Speech analytics lab design plans

At the beginning ofwhen the world was still largely unaware of the looming pandemic that was set to alter so many aspects of our lives and business operations, enterprises across all sectors, from finance to retail, already felt the clock was quickly ticking for them to embark on a radical technological change. With Industry 4. The benefits of adopting such technologies include the streamlining of entire business processes, but if unlocking the value of voice data was a key goal for banks and financial organisations in the past, and the coronavirus pandemic has only served to fast track those plans.

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We asked CEOs, Directors and Middle Managers across enterprises of varying sizes to relay their thoughts on the importance of AI, Speech Analytics and voice data to their business operations. AI and Speech are already making waves in the financial sector, with banks using voice data to detect and combat fraud at a larger and faster rate than previously possible, and insurance companies fast-tracking their claims processing and underwriting through AI, so some of the research results come as no surprise.

This is a huge majority. Living in such unprecedented times, businesses will be trying their best to leverage every competitive advantage they can, and the adoption of new technology is clearly high up on that list. With customer experience being key to retaining business during times of a crisis, having the right technology to support customers has proven to be a must. To take the high street bank as an example, customers have, for decades, become accustomed to visiting their local branch.

In March, many bank branches across the UK and the world closed for months on end or had their opening hours greatly reduced during the peak of lockdown.

With cashiers and advisers unable to talk to customers or provide guidance of sometimes complex in-house machine operation, a whole new way of banking emerged. But contact centres found that they were dealing with a massive uptick in customer numbers as people were unable to access their traditional banking methods or were worried about their financial situation.

Such a huge surge in calls, from customers worried about their mortgage payments or how they were going to deal with their next gas bill, put added stress on contact centre staff who were adjusting, in many cases, to having to work remotely. Introducing the right AI and Speech Analytics tools and replacing many old-age, antiquated practices, is enabling those in the finance industry to look ahead to a post-pandemic future.

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With voice data set to unlock major new insights in the customer journey, enable organizations to experience newfound agility, and unlock the potential to improve both the customer and employee experience, all whilst cutting costs and enhancing productivity, the financial organisations of the future are looking to change how humans can be used more effectively.

To stay on top of the competition, CTOs and CIOs will often be pressured into making a decision quickly when going to market, and when being presented with endless choices, picking the right software is not only important, it can be game changing. Organizations that are interested in adopting this new technology must remember that AI and analytics tools are fueled by high quality data, i. Captured voice data is the richest and most human source of insight, and most organisations in the financial services sector are already generating this at an incredible volume for compliance reasons.

The pandemic has made C-Level executives Directors and Managers increasingly aware of the strategic importance this data source can have when fed through AI solutions. Now that we are being pushed to digitization faster than ever before and entire processes once dealt with in person are being transferred to the call centre, organisations have never processed this much voice data. A single person, or team, can only go through such vast data sets with a helping hand from technology, making AI the next logical step to streamlining the customer and employee experience, and indeed the business as a whole.

Correctly adopting AI and feeding it with high quality data sets will help steer organisations into a technology-enabled future. By Trevor Morgan, product manager at comforte AG.Despite the many digital support options now available to consumers, voice channels still command Consider that on average, there are 15 words per Tweet, roughly 22 words per sentence in a chat, but 1, words in a five-minute phone call.

Assuming a call center of seats, that is million words per month! Speech analytics make it possible to extract value from every one of those million words by ensuring that every customer conversation is recorded, transcribed, indexed and analyzed. But to derive the most value from speech analytics, you must apply its capabilities to the right high-value interactions.

Here are six ways to optimize your speech analytics program to enhance the customer experience, boost operational efficiency and increase sales. But in practice, identifying solutions in the contact center to improve customer experience or operational effectiveness may be more difficult to find than that wayward needle. In fact, the random nature of traditional QA programs makes effective analysis unlikely.

In practice, only one percent of calls are evaluated by customer experience management, leaving 99 percent unexamined. Grasping at straws is no way to manage customer experience.

Speech analytics, however, can identify clear gaps in service delivery, helping to guide your action plan to improve customer conversations while enhancing processes. Traditional measures of customer satisfaction, based on surveys and NPS scores, are not able to provide a complete picture of the customer experience.

The most disgruntled customers will likely not respond to a survey, which in any case, may not provide a full and clear explanation of the root cause driving your customer out the door.

At some point, these potential detractors likely told an agent in your contact center what was wrong. Speech analytics allows you to capture these negative sentiments and what led to them early on. You can build predictive models with this knowledge, enabling your brand to take corrective action and reach out to potential detractors to rectify the situation before it escalates. For example, if you want to hone in on why customers may be cancelling their accounts, speech analytics will provide key words, phrases or themes occurring on cancellation calls, so you can better predict and prevent a customer from leaving.

