Businesses rely on customer insights collected from multiple sources. Whether it is a contact center call or transactions using contactless payment companies, it is important to keep track of all customer interactions to gain important business intelligence. Along with Interactive Voice Response (IVR) technology, it is also useful to record conversational data to continuously improve customer experience. This conversational intelligence is usually underrated
What Is Voice Analytics?
Companies need to understand that there is a lot more to customer interactions than just words. These interactions are full of information that businesses can utilize to improve their performance. For this reason, companies need to invest in recent innovations such as call center voice analytics to drive results. But what is voice analytics?
When an individual is in a conversation with someone they know, it is quite easy to determine when they sound upset, happy, or distracted as compared to when they are in conversation with someone unknown to them. Through the use of voice analytics, companies can monitor the emotional content in a phone conversation when a customer calls a contact center.
Voice analytics is the process of deeply analyzing conversations and speech with specialized speech recognition software. This software helps to identify words and evaluates voice patterns and pitch to detect emotions and stress in the speaker’s voice.
Moreover, the recent voice software can easily evaluate the emotional state of the customer on call at any time during the call. This way, customer care representatives can better respond to customers as they can see when a customer becomes agitated and respond accordingly.
How Does Voice Analytics Work?
Voice Analytics software is specially designed to track the changes in the voice of the person who is speaking. It examines the words and compares them with a huge database of phrases available. When the word matches a phrase, the system alerts the representatives so they can respond accordingly.
By tracking and analyzing customer calls, companies can collect information on:
- Customer satisfaction
- Agent performance
- Call center operations
Additionally, this technology uses text-to-speech recognition software to observe and analyze customer interaction, comprehend customer conversation and behavior and deliver intelligent insights. There are three main components of Voice Analytics:
Natural Language Processing
NLP recognizes the words and identifies the relevant keywords, It understands the multiple aspects of conversations. Through NLP, customer interactions are decoded using set rules.
Intent Sorting
The technology actively identifies and interprets the intents in conversations using advanced algorithms. The system is designed to efficiently pick out particular words that specify the context of a call whether it is a problem, a solution, or a confirmation.
Analytics:
This area provides insights into customers’ recorded calls. This technology also takes into account the pauses, intonation, and other nonverbal cues that can point toward customer satisfaction or frustration.
How to Utilize Voice Analytics for Maximum Benefit?
Maximum benefit can be achieved through voice analytics. Let’s have a look at some of the ways to achieve advantages from it:
Identify gaps & goals:
Develop a clear plan on what the company wants to gain from voice analytics software. How does the company want to use the insights? What does the company want to achieve?
Determine KPIs:
Each company has its own distinct key performance indicators. Voice analytics can assist in helping businesses to monitor KPIs including customer satisfaction, anxiety levels, happiness, or frustration by measuring speech patterns. Businesses need to decide on specific KPIs and benchmark the current performance levels.
Onboard Experts:
A new software can only be integrated into the system efficiently if the right team is available. Speech analytics software can also be quite challenging to adopt and implement according to the specific needs of the company. By onboarding trained voice analytics specialists, a company can ultimately ensure its success with the software.
Develop a Process:
To use voice analytics software effectively, it is necessary to create an organized process. A company must review its data usage, data collection, and insight extraction practices before starting with voice analytics. Create a plan to control data authorization and security protocols.
Challenges of Voice Analytics
Voice analytics is a great technology to monitor and train contact center agents to provide improved customer experience however it comes with its challenges. To attain the complete benefit from voice analytics, experienced business analysts and data scientists are required to engage in data mining and data analysis. Furthermore, a change management process is also required that can enable business analysts to completely utilize the data collected from contact center calls to improve business performance.