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Top Reasons Workforce Management Solutions Should Include Speech Analytics
Has speech analytics become standard equipment within your contact center? While the adoption has not yet hit the mainstream like workforce management and call center scheduling solutions, it’s likely just a matter of time. As a recent case study demonstrates, speech analytics can deliver valuable insights that could drastically improve outcomes.
The case study, featured in a recent blog by workforce management solutions provider, Monet Software focused on the Las Vegas Valley Water District. Using speech analytics, the Water District identified insights on delinquent customers. The generated data drove changes in procedure on how delinquent customers were notified. The change resulted in more customers paying their bills.
In this situation, the benefits didn’t stop with the recovery of more payments. The Water District was also able to reduce the number of trips service technicians needed to complete to shut off water service to delinquent accounts, as well as trips to turn the water back on when customers caught up on charges. In just one year after implementing speech analytics as part of their workforce optimization solution, cost avoidance hit $3.6 million.
This case study demonstrates one way a Return on Investment (ROI) is achieved through the precise identification of customer insights. Such information is possible with speech analytics. In the contact center world, the majority of interactions with customers are completely unstructured, providing opportunities for companies to leverage speech analytics and structure conversations. In doing so, they uncover specific customer preferences and needs.
Even with this kind of success, contact centers are still not readily adopting speech analytics as an important toolset. Less than 25 percent, in fact, have actually experienced the benefits associated with speech analytics. The good news is that number is projected to change. Monet Software suggests workforce management and other contact center tools will soon sit beside speech analytics as a valuable tool, expanding significantly in the market in the years to come.
For those who think that call recording solves the same challenges, consider this insight from Monet Software. The voice the customer is always sharing information, but it is often the things that go unsaid that tell you the most. With speech analytics, contact centers can place conversations in context and understand that hidden meaning. For the recorded call, the organization can gain even more insight.
The point is, if you have the tools to capture the interaction and make the most of the information shared, why not take it to the next level with speech analytics? Monet Software can make it easy, you simply have to be committed to using it.
Edited by Stefania Viscusi