By. Gary Audin – Excerpt from (Speech Analytics on your Horizon – July 2, 2019)
Speech analytics are becoming mainstream in banking, finance, insurance, and business process outsourcing. Speech analytic systems can be part of contact centers where they can be used to capture conversations in order to detect behavior patterns, used to draw conclusions, and produce data that informs business decision making. Agents, supervisors, and product planners can develop business plans. The value of spoken word coming directly from prospects and customers has been proven. Speech Analytics tools and platforms can deliver searchable data and insights.
Studying Speech Analytics
Opus Research conducted a survey, commissioned by Uniphore, with 502 completed interviews of decision-makers (Director, VP, C-level) in contact center operations, customer experience, and contact center management of firms with revenue of more than (U S) $50 million. The study is discussed in “Drivers for Deploying Speech Analytics 2018”
Speech analytics impact and benefits produce fulfillment of core competencies including agent training, regulatory compliance, and support of marketing and product development business objectives. The graphics in this blog are from the Opus study. Although the study is global, I focused on the US respondents.
Speech Analytics Defined
The definition can vary depending on who you ask. In one definition, speech analytics is the process of analyzing recorded calls to improve agent performance and customer experience. Another definition is monitoring calls for certain language or acoustic characteristics that can be used to locate the root cause of the customer call so the best agent and site resources can be focused on the customer call. Recently, others have added real time speaker analysis. There is no single speech analytics definition, as each organization deploying speech analytics will leverage the technology for the way they do business