A few years ago, speech analytics, relatively unknown both within the contact center and across the enterprise, was perceived as a risky investment. Today, with clear and present ROI through the identification of customer insights, speech analytics is turning contact centers in profit centers.
Speech analytics has reached a level of maturity and affordability where it can provide the kind of semantic analysis of every text and call. Semantic analysis allows companies to map out the context of those mentions and understand the sentiment behind them, enabling a clear view into the reasons for significant spikes and an understanding of the resulting impact on customers. Such insights make it much easier for businesses to understand the voice of the customer and decide what action they need to take.
Because more than 90 percent of customer interactions through contact centers are unstructured, companies are finding value in leveraging speech analytics to structure these conversations and uncover customers' needs, insights, and wants that would otherwise remain hidden.
We at 1to1 Media believe that speech analytics can empower enterprises to enhance customer loyalty and improve their bottom line by helping them understand the products and services that their customers want.
This week, 1to1 Media's Weekly News Digest, devotes prime real estate to examining the ways in which speech analytics has evolved, how it's helping companies create efficiencies, and how companies are seeing the value in this technology.
In "Everything's Just Speechy: Exploring the Evolution of Voice and Text Analytics," Anna Papachristos explores, sentiment, service, and the state of speech analytics. In this article, Security First Insurance shares how its leveraging speech analytics to speech its claims processing.
In "Utilities Power Speech Analytics for Efficiencies," Cynthia Clark uncoveres how companies are using speech analytics to get to the root of customer issues and fix problems quickly. The Las Vegas Valley Water District, winner of the 2012 Gartner & 1to1 Media CRM Excellence Awards, is one utilities company that uses analytics to really understand the underlying issues behind contact center interactions. The insights from speech analytics has allowed the Las Vegas Valley Water District to start notifying delinquent customers before a shutoff, leading to more customers paying their bills and a decrease in service technicians being sent out to shut off and then restart services, which amounted to $3.6 million cost avoidance in just one year.
Finally, in "Past, Present, and Future of Speech Analytics," Lorri Cosentino and Brittany Davis have created a visual depiction of the state of speech analytics through a 1to1 Media infographic.
Whether it's creating efficiency gains or developing a better understanding of customer insights, we hope you find value in our speech analytics issue. And as always, we welcome your feedback.