Determining the Real Benefits of Speech Analytics
Speech analytics has become an essential technology used in modern contact centres.
It has the capacity to help you gain deeper visibility, better quality assurance, improved compliance, smarter coaching, while reducing operational costs.
But there is one question every organisation should ask before implementing it: what is the measurable benefit for our contact centre?
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Measurable benefits for your contact centre
Speech analytics is a powerful tool, but capability alone does not justify this investment. The real value lies in understanding how it will impact your specific operational metrics.
Various questions first need to be answered, such as:
- How much could you realistically reduce average handle time?
- What would fewer avoidable calls mean financially?
- How much does agent attrition cost your business each year?
- What is the cost of only sampling a small percentage of calls for QA?
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Small performance improvements across high call volumes can translate into significant financial outcomes. But without calculating the numbers, the benefits remain unclear.
Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment.
Definition according to Investopedia, part of the People Inc. publishing family
Determining the financial impact of new technology
Calculating the financial impact of adding new technology to your operation helps to:
- Turn possible performance improvements into estimated values
- Align operational and financial managers
- Remove uncertainty in the decision-making process
This is why modelling the return on investing in speech analytics before implementation is good practice.
Further Insight
If you are evaluating speech analytics, tools like the ROI calculator from Callbi allow you to input your own operational data and see projected monthly and annual savings based on realistic improvement scenarios.
This will prove its value before you deploy it while unifying managers, removing uncertainty and quantifying the possible impact on operational metrics.
If your team is exploring ways to listen more meaningfully across every interaction, we’re always open to a conversation. Contact us.Â
ROI is the "ultimate scorecard" for evaluating whether money, time, and resources spent on a project was worthwhile
If you need to evaluate the possible impact of speech analytics on your call centre, explore our ROI Calculator here.