Still Think Speech Analytics or VoC has no ROI?

Still Think Speech Analytics or VoC has no ROI? image 4 29blogStill Think Speech Analytics or VoC has no ROI?

For the past decade, there has been increasing desire within contact centers to improve upon customer satisfaction and experience, in order to keep customers loyal and profitable for longer.

In the early days of the call center industry, supervisors listened in with their agents and gave direct feedback or used spreadsheets to keep track of quality and performance. Very quickly this process was replaced by call recording solutions and call quality measurement forms. This category is called ‘Quality Management’.

In 2002 the first speech analytics application for business use was launched. A few years later, text analytics was added and ‘Interaction Analytics’ as a category was born. Adding to the hype, an alternative use case for Interaction Analytics emerged. It’s no longer just about increasing performance of agents. Through ‘Voice of the Customer’ initiatives we can now learn what customers value, identify trends or spot product design issues much quicker.

However, new technology comes with a price and creating a sound return on investment is what your CFO will ask for. There are two categories that each CFO will appreciate; Cost Reduction and Revenue Growth.

Here is a list that will help you identify the benefit areas for Interaction Analytics and VoC.

Cost reduction:

  • Reduction in headcount from automation of call monitoring and compliance checking
  • Avoidance of fines and damages for non-compliance
  • Reduction in call volumes after understanding why customers are calling, and acting to optimize any broken processes elsewhere in the organization (e.g. website, marketing, distribution, etc.) that are causing these calls
  • Reduction in cost of unnecessary call-backs after improving first-call resolution rates
  • Avoidance of live calls that can be handled by better IVR or website self-service
  • Reduced cost of quality assurance and monitoring
  • Lower cost per call through shortened handle times and fewer transfers
  • Lower new staff attrition rates and recruitment costs through early identification of specific training requirements

Revenue increase:

  • Increase in sales conversion rates and values based on dissemination of best practice
  • Increase in promise-to-pay ratios (debt collection)
  • Optimized marketing messages through instant customer evaluation
  • Reduced customer churn through dynamic screen-pop and real-time analytics tailoring calls to the customer
  • Quicker response to new competitor and pricing information

To learn more about benefit areas of speech analytics download the “Customer Interaction Analytics” chapter of the 2013 edition of The ‘US Contact Center Decision-Makers’ Guide here.

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