Speech Analytics software is something we used to love going over at Voxbone. And although it’s not something we talk about a lot anymore, Voxbone is still compatible with speech analytics applications thanks to our technology partnerships. Read more here.
Last week I laid out three ways that Speech Analytics can transform your company’s voice communications for the better. Now I’d like to share the final three areas where investing a bit more can mean big benefits to your business. So, open your ears and get ready for the returns.
Sales process improvement – grow your ROI
Investment required: $ $ $ $ $
Problem: Very often, “contact center” is an expenditure line in your budget. Constant optimization, training, maintenance, and equipment upgrades require investments that are not always compensated by sales volumes generated by your agents.
Solution: Contact centers can achieve phenomenal ROI by leveraging speech recording/analytics to improve sales processes. It’s common for companies with these implementations to see a 2X or 3X return within as little as nine months.
By recording calls over the Voxbone network and implementing Voxbone speech recording and analytics solutions, you can have each call automatically recorded, transcribed, and tagged with descriptors, according to company policies. Sales managers can mine this information to continuously improve operations and performance.
Example: A user calls and is clearly aggravated with an invoice. They say it’s the third time they’ve called without a reolution. Tags such as “upset,” “multiple calls” and “billing inquiry” can be automatically applied to a transcript or log by a Voxbone speech analytics partner.
Calls that are highlighted with tags like “angry” or “threatening” can be flagged in daily reports. This allows sales executives to further review a recording or transcription to identify common issues, identify agents that successfully resolved difficult calls, and to take corrective actions to improve sales results. Here is another great example from our partner CallMiner on how you can boost sales effectiveness.
Achieve 100% compliance – avoid fines or setbacks
Investment required: $ $ $ $ $
Problem: Speech analytics is playing an increasingly vital role in helping companies meet regulatory requirements. In fact, many companies initially use speech analytics solely to document compliance, at least at first. Contact centers, for example, that are focused on debt collection face tremendous challenges in ensuring compliance. Rules vary by country, but in most cases, the debt collector is required to begin the call by providing his/her name, the company name and the purpose of the call.
This particular type of call center agent would begin each conversation by saying something like, “Hello, my name is John Smith and I’m with XYZ corporation and I’m calling you to discuss the status of your past due account.” If the caller does not comply with this requirement, the company could potentially be fined. Similarly, if the person called says he or she does not want to be called anymore, the agent is required to confirm they will not be called again. If the agent fails to do so, the company could be subjected to fines.
Solution: With speech analytics, organizations can document compliance, identify agents who violate policies and help in correcting the behavior. Speech analytics services allow contact centers to automatically identify and review instances that deviate from policies. This allows contact centers and the companies they serve to avoid getting slapped with fines while increasing customer satisfaction and making agents more productive.
Example: If a brokerage firm finds that a stockbroker is guaranteeing a return rate on an investment, that broker can be reprimanded and/or retrained. Early identification of contact center agents who are in violation of compliance protocols can help the organization minimize compliance violations in the future. It can also serve as a motivational tool that encourages each agent to clearly understand and respect compliance protocols to avoid being penalized or even terminated.
With Voxbone’s Speech Analytics, users can automate the monitoring of each call and give managers clear and insightful reports via a web-based dashboard. You can even customize speech analytics to generate a specific report, such as whether an agent:
- Clearly stated the purpose of the call within the first 15 seconds
- Summarized the results of the call and listed any products that were purchased
- Resolved the issue that was discussed
Real-time agent feedback – to react immediately
Investment required: $ $ $ $ $
Problem: It’s impractical to have contact center managers monitoring multiple, simultaneous calls to provide real-time feedback. Automating the delivery of constructive feedback requires sophisticated call monitoring and speech analytics solutions. Immediate and logical feedback, however, allows agents to take corrective steps–while on the phone with customers or prospects.
Solution: Voxbone can automatically record calls and simultaneously stream them to a partner’s analytics engine, which transcribes and categorizes the calls while they’re still in progress. Real-time feedback can be automatically pushed to agent computer screens to provide instant recommendations that an agent can use to accelerate results, correct errors, and capitalize on upselling or cross-selling opportunities.
Contact center managers can therefore keep agents on track during the call—instead of after it’s completed. Contact centers can avoid losing business or angering customers by helping agents take corrective actions when necessary, and they can capture new business by automatically alerting agents when new selling opportunities arise within the same call.
Example: During a call, a banking customer casually mentions that the family is looking for a second car. If the agent doesn’t respond by discussing financing options, an alert could be automatically
flash on the agent’s computer screen highlighting this upsell opportunity. Real-time agent feedback allows agents to improve performance when it matters most—when the customer is still on the call!
These are all great use cases that show the real value of Speech Analytics.