Before we start talking about conversational intelligence and where Speech Analytics is used, we must understand how important it has become in the Contact Centers.
Consumers, when interested in a product or service, have a multitude of information in different digital channels where they can research, get reviews and compare products and offers before buying or contracting companies. But, when it comes to solving a problem or resolving doubts, the channel that has not lost popularity and efficiency is the telephone channel, being the preferred channel for consumers and customers by 78%, according to a study by the CEX Association. Moreover, in the digital era, voice conversations are even more important in providing a high-quality customer experience.
All of these voice conversations contain valuable information because of the relevant data that can be gleaned from them. But until they are transcribed into text, this information cannot be analyzed and extracted. For this reason, companies are opting for conversational intelligence solutions that allow them to audit and analyze 100% of the calls and extract valuable information from them to obtain business intelligence.
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What is Speech Analytics and why is it used?
Due to the large volume of calls, we are talking about and the important information they contain, companies need to be able to automatically convert all these conversations into data that can be analyzed in order to drive business results. In other words, companies need to know what to enhance, classify and analyze from these conversations and visualize it in real-time.
How? Through a combination of Artificial Intelligence and NLP (Natural Language Processing) technologies that identify speech behavior.
Software with conversational intelligence (Speech Analytics and Sentiment Analysis) such as Recordia captures, classifies, and groups 100% of the interactions at a business level and, after analyzing these conversations, brings out hidden information that will make it easier and simpler to understand customers. These technologies drive better agent performance, identify trends and patterns, help ensure regulatory compliance, improve customer experience, and more.
Speech Analytics helps different industries
Speech Analytics solutions can be used for different use cases, from quality management to customer churn reduction, and can be used by different industries, including major industry verticals such as banking, insurance, telecommunications, and BPO.
Banking
The popularization of the use of digital banking, the reduction of visits to bank branches, and the emergence of digital native banks have hanged the commercial banking industry, where customer experience plays a key role in customer loyalty.
Conversational Intelligence solutions can help banking to better understand customers and even anticipate their needs, achieving a better customer experience. Speech Analytics can help to know complete information about 100% of calls, improving indicators such as first contact resolution (FCR), average handle time (AHT), or customer churn.
Insurance
The insurance industry is highly competitive, and churn is very high. But it is a sector where many customers prefer to communicate by phone because the paperwork involved is often complicated and, in many cases, lengthy. Therefore, it is a sector where customer churn is a major concern.
Speech Analytics allows insurers to monitor and analyze data from 100% of customer conversations to anticipate customer needs, be better trained to improve compliance, reduce fraud, and costs, as well as provide a better customer experience. Better trained agents can have greater freedom to improve customer service and empathy, so necessary in this industry.
Similarly, conversation analysis helps improve offerings by understanding customer preferences for specific products and services, which helps insurers improve their sales.
Telecommunications
The telecommunications industry is a mature and saturated sector in which aggressive offers among competitors predominate. Generalized customer churn in the telecommunications sector is often caused mainly by extensive competition. To avoid this, companies can analyze the information contained in their interactions thanks to conversational intelligence technologies and identify why they abandon and improve their loyalty strategy.
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It is therefore vital that companies in this sector concentrate their efforts on providing differential value, anticipating churn and building customer loyalty, improving customer service, and providing an excellent customer experience.
Conversational intelligence solutions help the telecommunications industry to improve not only the customer experience but also to understand how they feel and what they think about your products and promotions and detect complaints, suggestions or mentions to competitors to anticipate corrective actions and increase first call resolution.
Another important aspect within the telecommunications sector is the analysis and verification of sales, with Speech Analytics you can categorize 100% of the calls that end in sales and non-sales and delve into the reasons why the sale has not occurred, providing very relevant information that helps to improve and increase the conversations.
BPO
More than 80% of consumers would rather talk to a real person than chat with a bot. The BPO industry and by extension its contact centers have for decades used metrics to measure efficiency, such as the number of calls answered, call duration, and resolution rates, but today as organizations focus their efforts on Customer Experience, these metrics must take a more customer-centric view. To do this, they are looking for ways and technology in which their leading indicators can measure the overall performance of their agents and gather actionable information to improve performance.
The use of conversational intelligence technologies enables automated agent quality control, ensures compliance with the pre-established script, among others, as well as detects and prioritizes which agents need training.
In short, conversational intelligence solutions help contact centers manage quality processes by automating many tedious and time-consuming processes, analyzing 100% of interactions, and improving agent training.
As you can see, the applications of conversational intelligence are numerous and all of them bring great benefits to every industry in the market.
Generating actionable information remains a challenge. Speech Analytics tools can provide valuable data, but organizations need experience and knowledge to understand the implications of that data and use it to drive measurable initiatives to gain business intelligence. Investing in effective and comprehensive analytics capabilities that interpret speech analytics results, measure the experience and implement changes quickly is the best way to succeed.
Having a solution like Recordia that can adapt to the needs of each of these industries provides an improvement in business processes, products, and services, resulting in increased revenue.
Discover how Recordia with its conversational intelligence can help transform your business by clicking here.