Speech analytics has been in existence since last ten years and the traditional setup is more captive centric. Speech Analytics is Operational enhancement as in they use this Analysis to improve their performance matrices like AHT reduction, FCR improvement & determining TNI for agents. The approach followed is primarily towards working on Agent improvement.

However, Corporate Companies look at Business process Re-engineering end to end. These Corporate companies not only work on Agent skill set enhancement but simultaneously making the process & policies so Robust that the opportunity of error is reduced along with agent empowerment. The results derived these analytics gives an in-depth insight to the management team as to what exactly are the deterrents for the process (issue wise / Agent wise breakup) in terms of achieving respective objectives. Also on the other hand, it highlights process related issues like certain policies imposed by client are unpopular amongst the customers and that drives maximum customer dissatisfaction. The management team can take this up with the client and act as Partner in highlighting such issues and sharing recommendations for process improvement.

The Contact Center handling voice interactions might have some pain areas in terms of ensuring customer satisfaction along with better business benefits. Below is the list of a few commonly experienced challenges while handling a Contact Center.

  1. Volumetric Analysis: To identify why customers are calling. This can be further used to optimize the contact center staffing and SLA management. Key objectives under this header could be:
    1. Identify contact drivers
    2. Uncover trends and customer needs
    3. Increase the usage and effectiveness of self-service channels
    4. Customer Complaints: To understand the typical issues and escalation causes from the customers.
      1. Reduce customer defections
      2. Reduce costly escalations
      3. First Contact Resolution: FCR is a key cost driver for contact centers. Speech Analytics can help in improving FCR by understanding process gaps, knowledge gaps and any product/ service issues etc.
      4. Sales Effectiveness: Sales effectiveness of a process can be improved by:
        1. Pinpointing best (and worst) selling circumstances and behaviors
        2. Improve up-selling/cross-selling capabilities of the associates
        3. Increase closing rates by understanding why a deal gets closed or why is it dropped
        4. Customer Retention: Customer churn is one of the most important factors for driving business objectives. Speech Analytics can help to proactively identify the reasons why customers want to move out and what is competition offering.
        5. Handling Time: Features like quantification of dead-air (mute time), hold time etc. can help understand why calls are exceeding the target. Agent wise call type analysis can help designing the call routing system to ensure best agents are utilized for specific call types.
        6. Communication Issues: Speech analytics can proactively identify agents that need specific communication trainings. Talk-Over Analysis, Diction, and Comprehension etc. can be identified and coaching plan can be developed to improve these.
        7. Campaign Management: Monitor and quantify the benefits of any campaign launched by the client.
        8. Market Positioning: Customers often mention what competitors in market are offering and how the client’s product/ service are perceived by their existing customers. This can be a key input to R&D and Marketing teams of the customers.
        9. Product/ Service Design: Understand what is most useful for the end user and what the end user is willing to pay for? Also, understand what offering is not seen as a value add from end user perspective.
        10. Collections Effectiveness Improvement

The management team might know these problems from the weekly reports /dashboards but might face challenges in getting to the root cause of the problem. There is a lot of important information on customer insights which goes unattended because of lack of ability to leverage unstructured sources of customer communications which is available in the customer interaction. This insight can be provided by leveraging Speech Analytics.

Details of the proposed solution

 As mentioned earlier, Speech Analytics can be utilized to analyze get insight on customer emotion, behavior & experience basis customer verbatim. It can also help analyze the training needs along with agent level drill down on various call handling aspects like adherence to standard scripted verbatim, talk over, silence time etc. The solution which we are looking at is offered by NICE. This solution primarily works on these five approaches.

The attached document contains the below Table of Contents:

Introduction to Speech Analytics

Objective of Speech Analytics

Problems/Challenges Faced at Previous Speech Analytics System

Details of the proposed solution for Speech Analytics

New Approach for Speech Analytics

Discovery Session for Speech Analytics

Creating Lexicons

Creating & Fine tuning categories

Conclusion/Summary of Speech Analytics

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