De-busting the myths on Speech Analytics

Let’s get real about Speech Analytics and dispel the myths…

We know that some organisations face common barriers to success as they look to adopt Speech Analytics and behind those barriers are myths.  Continue reading about the myths below and see if any ring true for your business.

Myth 1: Speech Analytics is a set-it-and-forget-it technology

Truth: Speech Analytics is hands-on.  The more you use it, the greater return you will see.  We have some top tips for you to follow – to get the most out of Speech Analytics:

1. Designate a “Chief Asker” – simply put, this is someone who will analyse the data on a consistent basis.  A person/group needs to be tasked with owning the data, an analyst will naturally ask questions when presented with the data set
2. Automate certain common queries –with Speech Analytics it’s easy to automatically search for certain key words and phrases and quantify their rate of occurrence.  For example, in a contact centre setting, one might ask: Why are customers cancelling? / Why are customers dissatisfied?
3. Regularly drill down into the keywords – It is important to go to the next level to understand the context around those keywords and phrases

Myth 2: Quality assurance will be completely automated

Truth: Speech Analytics can significantly improve, not fully automate quality assurance efforts

So, what can Speech Analytics actually automate?

1. Common, repeatable phrases e.g. an opening greeting or a closing statement
2. Agent and customer sentiment – people skills are a crucial component to any customer interaction and Speech Analytics can help separate the positive from the negative, for example instances where the agent and customer speak over one another

Myth 3: Call transcriptions need to be 100% accurate

Truth: Call transcription doesn’t have to be 100% to gain value from Speech Analytics

A common use case for Speech Analytics is to search for mentions of a company’s specific products, however you do need to be wary of certain words and phrases that Speech Analytics might have difficulty transcribing.  An example of how this could happen is with terms like: grade A” being transcribed as “gray day.” As you become aware of such occurrences, you can fine tune the searches to include those terms as well.

Myth 4: Speech Analytics is for contact centres and large companies

Truth: The benefit of Speech Analytics is that it can be used within organisations that are large, small, and somewhere in between

For the small and medium-sized business leader, perhaps you’ve heard that Speech Analytics requires a huge volume of customer interactions to be worth the time and effort. Or perhaps popular vendors have quoted exorbitant implementation fees or given your company the cold shoulder because you didn’t meet their seat minimum. While some of these reasons may have been historically true, cloud-based Speech Analytics providers have turned them into myths.

Myth 5: Speech Analytics is too expensive

Truth: Speech Analytics is affordable to organisations of all sizes

If you’ve been put off by the steep price tag in the past,  it’s time to look again.

• Cloud-based solutions have eliminated hardware expenses
•  Out-of-the-box operation ends the need for expensive professional services  and implementation fees
• Cost of speech to text transcription has dropped while speed and accuracy have increased

Speech Analytics has never been more affordable!

Watch the short video below to learn more about Speech Analytics and the valuable insight it can bring to your business. 

For more information on contact centre and the other services we can help with, click here.