Results in Huge Advantage for Users
Speech analytics gives businesses the ability to mine data from their call recordings. This data can offer a world of insight into consumer behavior, operational procedures, and agent performance. Though studies show measurable advantages for companies that employ this technology, with the technology more accessible than ever before, the adoption rate still remains low among the industries it best serves, such as contact centers or collections agencies. This means speech analytics will continue to serve as a not-so-secret weapon boosting the agencies that employ it far ahead of their competitors.
Speech analytics technology has come a long way since its commercial debut in 2003. Early systems were only capable of processing audio with about 50% accuracy and were reserved for the largest of contact centers with the deepest of pockets. Today the technology boasts an average of more than 90% accuracy and is both accessible and affordable for even the smallest agencies. Speech analytics systems have become more user-friendly as well, with straightforward graphical interfaces and simple programming. Agencies can utilize them without the need for a large dedicated staff or team of specialists.
Why aren’t more agencies on board?
Research seems to point towards a failure on the part of decision-makers to understand exactly how the information a system provides translates into ROI. This is a conundrum; there is no simple answer. Speech analytics, by nature, is personalized to the business that employs it; therefore, the translation of data to ROI changes depending on specific metrics and how it is employed. For example, a collection agency with an unusually high volume of compliance violations may use the system to determine the reason for these violations by monitoring scripts and honing in on compliance language. An agency with below-average recovery rates could program their system to identify the strategies which get the best response, allowing them to eliminate the approaches that see little returns. In either example, there is the potential for a measurable increase to ROI, but from two markedly different sources.
The emotional data component of speech analytics opens up a new world of possibilities for use. These systems can assist in identifying consumer behavior based on the emotional content of the call. For instance, a thorough examination of one agency’s system data revealed that consumers from a particular region of the country had a highly positive response to being addressed as “Sir” or “M’am.” With their system, these calls could be cross-referenced showing a higher rate of returned contact and a faster settlement of debt. Given this data, the agency began to funnel calls from that region to a group of agents with tailored scripts, giving them measurable increases in ROI. From this example, you can see how the application of the call data is only limited by a business’ own ingenuity.
Analytics is here to stay.
Early estimates suggest a speech analytics system pays for itself in 3 months to a year; however, with the new innovative ways agencies are applying the data, and the lower cost of the technology, current estimates can vary greatly. One thing is certain – despite the low adoption rate, speech analytics practices are here to stay. According to the latest market report, speech analytics technology continues to move forward into the realm of data science. This means, as the development of machine learning progresses, speech analytics will continue to evolve new levels of business intelligence, offering the ability to target ROI like never before. The growing popularity of data mining in other industries may fuel even faster progress. New technology is already developing strategies for better engagement on online platforms and harvesting trend data from social media.
The current adoption rate for contact agencies, in general, is still estimated below 20%. This means less than a quarter of agencies worldwide are utilizing speech analytics. The other 80% are put at a serious disadvantage in terms of competition, numbers indicate that adoption rates could surge in the next five years, meaning companies behind the trends won’t just experience a competitive disadvantage, they won’t even be playing the same game.