Harness the Power of Speech Analytics for Benefits across Functions
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The document discusses the significance of speech analytics in enhancing organizational performance by providing insights across various functions such as sales, marketing, and customer service. It highlights case studies showing how companies utilized speech analytics to address customer issues, improve operational efficiency, and optimize product offerings, ultimately leading to increased revenues and customer loyalty. Uniphore Software Systems is presented as a leading provider of speech recognition solutions, boasting a global presence and recognition in the tech industry.
Harness the Power of Speech Analytics for Benefits across Functions
- 1. susheel_ext@uniphore.com Harness the Power of Speech Analytics for Benefits across Functions
- 2. Introduction – Organizations Today Challenges faced in today’s time: Faster time-to-market Tougher compliance & regulations Stiffer competition More knowledgeable and demanding customer New ways and means to align with market trends: Adopting new-age technologies to improve performance and reduce costs Using stored databases to gain valuable market and customer insights
- 3. Technology Trends Influencing Data Analytics ‘What do we build with Big data’ ‘What business value can we derive out of Big data’ 2017went from to Trends influencing this: Internet-of-Things (IoT) Machine Learning (ML) and Artificial Intelligence (AI)
- 4. Big Data ‘’79% of executives agree that organizations that do not embrace Big data will lose their competitive position and may even face extinction, and 83% have embraced big data projects to gain competitive edge’’ - Accenture Study Growth Projection: $42 billion by the end of 2018 10.48% CAGR to reach $103 billion by 2027 Big data covers a whole gamut of technologies which includes Speech Analytics
- 5. Speech Analytics – Providing Insights Across Functions Improvized customer service at the contact center level Greater visibility into customer conversations Valuable customer insights for major decision-making Converts unstructured conversations into structured output Improved contact center metrics such as – AHT FCR Customer churn propensity Contact quality Agent attrition Operational efficiency
- 6. Why Speech Analytics? Speech Analytics can help - Improve Up-sell & Cross-sell volumes Iterate product/service offerings as per customer needs Enable better customer support services Enhance performance across various organizational functions
- 7. Speech Analytics Adds Value Across Functions – Instance 1 Function Problem Result Value add Sales and Revenues A major US retailer observed that there was high customer dissatisfaction and regular product returns. Speech Analytics helped understand the top 5 reasons for the same and identified that a little more than 1/10th of calls were due to just one problem, which they did not realize before. The retailer was also able to address the problem and also sensitized the sales teams on areas they could address to increase brand image, which eventually led to higher sales volumes. Sales and revenue increments apart, Speech Analytics also provides scope for marketers to plan and execute various promotions to enthuse and entice customers.
- 8. Speech Analytics Adds Value Across Functions – Instance 2 Function Problem Result Value add Marketing & Promotions A Telecom major was able to gather interesting inputs from customer conversations. Their ‘’sign-up for 2 months of free service’’ campaign received the most customer queries. This helped the company extend the campaign to enhance the marketing and promotional efforts and obtain additional customers. While marketing departments benefit through interesting customer insights, Speech Analytics also helps other departments such as the Operations in terms of efficiency and effectiveness.
- 9. Speech Analytics Adds Value Across Functions – Instance 3 Function Problem Result Value add Operations An EU based insurer deployed Speech Analytics solution to comprehensively understand the nature of the complex customer claims interactions and optimize contact center operations. This allowed the insurer to train agents and redefine its customer services support. The insurer saw significant improvements in operations. This eventually led to higher operational efficiency and cost savings by 20%. Organizations are happy to have Speech Analytics play a pivotal role in enhancing operations but it does not end there - insights from conversations also throw some light on competition.
- 10. Speech Analytics Adds Value Across Functions – Instance 4 Function Problem Result Value add Competition Knowledge A popular Asian Telecom company was unable to stem customer churn. Various customer insights through Speech Analytics revealed that competitors were luring its customers through major discounts and additional free services. Information on competition helped Telecom Company modify product offerings and pricing to stem customer churn and increase loyalty. Knowledge on competition and useful insights help modify and fine-tune product and service strategies.
