Voice Recognition and Speech Analysis
In a typical Contact Center scenario, if a caller receives, instead of solution to his query, rude abuses from some unruly agent or in vis-a-vis case, if the agent receives brickbats from angry caller, how can a supervisor detects it before the situation goes out of hand? Till now the administrator has to listen to random recorded conversations to find out unruly behavior, missing out the culprit many times. Not anymore. Technology developments in speech recognition are making it possible to highlight decent conversation from a rude speech by immediately red marking the xxx words. Applications of such a technology are immense for BPO business which depends on the quality of verbal communication.
An Overview :
Speech analytics provides categorical analysis of recorded phone conversations between a company and its customers. It provides advanced functionality and valuable intelligence from customer calls. This information can be used to discover information relating to strategy, product, process, operational issues and contact center agent performance. In addition, speech analytics can automatically identify areas in which contact center agents may need additional training or coaching, and can automatically monitor the customer service provided on calls.
The process can isolate the words and phrases used most frequently within a given time period, as well as indicate whether usage is trending up or down. This information is useful for supervisors, analysts, and others in an organization to spot changes in consumer behavior and take action to reduce call volumes—and increase customer satisfaction. It allows insight into a customer's thought process, which in turn creates an opportunity for companies to make adjustments.
The global market for voice and speech recognition software is going to reach US$12.6 billion by 2020, driven by technology in computational linguistics that help enhance the accuracy of automatic speech recognition system and versatile use in consumer, enterprise and industrial application. The increasing number of benefits offered by the voice recognition technology, including the easy accessibility, better productivity, and flexibility are anticipated to drive the demand for speech recognition solutions in coming years.
5 Prime advantages of speech analysis technology for Contact Centers:
1. Improves quality of service
It significantly improves quality of service by monitoring all Agent-Customer interactions. Contact center speech analytics (CCSA) software simultaneously analyses all incoming and outgoing communications. Monitoring how well agents adhere to scripts and ensuring industry regulations are met becomes easy. CCSA also improves resolution rates of first calls, which helps to reduce call volumes during the busiest hours. As a result of eliminating performance and operational problems, contact centers enjoy streamlined service quality in all sectors and increased satisfaction of firms relying on these centers.
2. Reduces overheads and operational cost
It reduces overheads and operational cost by filtering out and providing the data across the board. Contact center owners will be able to avoid counter-productive spending, decrease customer attrition, enhance their reputation among businesses requiring call centers and improve customer experience. It is reported that the speech analytics software pays for itself in as little as three months.
3. Better customer experience
It transforms customer experience into a steadily progressive metric. More and more contact centers are relying on CCSA to upgrade customer experience. Organizations depending on call centers to provide their customers with satisfying and fruitful interactions will take their business elsewhere if they discover inferior agent-customer synergy. Speech analytics software not only mines, evaluates and presents audio and textual data but also gathers information regarding reasons for calls, emotional nuances in a customer’s voice and how well agents are addressing a customer’s needs and expectations.
4. Increases cross-sell and up-sell
It pinpoints cross-sell and up-sell opportunities and increases revenue. Contact centers using CCSA and businesses relying on contact centers will both enjoy benefits emerging from the ability of speech analytics software to detect how well specific cross-sells or up-sells influence customer satisfaction. In addition, CCSA identifies positive or negative responses given by a particular demographic so that organizations can make changes to marketing/product strategies. Moreover, real-time call center speech analytics is now capable of creating personalized cross-sell or up-sell alternatives that meet or exceed a customer’s unique needs.
5. Improvements on all parameters
It ensures overall improvements on all parameters boosting the rate of first-call resolutions and reducing average handling times. By delivering insights into why customers need to call a contact center repeatedly, CCSA offers data that exposes the root cause of the FCR problem. For example, it not only identifies why customers may call again several days or several weeks later but also reveals instances of repetitious calls that were not detected via other means. CCSA also answers questions about whether changes in agents’ communication style are needed or if some repeated calls are simply unavoidable.
Call Center Speech Analytics represents the future of marketing intelligence. The more information companies gather about existing and potential customers, the better it can take advantage of general consumer behavior. Firms that have spent thousands on market research are now discovering that contact centers using speech analytics software can provide them with quantifiable data similar to expensive, marketing intelligence data. In addition, CCSA delivers actionable marketing reports much faster than human-centered data mining by simultaneously incorporating all calls into its computations. By eliminating random sampling probabilities, contact center speech analytics software represents the future of predictive modeling. CCSA technology is becoming contact center industry necessity and standard now.
Growth thrusts for voice recognition and speech analysis technology are:
Voice powered internet of things (IoT) : Ensuring the focus on natural language interface solution for IoT products opens new growth avenues.
Consumer Electronics and durable products : Increasing integration of voice and speech recognition software in consumer electronics for added convenience and security spurs market expansion.
E-Commerce : The growth of e-commerce drives demand for voice recognition and authentication technology.
Mobile banking services : Voice recognition is focus of combating fraudulent activities to drive use in banking and financial services. It is fast adopted and regulated by various regulators/government agencies.
Automobile Industry : With focus on self-driving cars, voice user interfaces are one of the fastest growing arena of applications.
Automated self-services platforms : Automated self- services platforms,Intelligent IVRs and Mood analysis are some more fields where use of voice and speech recognition technology is driving growth.
Today, every major brand or company is engaged with voice recognition technology in one way or the other. The man-machine interaction is going to change fundamentally with developments and adaptations of this technology in near future.