With the speech analytics market size expected to grow at a CAGR of 18.2 percent between 2017 and 2022, the industry experts assume the number to grow from USD 941.1 million in 2017 to USD 2,175.8 million by 2022 (Source).
The critical factors that would play a significant role in attaining this growth are increased focus on attaining higher customer satisfaction, availability of real-time analytics and using speech analytics solutions to enable smooth functioning of the BPO sector.
The idea of leveraging agent-customer interactions to identify the scope of improvement is being adopted at a rapid pace. This has led to a fast-paced growth of the speech analytics technology that is now being used at almost every contact center to provide the right contextual guidance at the right time.
However, to make the best use of speech analytics technology, it is essential that it is implemented the right way. But there are certain factors that one must consider before implementing speech analytics at a contact center. A few of these include:
1. Available Data Set
Make sure that you have a pool of agent-customer interactions data available with you. This is important as data analysis, and its results should never be based on a handful of conversations. You must collect all the interactions data available and then, implement speech analytics software to derive useful insights.
These insights can, then, be used to implement better strategies so that it gets easier to attain better results, improved performance, higher customer satisfaction (CSAT) score and a better understanding of the customers’ demands.
2. Desired Output
Be clear about the goals you wish to attain using speech analytics. Although a powerful tool, implementing speech analytics does not necessarily lead to expected results. There is a reasonable amount of trial and error that goes into attaining the results. Therefore, be clear and set realistic expectations for your business that can be achieved using the available data set.
3. Cost & Pricing
Pricing is one of the most crucial factors to consider before implementing this advanced software. Since the needs and requirements of every contact center vary based on the size of their business, it is crucial for them to make a wise decision. For instance, a fixed price model with predefined call volume limit may not suit the needs of an organization that has an uncertain call volume.
However, adding a bit of flexibility in terms of call volume and pricing may make it a useful product. Therefore, businesses must try to opt for a volume based on-demand model so that it gets easier to scale up and down the business operations.
4. Restraints on Data Uploading
It is possible that a contact center prefers to get an analysis done of its raw call data. However, the same might not hold for another contact center that uses filtered data to gain relevant insights. Therefore, make sure that the speech analytics solution opted by you meets your requirements. Having software that is high at the cost but is unable to harness the data as per your expectations is not the right choice.
5. Ability to Tweak Speech Engine
Every contact center has a different client base, and so, the calls received by them vary in terms of language, accent, to name a few. Hence, the speech analytics software used by any contact center should be able to accommodate all their business needs, from supporting various audio formats to attributes like compression rate and stereo channel recording.
Moreover, being capable of accommodating different accents and business rules based on geography can help in further enhancing the contact center’s performance and accuracy of results.
While every operation in the contact centers is going digital, phone calls are still the most preferred channel of communication. However, many customers have started to use other mediums of communication like web, chat, and email.
The interactions done using any of these channels of communication helps generate extensive data that can be harnessed to attain relevant insights. For that reason, the contact center opting for a solution should make sure that the tool can leverage such massive data within an optimal operational cost.
7. Expected Return on Investment (ROI)
Keep a tab on the total ROI attained after implementing speech analytics solution. It is not necessary that the return should be monetary and can take any form like reduced operational costs, improved customer service or higher customer satisfaction.
Every contact center must identify this return and use it as a metric to implement the most suitable speech solution at the contact center.
8. Agents’ Trust on The Tool
Before implementing any new technology, it is essential for the contact center to make sure that its agents are able to trust it. Tools like speech analytics should be positively introduced to the agents. More and more emphasis should be on its positives like improved agent performance and reduced customer churn rate so that it gets more comfortable for the agents to believe that it is all for their good and can benefit them in the long run.
9. Plan Ahead
It is good to preplan how these business insights derived using speech analytics can be used. One must remember that the insights have been attained only after analyzing the massive chunk of agent-customer interactions.
Therefore, the contact center must have clear and specific documentation of how and where these insights would be used. Doing so would enable the maximum utilization of the available data, and the results attained.
10. Strategize to Leverage The Data
Think in advance about how the insights drawn using speech analytics would be used. It is essential to put the best processes in place for the contact center; plan a strategy based on the results attained and implement it the right way. Doing so can help the contact center to win more customers as well as improved loyalty.
Effective Transformation is The Key To Success
Implementing the right strategies to bring in the desired changes at a contact center may benefit it in the long run. It is, therefore, essential for the contact center to introduce some latest and advanced technologies like speech analytics to attain the desired results. Keep your agents prepared and instill them with positivity to accept this change and you are ready to attract maximum returns.