an invaluable start to the process. Quality assurance (QA) is an often overlooked but extremely important aspect of every customer interaction. 

Benefits of Speech Analytics 

The timeliness of analysis is the big winner for any organization. Again, a person listening to a call is great, but they must listen to the entirety of the call. That’s a real-time loss compared to the few minutes to get a complete score after an interaction. Then, once that is received, if further investigation is needed, QA or a supervisor can look for specific ranges of scores and have a more targeted look. With the speech analytics software, you get a more complete picture of the customer journey; 75 percent of customers expect their needs to be anticipated and make suggestions to ease the number of issues. 

Improved Customer Satisfaction 

By identifying concerning phrases or tones, the agent can quickly adjust or redirect the conversation to better satisfy the customer’s needs. After the fact, the interactions can be analyzed to check for specific issues with one client or the agent’s overall tendencies. In either scenario, the goal is to improve communication patterns that benefit the customers.  

Increase Agent Performance and Resolution Rates 

Broad speech analytics has the opportunity to quickly shape the agent into a highly influential member of the team. Usually, when working in a call center or outbound call occupation, exposure to more questions and resolutions will happen over time. Still, the benefit of speech analysis is that you improve faster based on data instead of experience alone. The employer could hold monthly teaching sessions about different issues and use the data to help inform the rest of the organization.  

Drive Operational Efficiency 

With speech analysis, you can get into the nitty gritty of your interactions to pull out the deep down in their reasons clients are happy or disgruntled. Are they unhappy about a recent price increase on a product? Are you even aware there have been calls on it? By identifying the unspoken or glossed-over pricing issue, you will end up saving revenue if you can make the needed changes. You can’t always change the price, but maybe you can lower shipping costs or send discount coupons, which shows you hear them. 

Mitigate Compliance Risks 

Plenty of industries have compliance-related issues that can pop up during interactions. In the medical sector, there is HIPAA (Health Insurance Portability and Accountability Act), and for debt collectors, it’s FDCPA (Fair Debt Collections Practices Act), but these are just a couple of examples.  

The point is that there are highly regulated industries, and you must ensure your employees are mindful of these regulations. In most instances, self-reporting a violation is better than being caught and prosecuted. Each plaintiff who sues and wins can be awarded up to $1,000 for the violation. It’s not about trying to skirt the issue but facing it head-on. On the flip side, you can use the recordings and analysis to rebuff any claims brought against you.  

Dramatically Improve Call Performance with Speech Analytics Software from Vaspian 

The power of speech analytics software cannot be understated. From increased interaction quality to a deeper understanding of your customers and business, speech analysis is the operational upgrade your business deserves.  

Vaspian is a leader in cutting-edge telecommunications and business solutions built to fit your organization’s needs. Contact us today to see how we can help take your effectiveness to the next level

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