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Speech Analytics, also called customer engagement analytics, the voice of the customer analytics, and interaction analytics, are systems that can analyze text, phone, social, email, and webchat conversations. Since the early 2000s, the speed and accuracy of these systems have grown exponentially. Companies use these analytics systems to course-correct agent performance, improve efficiency, maintain compliance, enhance the customer experience, and increase overall revenue.
Speech analytics software transcribes any conversation and organizes it into searchable, structured data that can be used to gain a better understanding of how customers think and feel. Speech analytics is a tool often used to see what is truly happening throughout the customer experience and create actionable insights to correct problems and improve customer relationships.
Speech analytics collects the unstructured data found in recorded calls, chat transcripts, customer emails, and any other customer interactions and pairs it to structured metadata (e.g. time of day, length of the call, or which agent handled the interaction). Any audio is put through a speech recognition process that can turn the speech to text. Concurrently, audible signals are extracted (e.g. volume, tempo, agitation in the voice, or silence).
Satisfied customers are the basis for growth and success in any business, so hearing and addressing customer feedback, needs, concerns, and ideas enables a better understanding of what makes a customer's experience exceptional, and ultimately drives business growth.
Speech analytics can propel customer satisfaction by providing real-time, easily visible, post-interaction metrics able to quantify and interpret previously subjective behaviors, creating immediate, accurate, and objective awareness into agent behavior.
Performance can be monitored remotely by other agents, various team leaders, managers, and even executives, empowering every member of the team to focus on the same business goals and objectives, regardless of location. Businesses can cultivate connections with customers and employees that drive quality assurance in-house or in a remote work landscape.