Industry Survey Report: Is Speech Analytics a missed opportunity for today’s contact centers?

Industry Survey Report: Is Speech Analytics a missed opportunity for today’s contact centers?

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Industry Survey Report: Is Speech Analytics a missed opportunity for today’s contact centers?

The Survey

In August 2020 LiveVox surveyed contact center professionals across a wide range of functions and industries. Our questions focus on finding out the following:

  1. What are the top strategic priorities in today’s contact centers?
  2. What role will reporting and analytics play in implementing these priorities?
  3. Will speech analytics play a part in this story and if so how?

We gathered responses from individuals in industries ranging from Financial Services and Retail to Business Process Outsourcing and Healthcare in roles that ranged from customer service and compliance to management and leadership.

Based on their inputs we’ve put together the below summary that tells the story of how today’s contact center professionals view the role of reporting and speech analytics now, and what opportunities lie ahead in the future. 

Read on, or download the full report for a more comprehensive summary alongside more detailed results.

Strategic priorities in the industry today

It comes as no surprise customer experience was revealed as the single most important strategic priority in contact centers today. As you can see in the results graph below, it was the most universally shared priority by a wide margin. What may come as a surprise to many is the relatively low importance of compliance and security initiatives. Having been a top concern in the industry for so long, maybe these results suggest that many companies have gotten to a good place with their risk-mitigation capabilities and are ready to focus their time on strategies that drive revenue- like CX.

The role of reporting and analytics

As you would expect, respondents reporting and analytics priorities tied directly to their broader strategic goals. The overwhelming majority of companies cited insight into customer experience as the most important thing they try to get out of reporting tools. Agent performance and quality insights, which tie directly to CX outcomes, also rank highly, as do operational insights as businesses look to introduce efficiencies into their contact center function.

But do contact center professionals feel that they currently have the necessary reporting capabilities to support these objectives? It’s a mixed bag:

While many contact centers believe they are in a good place with their current reporting capabilities, 42% were either on the fence or actively dissatisfied indicating that they may look to upgrade their capabilities in the future if they can find a satisfactory solution to help them do so.

What role does Speech Analytics play in this story?

The short answer to this question is, right now, a very limited one. Take a look at these results:

But, we think this is a big missed opportunity for contact centers. We’ll explain why. 

Firstly, as we’ve talked about in our blog in the past, deployed well, speech analytics can transform businesses’ capacities in exactly the strategic areas that they have indicated are most important to them in this survey.

For example, check out our blog on how to use speech analytics to improve CX and drive revenue through cross-selling.

There seems to be an awareness of this in contact centers. Respondents clearly indicated that if they were to adopt speech analytics then the main value they would look to get out of a tool would be in helping to improve customer experience, followed by agent performance and operations.

But despite the awareness of what speech analytics can help businesses to achieve, perceived difficulties and challenges currently are seen as heavily outweighing these. Below you can see businesses’ top concerns:

This is why only 11% of our respondents’ contact centers have adopted speech analytics to this point, and this is why there is a big opportunity.

The top concerns are clear and highly rational. If technology is expensive, doesn’t offer a clear ROI, and requires you to hire extra technical expertise in-house just to use then it isn’t going to seem like a sensible investment.

However, while these preconceptions may have been accurate 5 years ago, or even more recently, things have been changing fast. Technology partners have taken more time to understand the challenges that exist in today’s contact centers around technology usability and create tools that can be up and running quickly and don’t require technical in-house expertise to use.

Furthermore, as speech analytics tools have become slowly more established in different industries, more use cases have been developed with clear and measurable ROI.

So, does this represent a big missed opportunity for today’s contact centers? Should they be exploring their options with regard to speech analytics tools and considering it on their roadmap? 

With 90% or more of competitors not currently having access to any speech analytics capabilities, if contact centers can find the right tool for their operation, the potential of it to offer a significant advantage, especially in today’s customer experience-driven economy, is huge.

This will require successful partnerships between businesses and technology partners that overcome the hurdles of ulcer ROI and difficulty of use that have so far kept things at a slow burn.

If you want more insight into the results of our survey, then download the full report here.

FAQs

How can cloud-based WFO speech analytics enhance contact center operations?

In the dynamic realm of contact centers, embracing innovation is key to unlocking excellence. This is where the prowess of cloud-based WFO speech analytics comes to the forefront, revolutionizing the way contact centers operate. Imagine a symphony where every interaction resonates with precision, and every challenge morphs into an opportunity. That’s the power cloud contact WFO speech analytics brings to the table.

Picture this: a customer reaches out, seeking answers to a complex concern. With cloud-based WFO speech analytics, each syllable is a note, and every sentiment is a chord. This technology not only deciphers what’s said but also understands how it’s said. The result? A treasure trove of insights that breathe life into customer interactions.

But why stop there? Cloud contact WFO speech analytics isn’t just about dissecting conversations – it’s about distilling actionable wisdom. By recognizing patterns in real-time, it guides agents toward tailored solutions with the finesse of a captain steering a ship. This isn’t merely technology; it’s a partnership, empowering agents to navigate challenges with newfound confidence.

