7 Practical Speech Analytics Use Cases
speech analytics, conversational ai,
Speech analytics is the key to a vault full of real-time insights that can push your business to new heights.
It uses customer interaction recordings to deliver valuable insights that can help with revenue generation, customer satisfaction, agent performance, quality assurance, and more.
The best part is that there are countless speech analytics use cases that fit various industries. One of them could even be yours!
In this article, we’ll explore the different speech analytics use cases and introduce you to the best speech analytics solution. We’ll also answer some FAQs related to analytics technologies.
This Article Contains:
(Click on a link to jump to a specific section)
- Top 7 Speech Analytics Use Cases
- The Best Conversational Intelligence Solution: iovox Insights
- 3 FAQs About Analytics Technologies
Top 7 Speech Analytics Use Cases
Speech analytics auto-transcribes audio call recordings to provide useful business intelligence to numerous industries.
Tip: To understand this speech technology better, check out our ultimate guide to speech analytics.
Here are some examples of the speech analytics technology in action:
Gain Insights Into Customers and Competitors
It’s unrealistic to listen to all your customer phone calls, even if you’re recording 100% of them.
Listening to a select few for compliance and training purposes still implies that you’re missing out on useful information in calls you didn’t listen to.
While a sales or contact center agent can give deliver some level of customer insight, your customers or callers are a much richer source of detailed information in off-the-cuff comments related to things like how:
- They use your products
- Your pricing compares
- You stack up against your direct competition
- Accessible and efficient your after-sales customer service is
Normally it would take you countless surveys to uncover this level of insight. But with a speech analytics tool, you can draw these valuable insights from your unlistened-to call recordings.
With iovox’s call recordings, your sales and marketing teams can use every insight generated to make informed judgments on everything from product development to pricing and market positioning.
Generate More Sales
Every customer interaction is an opportunity to build a better customer relationship, instill loyalty, or make a sale.
If you can learn about what factors drive people to buy at a particular time or using a specific channel, you can replicate that process. Rather than guessing or relying on intuitions, speech analytics can help.
For example, iovox Insights allows you to identify which situations and keywords lead to which behaviors and what the results usually are.
With such actionable insight, you can redesign processes to eradicate behaviors that don’t lead to sales or customer retention and cultivate ones that do.
You can also write your scripts and design your workflows to take advantage of the best moments during any customer interaction to make an upsell or cross-sell offer — thereby maximizing closing rates.
Improve Agent Performance and Reduce Churn
Most supervisors and QA managers only listen to a handful of calls per agent per week — if they’re lucky.
This means they can’t closely monitor agent performance as they’re only listening to only a fraction of calls (that are usually randomly picked).
Speech analytics solutions like iovox Insights record and transcribe every call. By listening for keywords and phrases, the AI can ensure that your agents follow processes and rules, helping with quality management.
Speech analytics can also help you identify knowledge gaps so you can provide additional training to your contact center or sales agents. This should improve the speed to competency for new recruits and reduce churn in the initial few weeks and months.
Stop Agent Non-compliance
Unless something goes wrong — like non-compliance complaints, or privacy breaches — most call recordings just sit on a server.
Listening to calls after complaints can help identify what went wrong.
But unfortunately, the damage has already been done.
Modern speech analytics software like iovox Insights can rapidly analyze call recordings to spot keywords or phrases that indicate compliance issues and send out alerts to managers quickly.
With every call listened to and checked for compliance, selling best practices, and privacy policies, your business can dodge reputational and financial damages.
Reduce Repeat Calls
No customer wants to contact a company multiple times to accomplish the same task. At the same time, no company wants to bear the operational costs of tackling calls from the same customer about the same customer needs or issues repeatedly.
This is where speech analytics software really shines.
Searching for keywords or phrases like “I called last week” or “when I spoke last time,” etc., can reveal how many repeat calls are actually occurring.
A speech analytics solution like iovox Insights lets you feed the conversational AI with keywords or phrases that matter to your business. The Artificial Intelligence will then spot all customer calls that mention those phrases or keywords.
Once you’ve spotted customers you wish to monitor through keyword spotting, search for common call drivers like:
- Billing
- Returns
- Payments
- Demographics
- Product support
- Digital navigation, etc.
This will expose common kinds of customer interactions resulting in repeat calls.
Predict, Understand, and Improve Metrics
While knowing and tracking your key customer experience metrics, like Net Promoter Score, customer satisfaction (CSAT), customer effort, customer retention, etc., is essential, understanding why those scores are what they are can be a game changer.
With speech analytics technology like iovox Insights, you can measure each customer’s words to spot trends and predict outcomes like customer satisfaction.
