Why Contact Centre Speech Analytics Can Provide Businesses with a Competitive Advantage

This year, record numbers of customers are turning to contact centres for help and advice. With face-to-face interactions no longer possible for the foreseeable future, contact centres are busier than ever. Even with the rise in instant messaging and email customer channels, many find it easier to pick up the phone and speak to an agent, especially as most of us have increasing free time on our hands.

Even the most competent contact centre can find themselves struggling with this demand if the right tools have not been implemented. Contact centre speech analytics is one of the most important investments within the industry, below we discuss how using this software can give any call centre a competitive advantages.

  1. Boost Agent Performance 

All good call agents want to perform their best, but this isn’t achievable is managers aren’t providing the relevant information and feedback needed to constantly improve. 

Speech analytics software will automatically analyse every call that comes through to all agents. Managers are provided with a comprehensive report on agent performance, both positive and negative.

This way, instead of having to sort through hundreds of phone calls manually, managers can give praise to those with outstanding performance, which can boost morale and productivity while also providing support to those who may be underperforming and adjust training accordingly. 

  1. Decrease Customer Attrition 

A study recently revealed businesses are losing $75 billion annually due to poor service, this lost revenue often ends up with the competitors of these poorly performing businesses.

Most customers would not hesitate to leave a provider after just one bad customer interaction and it is therefore crucial that every customer is given the best service every time. 

Speech analytics software can quickly and easily analyse all these interactions and detect trends and patterns in customers who decide to leave. By identifying these trends as early as possible, actionable insights can be created to prevent this from happening again for the same reason.

In short, speech analytics tools can stop customers from leaving to another provider. 

  1. Improve Business Reputation

It’s likely that any business sells a product or service that a competitor does very similarly and sometimes the only thing that can push your business ahead of these competitors is customer service.

With the right policies and procedures in place, businesses can monitor the level of satisfaction within customers.

Speech recognition can detect emotions within the caller, from a positive review of a new product or an angered customer from an inadequate service. While there will always be complaints that are out of your control, knowing how to handle them can make all the difference.

These reports can be used to aid every agent in dealing with complaints in the best way possible and ensure as many callers as possible are left satisfied and their problems properly handled.

  1. Reduce Costs

Speech analytics software can also be used to help reduce costs throughout the business. This software can allow insights to aid managers in making more efficient decisions for training and new procedures such as first-call resolution and decreasing the need for callbacks.

This reduces the number of agents required to handle all customer interactions and therefore reduces onboarding costs and annual wages.

It also improves job satisfaction levels within call agents, as they are able to perform to the best of their ability and can handle any situation with ease, they are less likely to leave and take their skill set to competitors.

  1. Really Understanding Your Customers

Consumers are bombarded with information on every platform every day and this can lead them to become confused over what they really want and need. This can be worsened by agents that aren’t properly informed and the ability to give that all-important personal service can diminish.

Speech analytics can provide a platform to understand what customers really want, even before they realise it themselves.

With report analysis throughout key demographics, sales teams can find new avenues to sell exactly what a customer is looking for and up-sell to existing customers. This data can allow managers to understand how customers are reacting to new marketing methods, products and services and their satisfaction level.

This information can be relayed to call agents and allow them to really understand what will and won’t work well. An honest agent can go a long way with customer satisfaction so if they are candid from the start, trust can be built and even a lost sale now can lead to a new one in the future.  

It is more crucial than ever to stay ahead of the game when it comes to customer service. Without the right tools in place, even the best products and services can fall victim to unsatisfied customers if the customer service isn’t the best standard possible. Investing in speech analytics software is not only a great choice, it is essential for all good contact centres. 

Anzhela Sychyk

Anzhela is a seasoned business journalist with a keen eye for spotting industry trends and a knack for explaining complex financial concepts in a clear and accessible way. With over 15 years of experience covering the world of finance and economics, Anzhela has established herself as a respected authority on all things business.