With the speech analytics market gearing up to be worth $1.33 billion by 2019* the vast potential for this technology is strikingly high. With plentiful room for growth, which sectors are more inclined to implement speech analytics in their organisation?
Here we share some interesting insights taken directly from the ‘The Inner Circle Guide to Customer Contact Analytics’ the must read guide for any organisation looking to implement speech analytics – published by ContactBabel and sponsored by Business Systems.
Speech Analytics – The facts
According to a survey of speech analytics operations, the utilities market is developing strongly with 66% looking to implement speech analytics technology within the next 12 months and beyond. Housing, on the other hand has little plans or interest to implement speech analytics technology within their organisation, with 75% of respondents opting for ‘no plans to implement’. According to solution providers interviewed for this report, there are many market sectors notably enthusiastic to implement customer contact analytics within their respective organisations; stealing a march on their competition and driving them forward to capitalise on potential investment opportunities.
We’ve gone away and cherry picked just a few:
- Financial Services (For Compliance purposes)
- Outsourcing (Compliance as well as sales and retention improvement)
- Tourism (Sales improvement and conversions)
- Government (Quality Monitoring and call handling improvements)
Speech Analytics Case Study – In practice
As leading global information Services Company, the contact centre strategy for this organisation rested in providing the best possible service to boost customer retention. Understanding why customers initially signed up for their service and ensuring these benefits were being provided would in turn deliver colossal value to the company improving their customer retention.
Prior to implementing speech analytics, business insight for Experian was derived from the telephony and IVR systems as well as personal experiences shared by agents. It was evident to Experian that better technology could deliver these same business results so Nexidia speech analytics solution was chosen as a best fit.
The biggest output which came around as a result of implementing speech analytics, was improved customer retention by 38%, classified as a ‘long term save’. Among many of the other benefits, the team have also managed to map the full customer journey helping them understand what works best for their customers.
According to Chris Barkataki, Strategy Manager at Experian: “Business Systems helped us get the implementation right which was all important because this is not a one-off project; it’s a sustainable step-change to our business process”.
*Speech Analytics Market [Solutions (Speech Engine, Indexing & Analysis, Reports & Dashboards), Applications (Business Process, Agent Performance, Market Intelligence, Risk & Compliance Management & CEM)] – Worldwide Market Forecast (2014-2019)