The Benefits of Speech Analytics

Despite the emergence of digital technologies like video, web real-time communication (WebRTC) and artificial intelligence (AI), phone conversations are still the preferred method of communication for most people. NewVoiceMedia recently found that 68% of contact center communications are handled over the phone.

This isn’t to say that a modern digital tool has no place alongside traditional voice communication. In fact, many businesses are leveraging one to benefit the other in the form of speech analytics software. Through speech analytics, business leaders can use their company’s recorded phone calls to improve client relationships and even increase sales conversions.

Unified Communication Strategies explored the applications and benefits of speech analytics in a recent article. Let’s take a closer look at their findings.

What Is Speech Analytics Software?

To fully utilize speech analytics technology, decision makers need to first understand what it does. During a phone conversation, the software monitors specific keywords, phrases, pitches and silences to identify patterns and provide a comprehensive view of a speaker’s wants, needs and pain points. Armed with this insight, decision makers can develop strategies and tactics for creating more effective, result-oriented phone conversations.

How to Benefit from Speech Analytics

1. Prevent Losing Customers

Naturally, if business representatives proactively know what speech patterns indicate an unhappy customer or which specific words or phrases will exacerbate his or her frustration, they can steer conversations in a more positive direction. By doing this, they can better resolve grievances and prevent customer losses.

2. Accelerate Resolutions

Knowing when and how to identify an unhappy customer are the first steps to resolving issues. But if representatives have the insight to cut to the core of a customer’s dissatisfaction and understand their pain points at a more granular level, they’ll be able to solve problems faster and more effectively.

3. Identify New Opportunities

Speech analytics can also help sales reps identify competitive challenges or opportunities. Maybe there are voice patterns that indicate when a customer’s experience is poor, or perhaps there are words or phrases that shed light on his or her true wants and needs. Having this insight helps reps know when it’s the right time to discuss improving the customer experience, reinforce loyalty or enter into an upsell or cross-sell conversation.

While the phone continues to be a staple of the workplace, advancements in technology and business intelligence present organizations with substantial opportunities to tailor day-to-day phone communications to effectively accomplish goals and solve problems. Even better, these advancements can help businesses gain a stronger competitive advantage.