Organizations nowadays know data is crucial to competing in today's business landscape. And as customer engagement has become one of the most significant differentiators for many companies, they seek to ensure that self- and assisted-service is contextual, cost-effective and impactful. Real-time voice analytics here is opening a way for businesses as it has already proved to provide insights about customer intentions.

However, the technology is in its nascent stage, both as a technology and in contact center use. Most of the vendors don't offer it, but some have announced to utilize it over the next two years. In some way, real-time voice analytics adoption is fairly low, and companies that currently leverage or are planning to adopt it are focusing on driving value from the technology.

As computer speech recognition is still imperfect, most platforms report error rates of under 5%, which indicates prevalent deployment and public acceptance. At present, consumers are increasingly engaged with technology, with voice-related products and digital assistants like Siri and Alexa. In a recent study, 69 percent of people utilize a digital assistant every day. Conversely, search engine Google reported that nearly two-thirds of those who use voice-activated speakers plan to leverage them to make purchases.

Why Real-Time Speech Analytics?

Real-Time Speech Analytics interprets conversations over phone calls and automatically alerts representatives with the best things to say, live on each call. The technology looks for keywords to decide if an interaction needs intervention and assists in identifying opportunities for special offers, upgrades and cross-selling. It can also be useful in recognizing trends and gleaning customers' feedback, classifying teachable moments for agent training.

Businesses now are ready to leverage speech recognition technology and organizations that value high-quality phone conversations can gain the most from it. Accomplishing value from speech analytics requires analysts to defined business objectives, whether focused on quality, compliance, relationship building, sales, product insights or other goals.

Benefits that Speech Analytics Provide to Businesses

There are certainly several advantages and disadvantages in technologies, and speech analytics is also not an exception. It requires people and processes that find out what they're looking for in a conversation and trigger the right actions. So, well-positioned implementation of real-time speech analytics can provide business leaders with some specific applications and benefits.

Lessen Customer Service Response Times

As speech analysis has intelligent decision-making capabilities, businesses now have many options to address customer issues in real-time. The technology can listen and comprehend the nature of a customer's complaint about a product, and automatically generate offers that an agent can present to the customer to resolve the issue.

Fortify Customer Recruitment and Retention Process

For companies, recruiting and retaining customers is indispensable to grow their base. Leveraging speech analytics software can potentially foil this and assist them in driving business value. Most companies are using this technology in the hopes that it will help in identifying when customer interest is waning during sales calls.

Improve Agents-Customers Engagement

Businesses today don't just need to retain their customers but retain call center agents as well. According to a report, attrition rates for call centers sit between 20% and 35%, majorly due to the repetitive nature of the role and the complexity in quantifying progress. However, making use of speech analytics systems enable business leaders to address this issue by gamifying the call center experience.