August 10, 2021

Top 10 Benefits of Voice Analytics in Call Centers

Improving the quality of your calls is a key part of any contact center. It’s important to know how well you’re doing so that you can improve it further. You need to measure what’s going right as much as possible and identify where there might be room for improvement. Voice analytics is the best tool to help you make better decisions about which areas of your business require attention.

Speech Analytics has many business benefits for various industries, including retail, financial services, healthcare, and many more. The technology is already being used in several ways to improve the customer experience for customers who use speech recognition software on their mobile devices. For example, it can be used as an alternative method for typing text messages or emails; it could also help people with disabilities by allowing them to interact more easily with computers using step voice in commands.

The most common way to do this is through the use of natural language processing. NLP uses algorithms to analyze human speech patterns and convert them into computer-readable data. In other words, if we were talking to Siri, she would understand our requests based on her knowledge of the English language.

Top 10 Benefits of Voice Analytics in Call Centers

Call centers have used these technologies for a while now. Here are some of the primary benefits that you can expect from voice analytics.

  • Customer Experience Improvement
  • Cost Savings
  • Increase Sales Opportunities and Revenue
  • Operational Improvements
  • Customer Loyalty
  • Compliance Adherence
  • Quality Control
  • Reduce AHT (Average Handle Time)
  • Increase FCR (First Call Resolution)
  • Efficient Training

Throughout this article, we go into a little more depth about these points to explain how voice analytics software, or speech analytics, can help your business and customer service team.

Customer Experience Improvement

Voice analytics helps call centers provide excellent customer experiences. These tools allow agents to listen to recordings of previous conversations between customers and clients. They can then compare those recordings to new ones to see whether the agent successfully resolved issues during the conversation. If not, they can take action to ensure certain aspects of the calls don’t happen again.

When you have enough calls recorded, you start to have a 360-degree customer view, helping you understand customer satisfaction’s current (and past) levels. Understanding your customer interactions and customer stories with voice analytic methods such as sentimental analysis and artificial emotional intelligence can help you see why you may have displeased customers.

Of course, the most influential thing you can do with the data is to change some of the methods and processes you are using to help increase your customer satisfaction, ultimately providing customer experience improvement.

Cost Savings

Many people and business owners think that manual monitoring is cheaper than any voice analytics solution available. While that may be true for some, you have to consider the percentage of calls that an internal human QA team can handle compared to that of AI voice analytics.

The voice analytics market has grown exponentially over the recent years, and the technology has, too. When you are comparing costs, you need to consider all of the elements. For example, look at how many calls you are monitoring by the percentage of total call volume, then calculate total cost if you were to monitor 100%.

To get accurate results, thus changes in processes and training methods, you need to monitor as many calls as possible. We will run through how some of these changes can benefit you and create savings through the article. However, good, precise quality monitoring will always produce a good return on investment.

Increase Sales Opportunities and Revenue

When you monitor all of your calls for specific terms and processes, you can increase sales opportunities more than you may imagine. The primary improvement in call center performance can be rebuttals. However, you will not know how many rebuttals your agents are missing when you are not monitoring calls.

  • Insights. – The more you monitor calls in customer contact centers, the more you can gain better decision-making opportunities through insights into customer needs.
  • Experience. – The more you can improve customer service through increased productivity, resulting in an improved customer experience.

Therefore, the happier your customers are, the more likely they are to buy your service or product without the requirement for rebuttals at all. However, when you first start your voice analytics, you can learn a lot from why people object to buying your product.

Maybe the majority of people want cost savings. For example, understanding that improved quality control would allow you to provide reduced costs over a certain time.

Operational Improvements

Voice analytics solutions also offer operational benefits, which include:

  • Call Handling Time Reduction. – This means less time spent handling each call, allowing you to focus on other tasks within the organization.
  • Improved Customer Satisfaction Levels. – You can use sentiment analysis to understand whether a caller was satisfied or dissatisfied with their interaction with your company. If it’s positive, you can make sure that you follow up appropriately.
  • Increased Productivity. – By reducing the number of rebuts, you can ensure that your staff members can spend more time helping customers instead of having to deal with them.
  • Reduced Costs. – Through automated speech recognition, you can reduce the amount of money spent on labor, as seen above. Furthermore, the cost per call minute is much lower with outsourced voice analytics than any in-house option.
  • Valuable intelligence. – There is a lot to learn from analyzing calls. One of those, even if you make no sales, is intelligence. You can start to have a better grasp of what your customers want and need in a product. That allows you to produce better products, thus sell more.
  • Better marketing campaigns. – Coupling the intelligence gained from voice analytics with your marketing strategy has a real impact. First of all, you can implement the question, “where did you hear about our company” on the call and add it into a database. That will show where most of your customers come from and allow you to target them more.

