Ting Ting Zhang
Why Do Call Centers Use AI Speech Analytics?
Updated: Oct 18, 2022
“Speech Analytics” is the process of deriving data from any voice recording. With AI-based tools, its automation and machine accuracy, when programmed with the relative algorithm, ensures a wealth of insight to a variety of data points.
Call centers, set up primarily as voice interaction portals between business representatives and (potential) customers, aim to meet/improve on the needs of their customers. As well as seek avenues through which a greater Return of Investment (ROI) can be arrived at.
With these two factors alone, there are at least 5 reasons to make use of AI-Powered Speech Analytics:
Speech Analytics Software’s Ability to Analyze 100% of Calls
You’ve heard it before, haven’t you?
“This call is being recorded, for security and training purposes.”
While it is true, all calls coming through to a call center does get recorded. Only a shocking 3% or less get analyzed by in-house Quality Analysts; leaving vast amounts of room for learning what could improve customer experience (CX) and business revenue.
It’s just practically impossible to assign someone or a number of people to listen to every phone call from beginning to end and expect them to sift out the same data as an AI Speech Analytics Software would. Aside from the recordings chosen through random criteria – unless you, as the manager, get a tingling in your bones about a specific recording – each one becomes another drop in the ocean of untapped data.
But with quality monitoring software, powered by AI voice analytics, no interaction with a client will escape the Quality Assessment (QA) check. Having the ability to automatically record and transcribe audio into text. Take note of sentiment and emotive language from both the customer and agent. And aid staff with on-screen cues/adjustments to boost interaction with various client demographics, without placing too much emphasis on the mental recollection of the agent.
Especially with newer agents, your modernized AI Speech Analytics-call center will have all the bells and whistles needed for optimum customer service/satisfaction. Plus be able to identify avenues to increase revenue, which would otherwise cost a fortune in time and man-power.
Shorter Feedback Loops with AI Speech Analytics Platforms
With AI voice analytics, feedback can be gathered in real-time and relayed to your agent, as well as their acting supervisor and manager. Detecting verticals like speech patterns, key words, voice tones, fluctuating volume of conversational exchange, along with other metrics that may fall beyond human cognition. AI speech analytics software conveys the performance of an agent with each call.
Allowing for product and service improvement on-the-fly, without making use of the time consuming and increasingly dated, post-event surveys and questionnaires. Which, let’s be honest… not that many of us even bother to fill out.
QA is Cheaper with Speech Analytics for Call Centers
Speech Analytics Software comes in various different packages. Depending on the vendor and grade you opt for, according to softwareadvice, you’ll at least enjoy a number of core features alongside Quality Monitoring. Once you’ve purchased the quality monitoring software, it accounts for 100% of calls coming into your call center.
When you hire a Quality Assurance Analyst (QAA), it’s only for their Data Analysis Skills. According to PayScale, QAA’s are paid $17.49 per hour. As I’ve mentioned previously, they only get through around 3% of the recordings, and don’t cover any of the core features done by an AI Analytics Platform.
One QAA alone, on a 40-hour per week full-time contract, earns a monthly gross of $2,798.40, not accounting for overtime. She alone cannot wade through the depths of analytical data being recorded on a daily basis. So you’d have to hire more. And, depending on how large your company is, how many QAA’s do you reckon you’d actually need to get the job done?
According to softwareadvice, CallFinder voice analytics AI has a starting price of $999.00 per month. With reviews from companies employing up to 200 employees and up, dating back to 2019 – those making executive decisions at these companies have to be getting value for their money. At least more so than hiring a battalion of QAA’s to shoulder the burden of a job that’s literally no sweat for an AI Speech Analytics Platform.
Even if the starting price doubled, in order to get a matrix set up that covers all the data points and angles needed for your company’s objective, you’d still be getting more bang-for-your-buck when purchasing a Quality Monitoring Software for your call center.
AI Voice Analytics Gives Insights Manually Impossible to Collect
Like any long standing organization or human endeavor, call centers, by-in-large have coined out metrics that signal their success or lack thereof. The current standard of these metrics come in the form of:
Average Handling Time (AHT)
First-Call Resolution (FCR)
With AI speech analytics, these can be measured 10
0% of the time, (which just wouldn’t be possible manually). Producing a detailed and nuanced report of every programmed facet; which then leads to clearer understanding and inevitably, the gearing toward a more constructive and productive strategy by management.
Between these reports and formulated strategies, correlations can be made to signify further coaching of agents, and techniques tweaked, in relaying and conversion of products and sales.
AI Speech Analytics Platforms Eases Implementation of QA Processes
When you work closely with your voice analytics software vendor, a tailored algorithm will be put in place. Resulting in a priceless bank of intelligence, which reveals your customers’ attitudes, agents’ aptitude, trending issues, and effectiveness of the processes you have in place.
Armed with this knowledge, your experience, staff’s skill-set, and the automated accuracy of your speech analytics software – you have a formidable tool that can be leveraged in gaining new clientele by the troves and keeping your existing ones loyal to you.