Speech Analytics For Customer Satisfaction and Retention

Effective communication is the prime key to any successful business. It is true that round the clock customer support will always give the assurance of prompt services so that the company can soothe its customers. However, in most of the cases, customer support centers or contact centers face the biggest challenge regarding how they can evaluate and augment the presentations of their representatives of the center so that the maximum or optimum results can be achieved. Every business wants to deliver the best customer experience which will not only help them in strengthening their relationship with the customers but also help them to achieve their desired business objectives.

Speech Analytics to Extract Insights

Speech analytics is one of the applications of AI which is getting a lot of attention in gaining customer satisfaction. As the name suggests, this is an application where the speech of the customers and clients is recorded and analysed to extract insights which will help companies to understand their customers in a better way. With the help of this analysis, companies can identify and rectify their mistakes and mend ways to enhance customer satisfaction.  Business areas such as marketing, sales, operations and customer support can get benefitted from this analysis.

Technology is growing exponentially over the past few years which have arisen as a result of improvements in AI.   The applications of AI are many, including measuring the effectiveness of the call centres, market research and even tracking the health conditions of the patients.

Benefits of Speech Analytics

Integration of speech analytics into a business has been advantageous for many companies. Below, are mentioned some of the benefits that a company can get from speech analytics.

• Improves customer relations: Speech analytics enhances quality management and quality assurance areas strengthening customer relationship improving customer retention.
• Increases revenue: Better customer relationships, customer retention using speech analytics increases company’s revenue.
• Cost effective: Installation cost of automated speech analytics is minimum, as only a single server is required with a capacity to analyse more than 1440 hours of calls each day. This number is equivalent to 180 agents working for eight hours per day. The cost of the hardware and the installation of speech analysis will be annulled as they will remain as the assets of the company and are beneficial in long-term.
• Critical information: Speech Analytics usually provide the detailed and the critical information that is vital and important to the managers. By analyzing this information managers can train their representatives, so that they can interact with the customers in a sophisticated and improved way. Moreover, the real-time analytics helps triggering alerts to managers who can step into conversations to handle the fussy customers, who need a higher level of interactions.
• Deals with the emotions of the customers: Speech analytics is different from other type of analytics. Usually, speech analytics provides companies with both in-the-moment reactions and sentiments because customers often use both contextual and functional words in a conversation. Functional words relate to the customers’ feelings, emotions and sentiments.

Speech analytics gives companies a more accurate and perfect view of tone, context, emotion and overall sentiment.  It is advantageous to have machines which can interpret human emotions and sentiments in business, thus the increase of companies inclination towards speech analytics.