Overview —
What would you say, as a business leader, if you knew of a technology that would allow you to react to market changes preemptively, guide consumers to the desired call result, and adjust operations based upon foreshadowed demand? It’s here. It’s been here. Time to get serious about implementing this not-so-new technology.
In a recent IMARC Group report, “Speech Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and forecast 2021-2026,“ the speech analytics market continues to witness strong growth. Source
Widely used in call centers, health care, banking and other financial service industries, speech analytics is technology that analyzes spoken content for keywords and emotional cues such as pitch, tone, and volume. The resulting audio data is captured and stored so that it can be searched and used to generate reports that can provide critical business insights.
Adoption Rates
IMARC continuously tracks and evaluates the influence of the pandemic with regard to technology and its end users. Adoption rates of speech analytics expected to skyrocket over the next five years, those who fail to upgrade their business model may have difficulty remaining competitive.
In this post, we are going to identify the three major advantages that industries employing speech analytics have over their competitors, and explain how these advantages, which are near impossible to achieve through traditional methods, will mean the difference between survival and failure.
1. Consumer Relations
Speech analytics offers businesses, in any vertical, an advantage in terms of consumer engagement and relations by providing a wealth of trend data. We are not simply talking about the quantitative metrics of yesteryear, such as average call handling time, but a new level of business intelligence built around the emotional experience of the caller. Speech analytics technology can process your entire call volume and provide game-changing analysis giving leadership a way to tune into the climate of individual callers and departments. This is simply not possible through traditional call monitoring.
2. Employee Performance and Attitudes
Data supplied by speech analytics facilitates the optimization of internal processes and consumer contact efforts. Regardless of vertical, speech-analytics reports shine a light on each aspect of a business’ operations. Aside from consumer relations, emotional data offers intelligence on employee performance and attitudes. Keyword analysis can be used to track consumer satisfaction, compliance or script adherence, and identify new consumer demands. The insights gained from call analysis can be used to improve procedural processes, realign sales approaches, better understand the current market, and easily identify the successes or failures of new strategies. To collect and organize data from your call audio like this without the technology, would take a large monitoring team, auditing 100% of your call volume, and years to process and compile.
3. Predictive Analysis: The Competitive Advantage
Speech analytics can be utilized to not only compile, but to organize the insights gained from your call audio for predictive analysis. Thanks to this technology, businesses can now understand and adapt to consumer behavior; identify different consumer types, create tailored strategies for each one, and effectively predict the outcome of interactions. Providing an extreme advantage over competitors, predictive analysis can be used to ensure data-driven decision making every time. Businesses have the ability to react to market changes preemptively, guide consumers to the desired call result, and adjust operations based upon foreshadowed demand. This takes the guesswork out of future projections and strategy development while optimizing resources for the best possible return on investment. Unless you employ a particularly talented psychic, this is simply impossible without speech analytics technology.
Speech analytics technology represents a move in consumer-based business strategies towards a new (for some) realm of data mining, one that offers more than dry historical data that is rich in human behavioral statistics. With the development of AI and machine learning, the increase of adoption rates for speech analytics continues to rise. Businesses that continue to drag their proverbial feet in implementing speech analytics technological transformations will become incapable of competing.
Don’t let that business be yours!