Customers today have a variety of mediums to get themselves heard. Then be it criticizing a product quality, appreciating a new product ad or ranting about a bad customer experience, everything zeroes down to the customer service. Asawari Dande, Program Manager, Saama talks about how Voice Analytics is enabling businesses acquire and retain happy customers and thus build a strong and profitable business.
Ensuring an excellent customer service experience is critical to businesses today. Customers today are digitally savvy and have umpteen channels to voice their grievances. But what is the most widely used medium for customer to share their feedback on a service, solution or product? Calling in the customer support, right?
Not to mention those annoying IVRs!
What if you could sense the sentiment from the customer’s voice and take corrective measures to retain the customer, awesome? Yes, welcome to the new breakthrough in the field of speech analytics – Voice and Sentiment Analytics.
To the basics – What is Speech Analytics
Speech analytics is an application that converts customer phone conversations into actionable insights about new and existing business opportunities, needs and wants. It literally takes the words spoken by callers and transforms them into structured and consumable text on which condition based analytics could run. A report by Markets and Markets suggests that there is a gold mine here. The speech analytics market size is estimated to grow from $589.1 Million in 2015 to $1.60 Billion by 2020, at an estimated CAGR of 22% from 2015 to 2020 and North America to have the largest share of this pie!
While speech or text analytics can provide a huge value to any enterprise’s analytics efforts, however, it is difficult for the solution to capture everything that the customer says and there can be up to a 70% loss of data (sometimes more) in this case. For customers speaking foreign language, this can become even more challenging as the conversation first has to be translated and then analyzed.
So how’s Voice & Sentiment Analytics different?
Voice data not only contains valuable words and sentences which can lead to better analytics intelligence, but also contain the tone, intensity and voice intent that can add up to 80% more details, providing for deeper sentiment analytics. These details can prove to be a gold mine to enterprises in terms of providing suggestions and recommendations that can be used to focus a company’s attention on the issues and opportunities that matter most.
There are tremendous merits to voice analytics as a solution. It helps save operational costs, lead to faster resolution of queries, happy and satisfied customers, curb customer churn, deliver competitive services, identify up-sell and cross-selling opportunities and improve service quality.
Why Voice Analytics is important:
Voice Analytics is important from the context of increasing number of call centers, technological advancements and the rising demand for more precise risk management solutions. The ability of voice analytics to derive key insights from unstructured data and convert that into specific business solutions and opportunities is acting as a catalyst towards the adoption of this solution.
How Saama is helping an Insurance giant to save almost 300 customers every day!
A Swiss based Insurance giant recently engaged Saama to implement Voice & Sentiment Analysis solution that will help them:
- Understand customer sentiment based on voice modulation for improved customer service
- Convert speech to text to create call notes to extract information buried in client interactions
- Reduce repeat calls due to efficient call handling
- Monitor & improve call quality and customer service quality
- Improve customer retention, impacting revenue positively
Saama’s business impact:
With Saama, the Insurance company has the potential to process almost 20,000 calls per day, hitherto 40 calls per day. With the sample data provided by the company, Saama was able to help the insurance company to identify unhappy customers that would have resulted in the Insurance losing out on $2.4 million premium per month and approximately $29 Million premium annually.
So while 2016 was the year of speech analytics, 2017 will mark the adoption of Voice Analytics and transition from simple speech based analytics to sentiment analytics. Companies that value their customers’ opinions are adopting this in their “must-have” strategic solution. The market grew by more than 30% as enterprises large and small, in all verticals and in many countries, decided to invest in this application, says a report by DMG Consulting LLC.
We at Saama are at the forefront of this advancement, helping companies adopt and implement this solution.
With focus on delivering modern analytics, Saama is high on innovation to bring to you specific, functional and market ready analytics and thus, making every day at work for a customer service agent and every call by a customer count. To know more about our offerings in this space, click here.