- 11. Speech Analytics Adds Value Across Functions – Instance 5 Function Problem Result Value add Products & Services A leading Internet Service Provider (ISP) in Asia saw continued fall in customer numbers and increased complaints and had no clue on why this was happening. Speech Analytics solution revealed that a specific combination of service offering was more appealing to customers. The ISP quickly fine-tuned its product/service offering and sensitized all customer facing teams to familiarize customers with the same. It was able to stem customer complaints, gain customer acceptance, and achieve additional business. Better products and services play a direct role in the evolution of customer service, and Speech Analytics helps with that.
- 12. Speech Analytics Adds Value Across Functions – Instance 6 Function Problem Result Value add Customer Service A leading European outsourcing specialist wished to enhance its customer service and increase loyal customer base. Speech Analytics helped gain deeper understanding on customer concerns, feedback, and suggestions. The company achieved a 6-second reduction in AHT over 40,000 calls. The non-talk time was reduced by 25%. This helped the company enhance overall customer service, increase customer loyalty, and even reduce costs. It also led to reduction in agent attrition. Speech Analytics drives improvement in the efficiencies across various functional departments which ultimately contributes to the overall profit and growth of an organization.
- 13. Speech Analytics for Decision Makers – CXO’s Perspective Provides insights and confidence to take major decisions at an organization level related to: Cost Optimization Brand Enhancement Customer Loyalty Compliance Control ROI Enhancement Business Growth
- 14. Speech Analytics for Enterprises with contact centers
- 15. Features and Benefits of auMina Business Insights: Goes beyond Quality Assistance to provide Business Analysis Omni-channel Analytics: An irreplaceable part of analytics strategy Widest Language Coverage: 100 different languages (17 Indian) and multiple dialects Near Human Accuracy: Detects words and emotions with a high accuracy rate Pay-as-you-go Service: Offered as a SaaS on cloud
- 16. Why we believe auMina should be your go-to-solution: Understands and analyses the ‘’Voice of the Customers (VOC)’’ Reduces CAPEX through SaaS model offered via Cloud Increases profitability per agent, team, and contact center Insights to modify and refine product/service offerings Insights to drive strategies across Sales, Marketing, Operations, Customer Support functions Bridges gap between customer service team and other customer-facing teams Compelling Factors Inducing CXO Buy-In
- 17. Speech Analytics to Your Rescue With Speech Analytics: Obtain interesting insights from customer conversations to address prevailing issues Go beyond contact centers to drive performance across functions in an organization Enable CXOs with insights for taking informed decisions Adopting disruptive technologies is imperative for organizations to sustain their competitive edge.
- 18. NEED HELP? TALK TO US To know more about the business benefits of implementing auMina from Uniphore, reach out to Susheel at: susheel_ext@uniphore.com You can also download the whitepaper to learn more CLICK HERE
- 19. Uniphore Software Systems is a leading provider of Speech Recognition solutions for enterprises and has worked with over 70 enterprise customers and served over 4 million end users. It has offices worldwide including in USA, Singapore and India with 150+ employees. Uniphore’s investors include John Chambers, IDG Ventures India, IIFL, Kris Gopalakrishnan, Ray Stata, YourNest Angel Fund, and India Angel Network. Uniphore was recognized by Deloitte as a Technology Fast 500 company in Asia Pacific in 2014 and was also ranked as the 10th fastest growing technology company in India by Deloitte Fast 50 in 2015. Uniphore’s Co-founder & CEO, Umesh Sachdev, was recognized by the TIME Magazine list of 2016 amongst ’10 Millennials Changing the World’, and with India’s edition of MIT Technology Review’s ‘Innovators Under 35′ for the year 2016. Uniphore was founded in 2008 at IIT Madras.