You call a company and hear the automated message: “This call may be monitored for quality assurance.” You’re soon in a fit of rage because you’ve been on hold for too long, your package was shipped to the wrong address, and now some kid in Nova Scotia is playing your Nintendo Switch. You don’t care whether or not the call will be monitored; you just care that you receive the customer service necessary to rectify your situation. You probably realize your call will be recorded, analyzed, and used to teach service agents how to better manage customer relationships (not that you really care). But what you probably don’t realize is, there is software running alongside this call, measuring the timbre of your voice, tracking keywords such as “angry” or “manager” in order to guide the representative to deliver a better resolution to you.
What Is Speech Analytics?
The speech analytics market is expected to reach $1.6 billion by 2020, according to a MarketsandMarkets report. The industry is composed of companies that offer basic services such as recording, transcribing, and providing businesses with analysis of historical calls. You’ll also find real-time engines that can send alerts to supervisors during calls, alerting them that their new service rep has angered a long-time customer. This kind of real-time speech analytics is designed to automate the call-monitoring process in order to improve customer service, as well as to provide marketing and sales insight.
“The historical piece has primarily been used to improve performance in the contact center,” said Ian Jacobs, Principal Analyst at Forrester Research. “You can find out how agents are doing. Companies are also using this to train salesforces. Listening to those calls and using that to help train the salespeople to be better at closing sales or getting leads.”
Today, more than 35 percent of companies with at least a 50-person contact center have implemented a speech analytics tool that can use a real-time decision-making engine to push offers to contact center agents, according to Forrester. So, if a customer is calling to say that he is unhappy with his tractor, then the system will pick up on his dissatisfaction. The agent can then push an offer to upgrade a warranty or buy another tractor, entirely depending on what the specific situation merits.
Adoption of real-time speech analytics tools is expected to increase but there are great barriers to entry, especially for small-market companies that don’t have the vast call center infrastructure required to make the best use of these tools. For example, the most cutting-edge tools are still too advanced for the traditional call center supervisor and his or her employees. Additionally, because of a business’ ever-evolving product and service line, speech analytics tools will have to be adjusted and optimized on a regular basis to provide the most value to the company. And let’s not forget the most important factor: cost. Speech analytics tools, like most other forms of enterprise software, can be quite expensive. Because companies Go to the full article.