A Guide to Measuring the ROI of Speech Analytics
When it comes to speech analytics, determining the return on investment (ROI) is crucial for businesses looking to leverage this technology effectively. To stay ahead of the curve, contact centres are now using speech analytics solutions to gather valuable insights from customer interactions. Implementing speech analytics will naturally incur costs, managers need to be able to accurately measure and report on the return on investment (ROI) in order to rationalise and justify the investment.
While speech analytics can be used to increase operational performance, compliance and also contributes significantly to the insights that lead to cost savings, its ultimate worth stays in actively contributing towards business success and customer satisfaction. Business owners and key decision-makers need to understand the importance of measuring ROI when investing in technologies. Let’s look at a few practical ways to measure ROI in call centre operations.
Insightful Statistics on Measuring ROI of Speech Analytics
Speech analytics has the potential to transform contact centres’ operations and boost productivity significantly. Studies indicate that 49% of businesses have increased customer satisfaction by implementing this technology. To further enhance operational insights, 37% of respondents have used speech analytics for trend tracking. The evidence clearly demonstrates speech analytics’ potential, with only 2% of respondents indicating no appreciable benefits after implementation thereof. (Click here to view source) This leads us to our next topic: Measuring the ROI of Speech Analytics.
The Variables in Measuring the ROI of Speech Analytics
Illustrative Example:
When it comes to measuring the ROI of speech analytics, think of a scenario where a homeowner is deliberating the installation of solar panels on their roof as a solution to avoid load shedding. Much like the homeowner assessing the long-term benefits of solar panels—weighing potential cost savings against upfront investments — professionals evaluating speech analytics embark on a similar journey. They seek solid ROI, including improved efficiency, compliance, and customer satisfaction translating to increased revenue, to justify the investment and gain stakeholder support.
Two of the best ways to justify this investment is if you measure an organisation’s speech analytics ROI and it shows you’ve been able to reduce costs and increase revenue. We look at how speech analytics can reduce costs and increase revenue in detail below.
How does speech analytics reduce cost for contact centres?
This section will examine the several ways in which the use of speech analytics reduces costs in contact centres while increasing productivity and performance.
- Eliminating unnecessary callbacks. Customers often call back after not receiving a satisfactory answer during their first call. This raises the average handle time and aggravates customers who may have to repeat themselves to several different agents. Speech analytics can be used to identify patterns and trends connected to calls that result in callbacks by examining the content and context of customer interactions. With the use of speech analytics, contact centre management can use the insights to develop various interventions designed to reduce average handle time (AHT), eliminate unnecessary callbacks, and raise the first call resolution rate.
- Preventing regulatory non-compliance fines and damages. Speech analytics empowers contact centres by providing compliance monitoring of 100% of all customer interactions. By analysing the presence or absence of key words and phrases the technology can automatically detect potential compliance violations. Any compliance violation can thus be quickly identified and corrected, avoiding costly fines and losses brought on by non-compliance. Contact centre operators can reduce the risk of regulatory fines and related damages by using this proactive method to quickly identify and remedy any compliance issues.
- Streamline QA procedures. With speech analytics, organisations can better manage resources and concentrate on strategic goals by automating certain types of quality assessment processes. This includes automating certain aspects of the QA process by identifying outliers, problems, and opportunities. Speech analytics effectively pinpoints opportunities for improvement and adherence to quality standards by examining the content, sentiment, and compliance of conversations. By leveraging automation to screen, analyse, and report on 100% of all calls, businesses can significantly reduce time and resources for manual QA, allowing them to shift staff to vital projects.
- Reducing call volume. Organisations can identify and address procedures that are contributing to an increase in call volume. The root cause analysis of speech analytics makes it easier to find and address the root causes. Organisations can identify recurring problems that lead to repeated calls, such as product/service inquiries, billing anomalies, or technical difficulties, by analysing client interactions. A decrease in call volume results in lower operational costs because fewer resources are needed to handle customer inquiries.
- Cutting the cost of training and staff turnover. By using the insights surfaced by speech analytics, contact centres are able to find situations where individualised agent coaching can be implemented. It is possible to shorten the time spent on agent training while also assisting agents with their unique problems by identifying and analysing specific training needs.
How does speech analytics increase revenue for contact centres?
We’ll explore the different ways speech analytics can increase revenue in contact centres, highlighting its importance as a key tool for measuring the ROI of speech analytics.
- Sales conversion rates increased. Speech analytics can be used to identify the key sales behaviours of agents. To enhance sales conversions, companies can improve their agent coaching and training programs by incorporating best practices. These practices may include agents adhering to established call guides and scripts, effectively addressing objections, and following “decision tree” processes.
- Higher debt collection ratios. Businesses uncover successful negotiating methods and increase their chances of getting customers to commit to paying. For example, debt collectors must operate under constant pressure due to stringent legal and regulatory compliance requirements and compliance standards. Speech analytics optimises procedures for higher success rates and eliminates unfavourable performance patterns. For example, automatically screening and monitoring 100% of all calls to identify the Right Part Contract (RPC) and Promise to Pay (PTP).
- Reducing the loss of customers. Early detection of possible problems through insights surfaced by speech analytics allows companies to proactively solve issues and improve customer relations. Customers receive prompt responses to their inquiries and experience problem resolution on the first call, resulting in reduced customer attrition and a more positive brand image.
Callbi’s Approach
Callbi is the #1 speech analytics solution in South Africa. It has the unique capability to accurately transcribe and analyse calls and texts in SA English, Afrikaans, isiZulu, Setswana, Sesotho, and mixed-language conversations. Using Callbi’s analytical insights, contact centre operators can drive significantly improved operational performance, compliance, and agent engagement.
Satisfied Callbi clients like iWYZE provide a testament to its success, experiencing remarkable results within a few months of implementation. By analysing 100% of calls, management was able to surface the insights that quickly and easily identified flaws in specific agents’ customer engagements, such as not following prescribed call processes or avoiding objections. They stated that they identified critical issues, such as agents ending sales calls without following prescribed scripts or processes. Insights surfaced by Callbi enabled management to take appropriate steps and implement certain interventions that resulted in significant sales performance improvements.
By using Callbi, the organisation achieved a 15% sales revenue increase in 60 days, proving its ROI and supporting long-term contact centre growth. These insights surfaced by Callbi enabled team leaders to promptly address call handling inefficiencies resulting in a 7% AHT reduction. Additionally, this approach not only delivered expected yearly operational savings but also led to a decrease in the number of agents.
The Future
Speech analytics is shaping the future of contact centres, empowering them to make data-driven decisions and craft and refine the significantly improved customer experience. Speech analytics is becoming essential for contact centres; helping to drive significant performance improvements, compliance, agent experience, reduced costs, and improved revenues.
At Callbi, we prioritise each customer interaction and offer advanced speech analytics solutions that greatly benefit both our partners and their customers. Join us in embracing the future of speech analytics and unlock its value for your business. Contact us today to learn more about how Callbi can support your journey toward success. Click here to visit our website.
