How can businesses benefit from voice analytics?

Voice and speech analytics refers to the process of analysing recorded conversations such as phone calls to gain insights into customer behaviour and call quality, often utilising AI by employing a Natural Language Processing (NLP) engine that uses context and emotional clues to determine more accurately what is being said.

In utilising voice analytics solutions, businesses are now able to spot keywords and phrases, as well as detect sentiment and emotional context using pitch, pacing, and language clues to observe whether a conversation is going in the right direction or if it’s going downhill. By evaluating the tone of a customer’s voice, businesses can assess whether their customers are satisfied, annoyed, or upset. 82 per cent of customers now consider no longer engaging with a business if they feel they have had a poor customer experience, so understanding potential issues before they arise may be the single most valuable thing a business can do to retain customers. This is according to James Lockhart, Head of Product Marketing, TelcoSwitch. 

Capitalising on business intelligence

Individuals across several business teams often make and receive a high number of customer calls – their interactions could have a profound impact on a company’s overall customer experience, which is why it is estimated that around 75 per cent of all business calls will be recorded by 2025.

With voice analytics, companies can quickly and easily unlock insights from every customer discussion. Voice analytics provide invaluable business intelligence insight for businesses to make better business decisions from every sales, service, or marketing conversation.

Improving products and services

Learning from your customers via voice analytics will allow you to identify their core wants and needs easily.  Better still, it is proven that when they aren’t being ‘asked’ for feedback, but instead are giving unfiltered thoughts and emotion, the data is far more accurate and useful.

Identifying repeated terms on negative customer service queries is easier, alongside comparing which product features led to an improvement in the satisfaction of a customer during an outbound sales call. Businesses can thereby identify specific reasons they might be losing customers and rectify issues directly, right down to highlighting any key elements that cause customer dissatisfaction and use this knowledge to improve their products.

Supporting staff development

Voice analytics enable immediate access to detailed call data without having to listen to every single call. Instead, AI-powered call recording systems transcribe all calls for you, with inbuilt dashboards helping ensure employees are following processes. By also analysing both the employees’ and customers’ language and tone for sentiment, every call can be automatically scored against multiple criteria.

Monitoring quality assurance

Identifying the messaging and conversation techniques that bring results and produce high levels of customer satisfaction is easily done, with voice analytics structuring call data to suit your needs. Managers can maintain vigilance for specific terms or metrics, helping your customer service team ‘get on the same page' as customers, which ultimately increases first call resolution rates and reduces overall call volume.

Identifying potential risks in regulation

With voice analytics, employees are provided with real-time data to make sure they stay on track and avoid saying or asking anything that would be considered outside the scope of regulatory compliance. Script deviations, data leakage, and factors that increase business risks can be easily identified, allowing businesses to solve problems before they become serious.

Reducing business costs through focused efforts

A practical benefit of adopting voice analytics is that it aids in reducing costs. By quickly identifying calls that need priority attention, businesses save time that would otherwise be wasted searching through volumes of interactions. Any data collected can be utilised when it comes to refining and perfecting services, enabling any business to refocus its employees to where they would be needed more.

Converting speech into raw data and organising and analysing with voice analytics saves time and effort, revealing critical insights that would be almost impossible to gain otherwise. In employing voice analytics, businesses have seen cost savings of up to 30 per cent and increased customer satisfaction by 10 per cent according to research by McKinsey. The benefits to businesses improving productivity and service efficiency are clear, thus embracing the power of a voice analytics solution should be considered the next step for businesses wishing to enhance their customer experience and sales capabilities.

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