The Hidden ROI of Speech Analytics Software
Speech analytics software has some clear and direct return on investment (ROI) benefits, and these stem from the primary features and functions of the technology.
For instance, you can analyse speech patterns to identify your best performing employees, and use them as examples to the rest of the workforce, while also singling out your worst performers not for punishment, but for support and further coaching.
You can also flag up any immediate causes for concern, such as the use of words or phrases that are not allowed or are inappropriate, or heated discussions that are unprofessional.
All of these are among the more obvious advantages of speech analytics software, but even beyond this there are hidden benefits that can drive ROI even higher, while substantially cutting down on your administrative burden.
For example, the software can allow you to pick up on any individuals whose communication skills need some work – according to Datamonitor Financial, one in five insurance claimants say their insurers have poor communication skills.
This is a useful example because of the nature of making an insurance claim; claimants are likely to be in the middle of a turbulent life event, potentially involving substantial losses, and providing them with a good standard of communication and customer service can make a significant difference at such a time.
In general though, poor communication can leave clients feeling unwanted or neglected, and that drives down customer retention rates, with a clear knock-on effect on your bottom line.
And those customers who choose to stay might be more likely to complain about the quality of service they have received.
When a complaint is encountered, there are likely to be several negative impacts on your bottom line as a result: the administrative burden and time taken to investigate; the risk of losing the client; the cost of a knee-jerk response in terms of retraining the staff member involved; and paying out in compensation or another gesture of goodwill to the affected customer.
Speech analytics software can flag up potential complaints even before they occur, by alerting you to calls that have been handled in an inappropriate manner.
This allows you to send the employee involved for further training, not as a knee-jerk reaction to a complaint, but as part of their regular scheduled professional development, and that helps to manage the cost of coaching them.
Most importantly, it means the same individual should not be the subject of as many further future complaints – driving down the costs involved, and boosting the real-terms ROI of your speech analytics software.