Speech analytics tools are appealing as they enable enterprises in performing actions on unstructured data collected from customer interactions, and gaining rare insights about their customers. Advent of new technologies including emotional analytics, real-time speech analytics, and AI have made contact centres capable of providing better customer experiences. Surging interests in speech analytics have given rise to more vendors, who are eager to offer supplies to cater for increasing demands. Companies are offered with a significant competitive advantage with adoption of speech analytics software, along with best contact centre practices. Speech analytics provides benefits such as monitoring & coaching contact centre agents, reducing operation expenses and saving costs, improving customer experiences and service quality, boosting revenues, identifying up-sell and cross-sell opportunities, and eliminating customer attrition.
Speech Analytics Technology- Providing Cloud-based Real-time Solutions
Future Market Insights (FMI), in its report, offers in-depth analysis on global speech analytics market. FMI’s report enlists some major growth driving factors of the market including soaring requirements for customer relationship management (CRM), rising number of call centres, increasing competitiveness in the market between enterprises, surging demand for highly-accurate risk management solutions, and technological advancements.
Speech analytics technology helps various enterprises in analysing market opportunities & trends, unproductive call volumes, and factors driving high costs. This technology enables enterprises to operate on unorganised data collected from an enhanced customer interaction and customer experience. These factors have fuelled demand for speech analytics. Cloud-based real-time speech analytics solutions, providing several opportunities for enterprises, are further propelling the market growth. In contrast, lack of awareness about speech analytics technologies, coupled with their increasing costs are anticipated to impede growth of the market in the upcoming years.
Speech Analytics Offers Automatic Extraction & Identification of Relevant Information for Analysis
Most of the sophisticated contact centres are facing challenges associated with listening to customer’s voice. Many techniques are used for determining and evaluating quality of customer interactions including disconnection rates, reaction times, or holding times. However this technique offers customer interaction event details instead of reason of their occurrence. Speech analytics delivers automatic extraction and identification of relevant information from unstructured data for analysis. Speech Analytics provides significant features including speech engine, query engine, speaker isolation, search engine, analysis, mood detection and indexing reports & dashboards for delivering real-time analytics to customers, offering instant decision making. There has been a robust adoption of speech analytics technology by several enterprises to continuously enhance their business processes and boost customer satisfaction.
Improving and Simplifying Usability of Speech Analytics will be Realised Soon
Accurate tracking of emotions identified on calls of customers may pose to be a tricky procedure. People are different, and their way of expressing themselves is unique. Analysing thousands of recordings by adopting real-time monitoring solutions might help in identifying the agents, processes as well as the circumstances. This is expected to enable organisations in spotting tell-tale signs about voice stress including speed and volume of speech, to offer more valuable insights related to customer experience. Majority of solution providers believe that improving and simplifying usability of speech analytics will soon be realised. This is expected to increase likelihood of solutions in being utilised by other departments including HR- for candidate screening and hiring purposes. Efforts are being taken in encouraging end-users for taking complete responsibility and ownership of investing in speech analytics technology.