The magic doesn’t end with the resolution; it extends to the realm of improvement. Cloud-based WFO speech analytics becomes the mentor every contact center craves. It pinpoints areas for growth, celebrates triumphs, and shapes strategies for a brighter tomorrow. It’s like having a backstage pass to the symphony of success.

Now, imagine this transformation echoing across every facet of your contact center. From efficiency to empathy, from understanding to upliftment—cloud contact WFO speech analytics redefines operations. It infuses positivity into each interaction, it transforms hurdles into stepping stones, and it empowers agents to shine.

How are surveys conducted using speech analytics in contact centers?

In the vibrant landscape of contact centers, the evolution brought by speech analytics surveys is nothing short of a breakthrough. These surveys don’t just capture words; they capture the pulse of customer sentiment with a finesse that’s awe-inspiring. Let’s delve into the orchestration of these transformative processes.

On any given day, a myriad of conversations flows through your contact center. It’s like a river of insights just waiting to be assessed. Speech analytics surveys act as navigators, skillfully steering through this river, catching the essence of interactions that define customer experiences. They’re like cosmic listeners, attuned to not only what’s said but also how it’s expressed.

But how does this symphony of insight unfold? The journey begins with a snippet of conversation, a vocal thread of interaction. Through the magic of speech analytics surveys, this thread is woven into a narrative of understanding. The software dissects tones, deciphers emotions, and unearths the gems that lie within each exchange.

And that’s not all. These surveys go beyond passive listening; they become a channel of dialogue. When a customer raises their voice in praise or concern, speech analytics surveys channel these expressions into actionable data. The result is a living, breathing feedback loop that paints a vivid canvas of customer experiences.

Imagine agents becoming not just responders but interpreters of customer desires. Speech analytics surveys foster this transformation by offering a glimpse into unspoken needs. It’s like the hushed conversations between notes in a musical composition: subtle, powerful, and deeply resonant.

The ripple effects are profound. As speech analytics surveys unravel the intricacies of interactions, they craft blueprints for improvement. Agents glean insights that serve as compasses, guiding them towards heightened performance and empowered service delivery.

In essence, speech analytics surveys are the heartbeats of customer-centric contact centers. They infuse interactions with understanding, elevate agents into empathetic navigators, and transform data into actionable strategies. This symbiotic dance between technology and human connection redefines the horizon of customer experiences.

How can a Workforce Optimization (WFO) provider enhance speech analytics in contact centers?

In the symphony of contact center operations, the role of a Workforce Optimization (WFO) speech analytics provider is akin to a master conductor. This provider orchestrates a harmonious blend of technology and insights, propelling contact centers toward unmatched excellence. Let’s explore the transformative impact this partnership brings.

Imagine a contact center where every interaction is a note in a grand melody of customer experiences. A WFO speech analytics provider helps to infuse each note with the richness of understanding. By harnessing the power of speech analytics, this provider deciphers not just words but also emotions, painting a canvas of insights that unveil the core of customer sentiments.

But how does this partnership take root? At its core lies the marriage of WFO expertise and speech analytics finesse. The provider becomes a beacon of guidance, illuminating the path toward optimizing workforce potential through the lens of customer interactions. This dynamic synergy transforms agents into empathetic storytellers and interactions into bridges of connection.

This partnership is not confined to the present moment; it transcends into the realm of proactive growth. A good WFO speech analytics provider doesn’t just observe interactions; it molds them into stepping stones for improvement. By identifying patterns, recognizing trends, and mapping customer journeys, it empowers contact centers to evolve in alignment with ever-changing expectations.

Consider this provider as a sculptor of strategies, chiseling actionable insights from the raw material of conversations. As agents become more attuned to customer nuances, contact centers become fortresses of loyalty and satisfaction. This transformation isn’t just an evolution; it’s a revolution that reshapes industry benchmarks.

In essence, a WFO speech analytics provider elevates the contact center symphony to a crescendo of success. It integrates the power of technology with the finesse of human connection, creating an experience that resonates deeply with customers. This provider isn’t just a collaborator; it’s a catalyst that propels contact centers to the forefront of industry innovation.

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About LiveVox

LiveVox (Nasdaq: LVOX) is a proven cloud CCaaS platform that helps business leaders redefine customer engagement and transform their contact center’s performance. Decision-makers use LiveVox to improve customer experience, boost agent productivity, empower their managers, and enhance their system orchestration capabilities. Everything needed to deliver game-changing results can be seamlessly integrated and configured to maximize your success: Omnichannel Communications, AI, a Contact Center CRM, and Workforce Engagement Management tools.

For more than 20 years, clients of all sizes and industries have trusted LiveVox’s scalable and reliable cloud platform to power billions of omnichannel interactions every year. LiveVox is headquartered in San Francisco, with international offices in Medellin, Colombia and Bangalore, India.

To stay up to date with everything LiveVox, follow us @LiveVox, visit www.livevox.com or call one of our specialists at (844) 207-6663.

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