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We're Getting Closer to the Age of Speech Analytics

Cloud Contact Center Featured Article

We're Getting Closer to the Age of Speech Analytics

October 05, 2015
By Joe Rizzo
Contributing Writer

According to analysts and experts, speech analytics is one of the fastest growing segments of the call center technology market. One aspect that makes it so useful to companies is that speech analytic tools can take action on unstructured data from customer interactions while gaining rare insight into customers.

In addition, the same tools can be used to better train employees working in the call center. When used properly, speech analytics software can give a company a significant competitive advantage. According to experts, improving the customer experience is one of the main reasons companies deploy speech analytics technology in the first place.

Unfortunately, it seems that while almost every company begins their call center calls with “Your conversation may be recorded…” only a few are actually using speech analytics as a way to develop better training methods and deliver improved customer experience.

According to Larry Skowronek, senior vice president of product at Nexidia (News - Alert), "Analytics in general are starting to gain traction across a wide swath of the contact center market. Call recording is essential to the contact center and speech analytics is moving in that direction."

Call center expert Donna Fluss, founder and president of DMG Consulting, sees the speech analytics market growing at a rapid pace. Other drivers for the growth in contact center analytics include new implementation areas, such as cloud contact centers.

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DMG estimates there are nearly 150 cloud-based contact center infrastructure vendors. DMG expects that adoption of cloud-based contact center infrastructure solutions will continue. The prediction is that the number of cloud-based seats, which grew by 20 percent in 2014 will continue to grow over the next couple of years.

We are beginning to see an increase in the demand for cloud analytics and risk management solutions, along with the need for real-time and predictive capabilities. According to Fluss, a growing emphasis on customer service is also at the heart of the adoption curve.

The overall feeling is that for real-time speech analytics to be most effective it should be able to both handle a call and also consider data from previous calls to spot overall patterns and trends. This would allow the business to immediately decide on a proper course of action, providing ever-increasing customer experience.

Many companies have noticed a decrease in customer attrition rates after deploying speech analytics. According to Fluss, speech analytics can help companies identify why customers are leaving, which gives them the opportunity to make necessary changes in order to keep customers coming back.

As speech analytics and real-time monitoring continues to evolve, it will become an important resource for call centers. Customers’ attitudes have definitely changed from several years ago. Today they expect to have a solution to any questions or problems that they call up with making call recording and speech analytics essential to the contact center.

Edited by Kyle Piscioniere

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