Speech analytics will also detect emotion in a call, and can help analysts find the triggers for anger and frustration. Once discovered, you can create action plans for avoiding them in the first place. Speech-to-text analysis can tell you exactly why and what to do to improve. Through the use of speech analytics, we identified the top customer concerns and discovered that a third of them were already addressed somewhere on the promotional website. Knowing how your customers describe the problems they are trying to solve also makes it possible to align self-help content so that it is instantly recognizable and relevant.

Speech analytics provides the method to learn that language, so that you can mimic customer words, phrases and the order in which they ask their questions. If you and your customers are speaking the same language, you maximize your chances of solving their problems quickly, and with minimal frustration.

Generating revenue from your contact center is a worthy goal, and one more easily realized with speech analytics. You can analyze the differences between every successful and non-successful sales call. What phrases were associated with the successful sale or upsell?

Where in the call did the sale occur? What words or phrases are counter-productive? With speech analytics you can compare the terms, phrases, flow of the calls and timing of the ask between top-performing and low-performing sales agents, to unearth best practices.

Looking at the techniques of the top agents, an analysis showed that agents who told customers that they could be earning interest on their checking account, and then asking if they could set up that feature for them, nearly quadrupled their sales success. For highly regulated sectors, how can you ensure your agents are complying percent of the time?

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Likely the vast majority are, but with traditional monitoring and QA your chances of catching and correcting noncompliance are slim, leaving you unaware of any exposure.Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.

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Please click "Accept" to help us improve its usefulness with additional cookies. Learn about our use of cookies, and collaboration with select social media and trusted analytics partners here Learn more about cookies, Opens in new tab. More and more, to put the customer first, the heads of customer service require the accurate and detailed performance information that real-time analytics can provide.

The good news is that basic data and analytics tools are becoming standard practice in call centers. And while that is a solid first step, most organizations are likely not taking full advantage of the technology, meaning they are not applying advanced analytics in ways that truly put the customer first. Only 37 percent of organizations feel that they are using advanced analytics to create value; this finding reveals significant missed opportunity. Unlike earlier data and analytics solutions, which helped companies understand what is currently happening within their call centers, advanced analytics help them generate actionable insights about what will happen next, through both internal and customer-facing applications.

The result is reduced costs, increased revenue, and—most important—higher customer satisfaction scores. In this way, advanced analytics has fundamentally changed the role of contact centers from a basic service offering and a net cost to the business to a strategic differentiator that can make dramatic improvements in customer satisfaction and financial performance.

While analytics is only one of a broader set of improvements, including operational changes such as coaching and process simplification, it is a powerful tool for companies to implement. Given these potential gains, why have more companies not taken advantage of the opportunities that advanced analytics offer? Simply put, many of them do not have the right foundation in place, due to entrenched organizational structures and processes, legacy IT systems, and other challenges. There are two root causes of slow advanced analytics adoption.

A lack of integrated data across channels: Many companies have call centers that function in silos. Other companies buy a set of ad hoc solutions and assets to solve individual problems, rather than developing a strategic approach built around a single integrated platform.

Or, they take some actions but fail to fully capitalize. A common theme across these issues is that operations managers simply do not know what to do with analytics. There is a large and growing pool of available vendors and technologies for contact centers that are generating a lot of data but struggle to make sense of that data.

speech analytics lab design plans

It is important for contact centers to build the right foundation if they are to generate the maximum potential benefits. Those foundational elements include:. Companies do not need to have all these elements in place before they begin applying advanced analytics.

As with all fast-moving technologies, a better approach is to identify use cases with the existing data, develop them fully, pilot programs, and then iterate. To see how advanced analytics can help companies proactively improve call-center performance across a range of dimensions, we identified four main use cases that employ advanced analytics.

Reduced average handle time Text including speech comprises the highest proportion of unstructured data in most call-center operations, and therefore it offers the biggest potential impact. In fact, text is constantly being generated about a company, from social-media channels, chats with customer-service agents, surveys, feedback forms, warranty claims, and other sources.

Making sense of this data requires scraping it from all available channels including converting call-center recordings to text and then cleaning it to remove unimportant words, punctuation, and special characters.I have put comments in TripAdvisor but again, Helga was terrific. I could always rely on her to answer my emails the following morning and the additional advice she provided was invaluable. The planning and organization of the trip is indeed Nordic Visitor's strength.

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speech analytics lab design plans

She included all sorts of wonderful "extra stops" which made the tour very special. We loved your beautiful country and the wonderful scenery in every part. Also, our "greeter" at the airport was very friendly and full of interesting information about Iceland. We can highly recommend our whole experience dealing with Nordic Visitor and can enthusiastically encourage our friends and family to visit your amazing country.

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Artificial Intelligence and Speech Analytics are crucial to Financial Organisations’ future

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How advanced analytics can help contact centers put the customer first

As a content generator writing and editing content for clients, this plugin has been a fantastic time saver in allowing me to share draft posts without asking clients to login to their sites.In short, it is a bet that involves four selections, and will be placed 15 times to make sure you have a return at the end.

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