Speech Analytics for Business Transformation

Most organization these days have finally started to understand the power of Speech Analytics – North America is in the forefront but APAC region is also catching up. It’s always been a challenge for the business leads to decode the huge amount of data and information in the voice recordings. Traditional methodologies of manual listening and capturing information has always been frustrating and time consuming. But with the availability of Speech Analytics solutions, there is a growing excitement regarding how the insights generated from data can be used to make intelligent business decisions in order to improve customer experience and top line revenue.

There are three primary use cases for which organizations decide to deploy Speech Analytics –

Useful to spot specific keywords and is highly useful in compliance driven applications

Also called as call drivers in the contact center industries. Automates the whole process of “bucketizing” calls into specific categories without relying upon the agents to disposition the calls

A lot of “deep dives” can be performed when a voice recording is available in the form of text. Text mining techniques can be used to perform advanced analytics based on the business needs
And few benefits of deploying Speech Analytics –

See a global view of agent-customer interactions
• Extract information about products, process, and services from voice surveys and call center calls
• Grade agent performance using a variety of acoustic and linguistic analyses
• Use evidence-based insights to reduce average handle time and improve first call resolution

Turn archived calls into business intelligence
• Transform unstructured data into useable information in minutes with automated speech-to-text (STT)
• Drill down into calls of interest to identify root cause, training issues, and more to improve your business
• Sift through old data quickly and effortlessly with our powerful search engine

Customize analysis to your business needs
• Adapt our out-of-the-box agent scorecard and call driver applications to your unique business questions
• Easy-to-use application editor makes it easy for key managers—not just data scientists—to develop their own unique analysis of call center interactions
• Supplement automatic discovery of trending topics by tracking known issues to stay one step ahead

It is imperative that most data driven organizations will continue to leverage the power of Speech Analytics and others will join the race to stay competitive. It is estimated that Speech Analytics market would be a 1.6 Billion USD by 2020 – a real testament of the value it brings for the organizations and their end customers.