July 2020 A Primer on Advanced Speech Analytics
What It Is
Voice AI is the combination of speech analytics and quality management. The goal of the platform is to improve the overall customer experience by giving agents more data than ever before. Three of the main benefits of Voice AI include:
- Transcribe and analyze all calls, rather than a handful so an organization can measure customer satisfaction. Every call that an agent places or receives will be recorded, transcribed, and analyzed. This meets any compliances an organization faces regarding recording and extends quality management to every call.
- Provide real-time and/or historic data to measure the success of agents and the organization as a whole.
- Offer coaching to agents based on real call data.
One of the key benefits of a Voice AI solution is Quality Management. Many organizations perform this task manually, which results in an extremely narrow scope of calls. For example, administrators sample approximately 2% of an agent’s calls if performed manually. Analyzing 100% of calls ensures that organizations are measuring KPIs are being met. These solutions can report on sentiment, escalations, and how agents respond to disgruntled customers.
Why It Matters
When considering improvements to Contact Centers, organizations often only consider the areas that are going wrong and issues that are lowering sales conversions, but a next generation speech analytics platform also enables an organization to track things that are going well. For example, the ability to track conversations and transitions that are leading to greater sales conversions and replicate those actions for all agents.
Voice AI platforms allow an organization to dive into the tone, reflection and sentiment of agents and callers. This information allows a company to give greater care to their customers while offering deeper levels of coaching and insight for agents. This allows administrators to offer informative feedback to agents in bite -sized chunks of factually based information. Because a Voice AI solution analyzes 100% of calls, administrators spend more time coaching and less time listening to recordings.
During consulting engagements, BEK Networks finds that contact center managers/teams are often making decisions without any data. Call Center Managers often have no real analytics or reporting to track the number of agents they need on duty or areas they can actively improve. Organizations will struggle to make decisions that will positively impact the revenue without factual, relevant data.
With the tools available in the marketplace, organizations can finally have the resources to automate call reviews, performance reviews and agent feedback and training. This comes at a fraction of the cost of hiring Contact Center Administrators to manually perform these tasks and rapidly increases the ability to perform these tasks and impact change. This allows a business to do more, with less, at a faster pace.
Despite New Channels, Call Center Volume Is on the Rise
Contact Centers now boast omni-channel solutions to ensure organizations connects with customers across a multitude of platforms, including SMS, chat, email and social media. While polls suggest that many customers prefer to utilize these new channels, the volume of voice calls is still on the rise and remains the primary channel for connecting with a support team. A surge in call volume has also been experienced due to COVID-19 and Work from Home (WFH) needs.
The continued surge in call volume does not mean users will tolerate an agent’s lack of empathy due to unprecedented times. As CSAT scores lower, the top line revenue of organizations also falls. Voice AI is a strategic opportunity for businesses to retain customers and increase the recognition of their brand. The result of this, of course, is greater revenue.
Training Has Evolved
Voice AI allows an organization to move past the classic approaches to training Contact Center agents, such as pre-scheduled group training and ad-hoc reviews. Group trainings can miss outlier issues that an agent may be struggling. The analytics that these new platforms offer enable a team to go beyond standard training and pinpoint the areas that need the most attention. Every organization is different and the training that agents receive should reflect this.
How Do I Know if This Is Right for Me?
Questions to consider:
- Is your company capable of analyzing all calls that come into the contact center for transcription, sentiment analysis and overall business analysis? If not, your company is losing money.
- Are you maximizing your Quality Assurance investment? What percentage of calls are evaluated every month? Did you know you can automate the QA of 100% of your calls for approximately the same costs as evaluating 2% manually?
- Is your marketing team able to monitor the conversations in the contact center to measure the response to their marketing initiatives? How do you evaluate that your marketing efforts are driving revenue?
- Is your enterprise unlocking the value of its largest set of data – the conversations in the contact center?
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