All of the above are benefits of good speech recognition technology. In addition, there are several ways that you can implement this type of system successfully. One way is to set up a pilot program to test out different types of systems before implementing them throughout your entire operation.

Customer Loyalty

The main benefit of using a great voice analytics solution is that it helps companies build stronger relationships with their customers by providing valuable information about how best to serve them. When you combine that data with powerful analytical tools, you understand why some customers stay loyal while others don’t. And once you know these things, you can take action to keep existing customers happy and attract new ones.

For instance, let’s say one of your clients is unhappy because they feel like their order hasn’t been processed correctly. With voice analytics, you could ask questions such as:

Why do you feel that way? What were you expecting? How long ago did you place the order? Did you speak clearly enough, so I understood everything you said? Is there anything else we should be doing differently? By asking these kinds of questions, you’ll get answers that help you determine exactly what went wrong and then fix it. When you do not have customer insights and emotion analysis, you have no way of gauging customer satisfaction levels.

Compliance Adherence

Call center adherence is the key to ensuring your call center agents are always compliant with your company’s policies.

If you aren’t compliant, you’ll be fined and even shut down. The most important thing to remember is that your employees are the ones who will ultimately be responsible for ensuring your compliance. It’s crucial that you stick to the script and don’t deviate from what you’ve planned to say. You don’t want to leave anything vital out of the script, and you don’t want to read anything that isn’t in the script.

Voice analytics also provides an opportunity for businesses to comply with regulations regarding consumer protection or other legal requirements. For example, when dealing with the public, there is always a compliance risk, and you may be required to verify age through verification software. This kind of tool would work just fine without voice analytics, but it wouldn’t provide the level of detail needed to meet regulatory standards.

With voice analytics, however, you can use natural language processing techniques to analyze caller utterances and extract key pieces of information. These include names, dates, locations, phone numbers, email addresses, etc., which means you can easily identify whether someone is under 18 years old.

You can also use NLP to detect emotional states, including happiness, sadness, anger, fear, surprise, disgust, contempt, anticipation, boredom, confusion, interest, joy, trust, suspicion, worry, and many others. So, if you find yourself in violation of the law, you can quickly pull up relevant records based on caller emotions.

Quality Control

One of the most important things you can do as a manager is maintaining a high level of quality control in your call center. It would be best to listen in on calls and review transcripts of the calls to make sure that you’re providing the best customer service possible.

Consumer behavior is challenging to predict. The best thing you can do as a manager is to put yourself in your customer’s shoes and try to think about why they would or wouldn’t buy a product.

Employee engagement is an important part of any business’s success. If you’re not reaching out to your employees and getting them involved in the company and the business, they’re likely disengaged.

It’s important to have an effective quality control process for managing and monitoring your call center. You need to have a system that can handle incoming customer feedback and complaints promptly and effectively respond to them. Consumers don’t buy products or services; they buy solutions to the problems you help them solve.

You can’t assume that every call center agent is doing a good job simply because they’re your employees. Actionable insight is something that you can take away and apply to your life or business that can actually make a difference. If you use them correctly, they will increase your call center performance levels beyond anything seen before.

Reduce AHT (Average Handle Time)

A good way to make sure you’re offering great customer service is to keep an eye on your Average Handle Time (AHT). That is the average amount of time it takes you to handle a customer service issue. The customer experience is the most important thing for your business, and it’s also the most important thing for your brand. If your customer experience is great, your customers will tell their friends about it, and then those friends will become customers too.

Automatic speech recognition can give you a detailed yet swift view into a customer journey, from the first call to resolution. The more of those timelines you have, the better you can change processes to reduce them.

Increase FCR (First Call Resolution)

Another example would be to look at the number of repeat calls. When we receive multiple requests for the same service within a short time, we know that something isn’t working properly. For instance, perhaps one person had trouble finding your website after searching online, while others could navigate easily. Knowing this gives us valuable insight into how well our marketing campaigns are performing.

Having a detailed analysis of customer satisfaction or dissatisfaction is a great opportunity for companies to take action. One of the primary goals of all call centers is to increase their FCR. However, you cannot change what you do not know.

Efficient Training

The best way to train new agents is through role-based simulations. This allows you to test different scenarios with real people who represent your target audience. It helps ensure that you’re providing the right information to each individual to have the correct knowledge base to answer questions. In addition to simulating situations, voice analytics software provides an accurate representation of your customer’s reactions to certain situations.

To improve your customer service experience, you should always strive to understand your customers’ needs and expectations. The best way to do that is through consistent monitoring of the maximum number of calls possible.

Please get in touch with us if you want to discuss how we can help you with your call center voice analytics.

 

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