Why now is the Right Time to Invest in Speech Analytics for Your Contact Center?

Initiating the implementation of speech analytics solution is rather a tough task and not as easy as installing a software package. To have a speech analytics tool that runs smoothly and servers the purpose, the enterprise needs to weigh in varied factors and see if it is for the greater good.

Call-injection, fine-tuning, and reporting are some of the integral and troublesome steps of speech analytics integration but once these innocuous tasks are performed, this particular tool can help organizations get to the root of all customer-centric problems.

Why Speech Analytics Tools are So Popular?

Earlier, organizations used to evaluate, rate, and share feedback on sales and customer query call manually. The old paradigm was time-consuming, required heavy manpower, and was filled with innocuous errors. A speech analytics software renders all such problems related to speed, accuracy, and efficiency redundant and provides organizations with new windows of growth.

In contemporary times, where organizations are willing to offer incomparable customer experience and score higher retention, a tool as efficient as speech analytics can benefit immensely.

It can take away minor problems that were acting roadblocks in serving the customers and offer insight into new ideas of customer service.

Reasons why Investing in Speech Analytics Makes Sense

Customer Retention is the Key

The increased competition and the impact of the pandemic have coaxed customers into rethinking their preferences. A lot of organizations have succumbed to cater to their customers in the same manner they did in the pre-pandemic era. Today, businesses are going through a shortage of resources but they simply cannot compromise on customer experience.

On the other hand, customers have had some bitter experiences with organizations that had to shut operation due to pandemic and now these customers are looking for viable alternatives. If your organization has faced issues with operations due to pandemic, you might need to understand your customer queries intricately and cater to them with compassion.

Focus on customer retention by implementing a tool that is smart and efficient enough. Leverage the power of speech analytics to oversee these insignificant challenges. A study by Dimensional Research found that customers choose brands based on their customer service. In times of pandemic, customers are likely to be anxiety-ridden and restless and trying to get in touch with customer support sporadically.

Savings to help with Efficient Management of Resources

As mentioned earlier, the lack of resources is putting businesses through an experience where they are forced to take tough decisions. While organizations are taking the firing and salary cut route to save funds, they can also look at speech analytics tools as an alternative that gets the work done and saves time, money, and efforts.

A speech analytics tool that reduces the work by a good percentage; the inbuilt ability to process calls, generate reports, and offer insight makes this tool a must-have for all contact centers and customer support agencies.

These technically advanced tools can set businesses in an auto-growth mode by saving them from hiring multiple employees, by setting quality monitoring in motion, and by generating valuable insights. Such tools equip enterprises with the requisite tools to speed up their operations leading to incomparable growth.

Prepare for the Post Pandemic Era

Even before the pandemic hit the global business, organizations were preparing to make the customer experience their key attribute but due to pandemic, enterprises are required to adapt to the change faster. Enterprises have come up with new ways of dealing with customers, for example, NBFCs are leveraging video calling tools to get done with KYC Compliance requirements, similarly, customer service agencies can adopt a disrupting tool like smart speakers and prepare for the future.

In the post-pandemic era, customer experience will continue to be the next big thing, and the organizations that are using the downtime to improve their capabilities are likely to emerge as the winner.

A business that has catered to clients from all facets well during this pandemic is likely to be the go-to partner once all this is over. Organizations will line up to work with businesses that stood the test of time without compromising on quality.

Impacts Varied Key Metrics Positively 

The true measure of contact centers is represented through key metrics like NPS, FCR, and AHT. Using state-of-the-art technologies like speech analytics will put organizations in a position where they can watch, manage, and improve their performance on varied key metrics.

Just by highlighting challenges and offering resolutions to those problems, speech analytics takes away the biggest obscurities of contact centers. Smart speech can have a positive impact on varied contact center metrics like FCR, AHT, and NPS.

The tool allows the executives to get to the root cause of the lower FCR and fix the problem there. Such advanced capabilities can help contact centers to work on every important metric and bring it up and the only way to improve metric performance is to cater quality support to the customer, which will help the businesses grow.

One speech analytics tool can change the future of contact centers and help businesses retain customers, scale loyal audience base, and handle wide queries effectively.

 Improved Return on Investment

While offering the best experience, have higher customer retention and an undisputable brand reputation looks good but in the end, it is the return on investment that is the true measure of an organization’s success.

Speech analytics tools generally have the requisite capabilities to empower businesses with everything from cost-cutting to offer quality customer experience and an improved return on investment.

Such tools when used effectively is likely to improve the downline by highlighting areas that need immediate attention and by offering genuine insight into changes that can be implemented. The tool is also designed to work in a fast-paced environment, which helps with cost-saving and manpower hiring requirements.

Final Thoughts

Technically advanced start-ups and enterprises are operating with an edge over the traditional businesses. While traditional businesses are unable to see the traction, new organizations are gaining 5-10% of the audience annually and a huge part of it comes from the audience base of traditional organizations.

Traditional businesses can cope up with these technically-equipped start-ups by focusing on customer experience and contact center metrics. SmartSpeech fits perfectly into the budget and offers traditional businesses with an opportunity to work on the varied metrics and offer an experience that generates profits and drives brand reputation.