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What is Real-Time Speech Analytics and why’s it so important?
05 March 2021
Analytics can provide a host of data insights across all areas of business – and customer experience is no exception. But there’s a crucial difference between analytics and real-time analytics, and the same applies to speech – or voice – analytics. So, what’s the difference? And how do businesses benefit?
What is Speech Analytics?
Speech analytics has traditionally analysed customer calls afterwards – using tools to look at a standard set of metrics and KPIs such as identifying opportunities for self-serve and the quality of customer interactions, to understand what went well and where improvements can be made in the future.
Real-time speech analytics is a game-changing tool that provides instantaneous, complex and in-the-moment feedback, allowing your customer service agents to give the customer exactly what they need, right when they need it. It listens to both sides of the conversation live, in order to positively influence the experience for the customerthere and then.
It does this by using intelligent technology to capture keywords, detect emotion and report to the agent when a customer is experiencing frustration, uncertainty or happiness. Technology such as Xdroid voice analytics listens out for particular words, phrases and vocal pattens to highlight positive or negative customer satisfaction.
Why use Real-time Speech Analytics: Benefits
Now that we’re clear on what real-time speech analytics is, let’s have a look at some speech analytics benefits…
1. Improve customer retention and satisfaction
With real-time speech analyticsproven to increase customer retention by 30.4%, it’s no wonder more and more businesses are making the investment. But how does it actually do that?
It ultimately comes down to being able to spot how best to respond to a situation, using up-to-the-second information to resolve queries quickly and in the most appropriate way.
Watch this short use-case video to see how real-time speech analytics can be used to improve customer retention for a mobile operator.
2. Ensure legal compliance
Anotherreal-time speech analytics benefit is that it can be used to help agents follow policies and protocols. For example, prompts during customer calls can remind agents of regulatory obligations and corporate policies, stopping an agent fromrecommending something that would contravene a company’s regulations.
In addition, you can use the software’s keyword and emotion filters to identify threatening calls that could result in a legal case, allowing the agent to de-escalate the situation before it gets that far.
3. Boost contact agent satisfaction
As well helping agents to follow company procedures, real-time speech analytics can help you to retain and train your agents.Loyalty rates for call centres are low, but this software can improve agent satisfaction by providing clear and transparent dataon performance metrics – helping them to see when they’re doing a good job and in which areas they can improve.
In-call feedback, as well as automated feedback on key metrics (intonation, speed, dominance, music periods, speech volume and wrap time) agents know exactly what they need to do to improve their personal performance. You can then use this data as a benchmark to train new agents and also find out which agents might need extra coaching.
4. Drive better sales
Speech analytics, when used correctly, can improve sales conversion rates by analysing successful and non-successful sales attempts. It can do this by recording differences in speech style, keywords and how your company’s propositions are referred to when examining why an interaction may or may not have been successful.
You can judge customer satisfaction across all channels –phone, email and social media –to compare metrics and enable your salespeople to spot negative communication and respond quickly, effectively and appropriately.
Whilst standard speech analytics adds a great deal of value, it has already happened. Real time speech analytics tells you what is happening right there and then and enables you to positively influence the outcome of the interaction while it is still taking place.
In summary, standard analytics adds a great deal of value but it has already happened. Real-time analytics tells you what is happening right there and then and enables you to positively influence the outcome of the interaction while it is taking place.
You can find out more about real-time speech analytics here – or get in touch for a demo.
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