Identify up-sell and cross-sell opportunities, boost revenue

In understanding that nothing can tell you more about your business than the voice of the customer, what needs to also be considered, is the volume of data – approximately 10 000 hours of voice interactions are generated in a single, 200-seat contact centre.

Unfortunately, this volume of data has, to date, required several manual processes to extract meaningful information. But, with the advent of Speech Analytics technologies, there is now a way to, more quickly and easily, determine intelligence from thousands of customer calls that is relevant.

Creating value across departments

The beauty is that, with the help of analytics, it is possible to create value across departments. Whether recorded or real-time, Speech Analytics allows a business to capitalise on a huge amount of voluntary, unfiltered customer feedback found in customer calls. (Research shows that the speech technology market anticipates growth rates of 20% in 2014.)

Although contact centres record customer conversations, it is often the case that the absolutely huge number of recordings surpasses review and analyses ability and capacity. Speech Analytics solutions can mine recorded customer interactions If what is needed, is to access the intelligence that is necessary for building effective cost containment and customer service strategies, Speech Analytics provides the means.

Speech Analytics can locate cost drivers, trends, and opportunities, as well as recognise processes and products’ strengths and weaknesses, which assists in understanding how the marketplace sees what is offered. To achieve this, Speech Analytics is used in combination with other components of workforce optimisation suites, such as agent scorecards and quality monitoring.

The advanced functionality provided by Speech Analytics, in assembling valuable intelligence from a vast amount of customer calls, allows managers to take immediate action.

Sales and Account Management

Cross-selling or up-selling to customers, is as important as retaining them.

Analysing conversations in a contact centre, typically to understand why a specific initiative doesn’t meet targets, is simplified when Speech Analytics is used to mine and analyse trends across the customer interactions. In this way, it can be established whether any scripted terms and phrases can be linked to, for instance, lower conversion rates and once established, these can be terminated or changed.

In other words, leveraging speech analytics could assist in uncovering any part of a sales initiative that don’t actually work, after which it is possible to then tweak the programme.

Making the most of the voice of the customer through the use of Speech Analytics streamlines processes, reduces costs, and drives revenues. This means that, achieving that all important ROI on the company’s speech analytics technology investment is not just probable but also attainable.

In addition to the above up and cross-sell opportunities that the use of Speech Analytics creates, the solution also offers the prospect of improved partner management, allowing for improved practices, which can ultimately reduce call volumes. In feeding real-time data to the marketing department, the benefits can be seen from brand perception to campaign management insights and targeted messaging.

Whether you use Speech Analytics to create value, by reducing contact centre costs, ensuring efficiency in the back-office, or gaining an improved customer experience understanding, business will be optimised, leaving you the Freedom to Interact.