“Calls may be recorded for quality control purposes.” Simple, to-the-point…and obsolete.

Customers will instead soon be getting used to a new phrase when they phone a call centre: “All calls will be systematically recorded, transcribed and analysed by sophisticated AI algorithms for a whole range of purposes.”

Not as snappy, to be sure, but much more representative of where the contact centre is headed.

Speech analytics is the latest tool for businesses looking to improve the customer’s experience and their bottom line. Rather than recording the odd call for a manager to assess after the event, it automatically transcribes every customer interaction to create an enormous pool of raw data. This is then organised and analysed to create insights based on the individual company’s needs.

This can be done in real-time to help a call centre operative. By cross-checking words and phrases against a library of pre-defined terms, the tool can suggest a response to a question, remind them when it’s time to read out a legal disclaimer or even give their supervisor a heads-up that the operative is struggling.

These sophisticated systems don’t just measure content, they also cover tone. They can tell when a customer (or call handler) is becoming stressed or emotional and offer tips on how to manage the situation.

One life insurance provider uses speech analytics to identify and safeguard its more vulnerable customers. The system looks out for signs of learning difficulties, mental health concerns and other challenges. When triggered, it automatically forwards the conversation to a special team to check the customer was provided the right duty of care.

And of course, calls can also be analysed after the event to glean all kinds of insights. Here are just a few:

• Identify top performing agents and those who would benefit from additional training.
•  Which call management process and policies frustrate customers and need an overhaul.
• To what extent are agents complying with internal and external rules and regulations.
• Which customers are at risk of churning and so require special attention.
• What complaints do customers have about the company in general, and how to remedy them.

The beauty of speech analytics is that its insights don’t just benefit the call centre. This treasure trove of data can and should be shared with other departments to benefit the business as a whole. Some of the potential benefits include:

• Test and improve marketing messages.
• Recommend new products and improvements.
• Suggest process efficiencies and fine-tune operations.
• Identify which competitors are turning customers’ heads.

It’s no wonder then that speech analytics systems are rolling out in call centres around the world. 7.8% of all contact centres have implemented speech biometrics, an increase of 50% since 2016 (according to the Global Telecoms Quality of Service Report). The same report said 84% of contact centre staff think the use of speech analytics will increase over the next 5-10 years.

As well as the commercial incentives, this is driven in part by customer need. In a recent survey in South Africa, more than 80% of companies said customers had become more emotional, the result of the pandemic and other issues in their personal lives. 86% said their agents were dealing with more vulnerable customers, hit by health, unemployment and financial challenges.

Still not convinced? Here are five important business reasons to invest in speech analytics.

1. Reduce customer churn. By listening in to each and every call, the system can identify when a conversation is going the wrong way and offer the agent suggestions to get it back on track.
2. Boost productivity. There’s no need for managers to play back random calls in search of insights and development.
3. Improve compliance. By programming regulatory requirements into the system’s rules, you can mitigate risks and escalate issues in real-time.
4. Develop agent performance. Get better results by baking scorecards and training recommendations into the tool.
5. Reduce staff turnover. Agents want to help people. A system that recognizes vulnerable or unhappy customers and offers guidance can only improve motivation and morale.

Like with any business investment, the introduction of speech analytics should demand a positive return on the bottom line. Here are two that we see time and time again.