Speech and Interaction Analytics

[Last Updated: September 2016] Still not bought into the whole speech analytics hoopla? Not totally convinced by the massive investment required to get it up and running in your organisation? Fear not, you are not alone and to counteract this, vendors are starting to get a little bit more creative by offering up Speech Analytics as a managed service. This approach allows organisations to investigate a specific issue or area without investing in any analytics hardware or software and puts...

It’s time to move away from the long held belief that speech analytics is costly and difficult to implement. A number of entry level audio analytics packages are now available on a competitively priced licence basis, resulting in upfront costs you can effectively budget for. Implementation is easier in these stripped down versions which centre around key word search functionality as a means to pinpoint specific calls for compliance checks, fact verification, dispute resolution and quality monitoring. Much of the...

Experian is a leading global information services company providing consumer information, credit services, decision analytics and marketing services to customers. The Nottingham based contact centre deals with customer enquiries handling around 200,000 calls per month across 270 agents. Here we delve deeper into how speech analytics helped Experian achieve their retention goal. A high proportion of calls relate to the CreditExpert product, an online monthly subscription service which helps customers manage their credit report and score and also offers identity...

With more and more companies looking to benefit from Speech Analytics the question of: ‘how best to implement the project’, is very much a topic of current conversation and from our experience the answer is: – ‘build your own A-Team’ with Speech Analytics best practices. Bearing in mind that this is probably your first foray into Speech Analytics, this is going to be new ground for all concerned; so here we cover off some important points to help you on...

Recent controversies surrounding the mis-selling of Payment Protection Insurance have highlighted a need for banks to improve monitoring of customer-agent interactions to ensure compliance to regulations. In addition, the recent global financial crisis has led to greater consumer wariness of banks and increased likelihood to complain about services received. Making the case for customer interaction monitoring Against this backdrop and with finance-focused consumer interest groups highlighting where the best deals and service can be found, an environment has been created...

Increasingly, call centre outsourcers are turning to technologies like speech analytics to drive value in their contact centres through revenue generation and improving the quality of their services. The growth in this historically recession-proof sector has increased competition, making it important for an outsourcer to stand out from the crowd. Using analytics to demonstrate industry sector knowledge Research (from the CBI Market Information Database) shows that call centres that offer industry-specific expertise are at a particular advantage at this time...

Although a monopolised market, the budgets of water and sewerage companies are at the mercy of their performance. Ofwat (The Water Service Regulation Authority) uses the recently created Service Incentive Mechanism (SIM) as a measure of the quality of service provided by the water and sewerage sectors of England and Wales. The prices that water companies are permitted to charge their customers are a reflection of their performance on these measures; a company providing a good service to their customers...

How much real business insight can you get from your customer interactions?A wealth of data lies at your fingertips, trapped inside the thousands of phone calls that your agents have with your customers every day. How can you tap into this? Using manual call listening, you are unlikely to ever reach a level of analysis possible to make the time and effort put into this technique worthwhile. You are probably more likely to win the lottery than you are to...

Effective debt collection is a tricky balancing act between collecting revenue and avoiding spending more time or money than is necessary to do this. Speech analytics provides a vital window into the interactions between agents and debtors and helps collection agencies identify where changes need to come from to give them a leading edge when competing for portfolios and collection accounts. Keeping your agents working towards the highest return on every phone call Speech analytics can help debt collection agencies...

It is rare for a contact centre to have no requirement for sales expertise within their calling teams. Even discounting outbound telesales calls, a wide variety of industries court potential sales opportunities over the phone on a daily basis. Without effectively identifying and exploiting these, you could be missing out on significant annual revenue. Today’s post illustrates how speech analytics can help you to define, promote and monitor sales within your contact centre. Using speech analytics alongside agent monitoring and...

Speech Analytics still remains a relatively under-utilised technology, despite all the hype so we decided to investigate further with a questionnaire uncovering some surprising insights we wanted to share… We polled contact centre and customer service managers across healthcare, banking, utilities, telecoms, travel, local authorities and outsourcing firms and found that only a third of respondents understood the difference between the various vendors and technologies on offer. 38% of respondents admitted to having little or no awareness of this technology as...

Global call centre spending on speech analytics is set to double, growing from around $95 million in 2009 to $180 million by 2014 according to Ovum. A new report* by the independent telecoms analyst has found that although still an early-adopter technology, speech analytics will grow in importance over the next few years, helping businesses to improve customer loyalty and processes. Aphrodite Brinsmead, Ovum analyst and report author, said: “Spending on speech analytics will increase at a compound annual growth...