This means you don’t have to rely just on the few customers you follow up with to obtain high customer satisfaction and positive customer engagement scores. Instead, you can successfully analyze the outcomes of every conversation and enhance the customer journey.
Iovox’s call recordings can also help you understand exactly what customers do and don’t like about your products, service levels, and processes — reducing customer churn.
Reduce Handle Time
Reducing average handle time (AHT) is a big customer success metric and an easy cost-saving tactic. Most customers want quick and efficient resolutions over a phone call.
With speech analytics and conversational AI, you can easily track how long each customer call lasts and why. The insight should help you design better scripts and strategies to reduce average handle time and escalations.
This will also clear up time for each sales or contact center agent and empower them to tackle larger call volumes.
Need more convincing on how speech technology benefits you?
Check out these 8 impressive benefits of speech analytics.
Now that you know you can use speech analytics, here’s an analytics solution you can explore:
The Best Conversation Intelligence Solution: iovox Insights
If you’re ready to start using the numerous benefits of speech analytics, look no further than iovox Insights.
Insights is the ultimate conversational AI tool that offers 100% transcription of your recorded conversations and identifies key customer interaction data.
The iovox conversation intelligence solution offers functionalities that let you pull valuable insights from recorded customer calls to analyze them further.
You can then employ these actionable insights for business growth, higher customer satisfaction, better agent performance, and reduced customer churn.
Here are some things iovox Insights’ speech analytics can do for you:
Track Calls with Keywords
iovox has a keyword spotter feature that enables you to add specific phrases and keywords to the AI. The AI tool then automatically identifies the added keywords from call recordings and monitors them.
This can get you a sneak peek into keywords that:
- Influence customer decisions
- Increase customer satisfaction (CSAT)
- Influence a sale
- Establish mutual success
- Build a loyal and helpful relationship with customers
iovox Insights can notify you about any customer conversation matching your criteria based on what’s important to your business. This will help you generate outstanding outcomes for your customer service and sales teams rapidly.
Make Customer Conversation Searchable
Analyze and search old conversations with iovox Insight’s recorded and transcribed calls. This feature helps you maintain transparency within the company.
Moreover, old conversations and transcripts are a rich source for acquiring study material. You can use them as case studies or to help new recruits get a taste of your style of customer interactions.
Evaluate KPIs to Improve Customer Experience
Use iovox Insights to track and identify trends. It’s also a powerful predictive analytics solution that can forecast outcomes based on your call standards.
To get an overview of all the customer data and KPIs, just go to your iovox dashboard. Here you’ll see data including:
- Call outcomes
- Average calls per day
- Total conversation time
- Your preferred keywords spotted in conversations
- And more
Moreover, the magic happens when the conversational AI monitors more and more customer interactions with time and uncovers more AI optimization possibilities. This way, iovox Insights continues to evolve to serve you best.
Got more questions? We’ve got you covered.
3 FAQs About Analytics Technologies
Here are the answers to some common questions regarding analytics technologies:
What’s the Difference Between Speech & Text Analytics?
Speech analytics, also called interaction analytics, is a technology leveraging Artificial Intelligence and Natural Language Processing (NLP) to draw meaning from audio recordings. It then analyzes the data gathered from spoken words for business intelligence.
If you run a call center, contact center, or any other business tackling customer calls, use speech analytics to uncover valuable insight and ensure quality assurance.
Text analytics, on the other hand, combines numerous techniques to process unstructured text or text without a predefined format, like:
- Machine learning
- Statistical
- Sentiment analysis (insight into customer sentiment)
- Named entity recognition
- And linguistics
What is Speech Recognition?
Speech recognition is a capability that allows a program to process human speech into a written format. It’s also known as automatic speech recognition (ASR), computer speech recognition, or speech-to-text.
While speech recognition is commonly confused with voice recognition, it focuses on translating speech into a text format.
In contrast, voice recognition just strives to identify the voice of the customer.
What is Voice Analytics?
Voice analytics, like speech analytics, uses voice recognition and NLP for speech analysis.
But instead of focusing on the spoken words, voice analytics focuses on how the words are said in a phone call. It reveals customer sentiment. That’s probably why it’s also called sentiment analysis.
Moreover, voice analytics uses speech-to-text technology to analyze a full conversation and identify trending topics automatically.
Final Thoughts
There are likely far more speech analytics use cases out there.
Tapping into the insight hidden in your customer call recordings can offer an unimaginable advantage to your company.
And the good news is that you can easily find a speech analytics solution to help you achieve your goals irrespective of whether you run a call center, contact center, real estate firm, etc.
Lucky for you, we’ve already shown you the best solution: iovox Insights.
Start using iovox Insights today to find actionable insight and ensure efficient call quality management with every customer interaction!
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