The power of voice analytics in business
Technology is bringing significant revolutionary changes in day-to-day activities. Every day, we listen to a new invention or trend in the technology industry. Voice analytics is one of the growing trends of advanced technology. Companies are seeking help from the topmost transcription services providers for their growth.
Voice analytics gives the power to analyze and record a spoken conversation by voice recognition tool. Voice analytics software translates speech to text and helps to identify the speaker’s emotion and intent by analyzing audio patterns. It has grown in commercial importance since the 2000s. Today, more and more companies are investing on a large scale in voice analytics technology.
Now, companies have a power in hand to get a better insight into the interaction between customers and executives, lie detection, and identification of emotions, as voice analytics tools can predict the level of annoyance or satisfaction of a customer.
It can not only understand the spoken words but also can translate the voice in the text format and analyzing the lies, stress level, and whatnot.
Today, various industries, including insurance, technology, financial services, and healthcare, are leveraging enormous benefits by this technology. Customer service can be hugely benefitted from it.
How does voice analytics work?
As we discussed above that voice analytics targets the intonation of a customer’s conversation. The software analyzes the audio patterns for vocal elements such as the tone, pitch, tempo, rhythm, and syllable stress to provide more in-depth knowledge of the mood of a customer. For example, if a customer uses the word “great,” voice analytics detects the cues, such as anger or sarcasm. This analysis can change the meaning of the word entirely. It is crucial to understand the demeanor of a customer to provide them with a satisfactory experience.
Best Practices of Voice Analytics:
Here are a few points to make you understand how you can use voice analytics for the best-suited practices to your company.
- To increases customer retentions
- To manage the quality of customer call handling
- To reduce agent turnover
- To train and coach with transparent feedback
- To raise call handling efficiencies
- To reduce average call times and answer more calls
- To identify mishandled calls
- To reduce potential legal cases arising from poorly handled calls
- To increase the sales conversion rate
- To share successful selling techniques
- To raise efficiencies with automated feedback on key metrics
The Benefits of Voice Analytics:
Transcription services and voice analytics are beneficial in boosting customer service and call center performance levels as the system can identify the following insights automatically.
Customer satisfaction: Voice analytics software identifies recurring themes, trends, and hot topics to highlight customer satisfaction levels.
Competitive intelligence: It helps you identify competitive intelligence in conversation data with new and at-risk customers who may ask for features etc. provided by your competitors.
Underperforming agents: It gives you a quick insight into the underperforming agents on your customer service team. Once you know it, you can quickly figure out how to fix the issue.
Share best practices and messaging that works: You can help to elevate B performers to A performers by identifying the messaging and conversation techniques that bring results and produce high levels of customer satisfaction.
Voice analytics can help predict future behaviors by analyzing a customer’s response and emotional state. The insight between what has been said concerning how it was said can provide huge information about the customers that can improve the quality of operations in fruitful ways.