Speech analytics, also known as audio mining, structures conversations and finds hidden insights, implicit customer needs and the root cause of issues embedded in conversations. It can check on how well enterprise staff complies with scripts and regulations. Speech analytics applications capture customer conversations and transform them into metadata that can be searched. The structured conversations are then analyzed using a variety of techniques, including keyword, phrase, concept and contextual search. Some speech analytics applications are able to identify concepts and trends that enterprise managers don’t even know exist. This enables call center managers and executives to address the issues that generate call volume and to identify competitive challenges and new revenue opportunities. It also gives marketing and sales managers highly valuable, actionable and timely insights into customer preferences and trends that they can use to increase customer retention, build their brand and increase revenue.

Speech analytics applications are compelling because they deliver benefits to an enterprise’s bottom line; they reduce costs and increase revenue while improving the customer experience. Speech analytics applications contribute to marketing departments by identifying competitive challenges and opportunities on a timely basis, when it’s still early enough for the enterprise to create a campaign to respond appropriately. Speech analytics can be used to identify at-risk customers and successful retention methods. It can detect a marketing campaign or product collateral that is causing negative reactions or confusing customers. It can be used to identify new product ideas and enhancements and to gain an appreciation of general customer opinions about a company, its products and the competitive environment. It is also a great tool for understanding customer and market trends.

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