For millions of people around the world, myself included, Artificial Intelligence (AI) is deeply embedded…
- Customer Experience
The Rise of AI-Based Speech Analytics
- Christa Heibel
- 17 June 2020
Artificial intelligence is driving many businesses to adopt the technology. The ability of artificial intelligence to analyze data and mimic human decisions reduces call volume and increases agent productivity.
Contact centers handle a lot of audio data in their systems. Microsoft report shows that costumers tend to stop making further transactions because of poor customer service. To serve more customer complaints and inquiries, contact centers must fully utilize the data gathered in their systems.
Speech Analytics Market
Speech analytics has existed for almost two decades now. From government intelligence, it has penetrated different types of business markets. Contact centers now hold the largest market shares.
With most businesses availing contact center services, investors are putting more money into the industry. It has a lot of potential in increasing customer service satisfaction. Expect the Global Speech Analytics market to increase CAGR by 29.6%, with $2.23 billion worth before 2021 ends.
The reason is not only to fully automate customer service operations. More businesses dive into using AI for their customer service department to interpret more transcriptions, make quick actions, train efficient and productive agents, and deliver exceptional services.
What Happens in an AI-powered Call?
When a customer calls, the AI processes the entire context of the conversation in real-time. It doesn’t only identify emotions through voice speech like what the IVR technology does. It makes quick decisions for normal and unusual calls. AI technology makes quick routing for calls that need immediate attention. Furthermore, it can translate a huge amount of speech data faster. Agents can handle more calls and provide better solutions to callers.
How Does AI Work in Speech Analytics for Contact Centers?
Contact Centers are now joining the AI trend for better speech analytics. Speech analytics, combined with AI, promises a lot of convenience in contact center operations.
AI works as an additional layer to speech analytics in most cases. This takes analytics to a whole new level. Imagine moving from merely data extraction or creation of databases for later analysis and action to a stage where information is automatically reviewed and the best possible action is taken.
Personalized Customer Service Experience
The AI processes previous data recorded with a client. Speech analytics holds specific data for each user account like user profile, previous complaints or inquiries, and expectations. AI analyzes these data in real-time and makes personalized suggestions to call center agents. These personalized suggestions are vital in delivering personalized customer service.
Personalized service brings in more loyal customers, positive feedback, and solutions.
- Reduce Average Handling Time
Analyzing speech analytics with the help of AI reduces average handling time. Your agent can deliver more solutions faster. Now, your agents have better opportunities to attend to more calls.
- Reduce Call Volume
Callers may find the process of routing to alternative channels to be too long. Call center companies need to reduce call volume for every agent to ensure productivity. Through AI, operations can have an effective streamline to make routing faster and reduce call volumes.
AI helps in handling calls faster by identifying issues automatically and smarter routing. In some instances, AI can detect calls with serious issues. It alerts supervisors to make call interventions.
- Train Efficient agents
AI has reduced more human tasks, including evaluation of the agent’s score. Managers and supervisors can now make quick views of their agent’s performance. AI provides real-time customer feedback, call scores, and even training modules. The AI-suggested modules are more accurate and based on their performance results.
- Enhance Cybersecurity
Fraud attempts are increasing, especially for financial accounts. Because of this, most enterprises are taking steps to secure business and customer data in their system.
AI faces challenges when it comes to cybersecurity. A study confirms that AI reduced the time to detect threats and breaches by an average of 12%. The knowledge-based authentication is an outdated process. Through AI, supervisors and agents can receive alerts about fraudulent calls.
- Make accurate solutions
Previous records help contact centers to review conversations in more depth. You can now strategize and make better and standard scripts to address more concerns. You can set notifications to alert agents. These alerts notify agents when they are talking unacceptably or not following the script.
AI technology is currently unstoppable for the speech analytics market. Now, you can fully utilize this feature in your system and make a wiser investment.
Are you exploring AI-based speech analytics for your contact center? CH Consulting Group provides unparalleled expertise in the Contact Center and Customer Experience (CX) verticals. We have a nationwide team of industry veterans that can assist you to achieve exponential growth, manage change, and generate profit. For a comprehensive Contact Center and CX assessment and strategic plan customized for your AI-based speech analytic needs, connect with us here today.
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