Voice analytics is the process of analysing recorded conversations such as phone calls to gain insights into customer behaviour and call quality, employing a Natural Language Processing (NLP) engine that uses context and emotional clues to determine more accurately what is being said.
Leading voice analytics solutions spot keywords and phrases, and can also detect sentiment and emotional context using pitch, pacing, and language clues to observe whether a conversation is going in the right direction or if it’s going downhill. By evaluating the tone of a customer’s voice, businesses can assess whether their customers are satisfied, annoyed, or upset.
Voice analytics enables businesses to obtain a wealth of business intelligence from their phone interactions. Typically, these types of analytics have only been used to provide visibility into contact centre interactions. However, voice analytics aren’t just for contact centres.
With voice analytics, companies can quickly and easily unlock insights from every customer discussion. This is a game changer for sales and marketing teams outside of the contact centre that want a data-driven way to provide collaborative performance management and identify new methods for operational efficiency.
Voice analytics provide invaluable business intelligence insight for businesses to make better business decisions from every sales, service, or marketing conversation.
Here we provide five ways businesses can benefit by implementing voice analytics into their business strategy.
Improve products and services
Voice analytics allows you to gather insights on discussions related to products, services, price, quality and more. Learning from your customers in this manner will allow you to identify what they want easier, giving you a better chance of meeting their needs.
Businesses can also identify patterns that highlight customer satisfaction levels with voice analytics. By understanding the needs and interests of customers, businesses can improve their products/services and their marketing strategies. In addition, providing quantifiable data to understand the percentage of satisfied or dissatisfied customers.
Understanding why your loyal customers are leaving your brand can help you rectify the underlying issues. Once again, voice analytics can assist you in determining why customers are dissatisfied with your brand. Using such solutions, you can easily identify the key elements that cause customer dissatisfaction and use this knowledge to make changes.
Staff development and training
Customer service teams are just some of the staff who go through a large number of calls daily. This, in turn, makes a lot of call data available for analysis. Monitoring these calls ensures that team members across the business are improving their personal development. Manually analysing this call data can be time consuming for managers, so usually only a fraction of calls gets listened to.
Voice analytics enable you to immediately access a specific call recording without having to listen to every single call. By listening for keywords and phrases, ensuring the employee follows processes, and by analysing both the employees’ and customers’ language and tone for sentiment, every call can be automatically scored against multiple criteria. As a result, you can improve overall performance with additional training to plug the skills and knowledge gaps identified.
Voice analytics can also help you to stay in touch with the emotional and mental well-being of your staff. Tone and sentiment analysis is used to assess both parties in an interaction. If a team member shows signs of stress, frustration, anger or other negative emotions, this will inevitably come through in the analysis. Managers can then intervene and offer the support they need.
Measuring quality assurance
By assessing all calls with voice analytics, you can keep a close eye on all interactions with your customers, reducing operational and performance issues whilst improving the overall outcome of initial calls.
Help your underperformers turn into overperformers by identifying the messaging and conversation techniques that bring results and produce high levels of customer satisfaction. Voice analytics helps you understand call content and automatically structures call data to suit your needs. Managers can maintain vigilance for specific terms or metrics, and explore how to fine-tune customer experience. Paying close attention to voice analytics helps your customer service team “get on the same page” as customers, which ultimately increases the first call resolution rates and reduces overall call volume.
Quickly identify potential compliance issues so you can take appropriate action. With voice analytics, employees are provided with real-time data to make sure they stay on track and avoid saying or asking anything that would be considered outside the scope of regulatory compliance. Easily and quickly uncover script deviations, data leakage, and factors that increase business risks, allowing you to solve problems before they become serious.
Voice analytics AI tools can even enable automated redaction of sensitive payment information to maintain a focus on standards including PCI-DSS and GDPR for enhanced customer data security. By preventing non-compliance, businesses can avoid fines that may come with failure to adhere to industry regulations.
Save time and money
Lastly, one of the most practical benefits of voice analytics is helping you reduce costs by enabling you to focus your efforts more accurately. Quickly identify calls that need attention, rather than wasting time searching through volumes of interactions. The data collected can help you reduce unnecessary costs and make your products/services and selling approach more effective.
Converting speech into raw data and organising and analysing with voice analytics saves time and effort – revealing critical insights that would be almost impossible to gain otherwise. This helps your business improve productivity, customer satisfaction and service efficiency. All of which are essential for enhancing customer experience and profit margins.