Transforming the Contact Center into an Enterprise Change Agent. [ Four ways speech analytics drives actionable insights ]

Transcription

1 Transforming the Contact Center into an Enterprise Change Agent [ Four ways speech analytics drives actionable insights ]

2 Contents Transforming the Contact Center into an Enterprise Change Agent Unlocking the Intelligence in Every Phone Call How Speech Analytics Works Four Ways Organizations Are Leveraging Speech Analytics Speech Analytics: A Best-Practice Enterprise Model Championing Change in Contact Center Operations Championing Change in Self-Service Channels Championing Change in Customer Experience Championing Change in Business Process With Speech Analytics: Now You Know

3 Transforming the Contact Center into an Enterprise Change Agent Four ways speech analytics drives actionable insights In the past, the contact center was viewed as a cost center; today it is becoming a value center where essential customer feedback and insights are made actionable to assist the organization in improving costs, and supporting overall customer experience and business optimization. Powering this shift is speech analytics, which is elevating the role of the contact center to that of strategic change agent for the enterprise. Click to Tweet 4 ways speech analytics drives actionable insights. Get the new ebook to learn more. [ 1 ]

4 Unlocking the Intelligence in Every Phone Call Organizations that have embraced the concept of using the contact center as an enterprise change agent understand the value of the rich insights contained in each and every phone call. For the vast majority of enterprises, the phone remains the No. 1 interaction channel. Moreover, it is also the richest even a five-minute phone call can contain 1,000 words. This can be an inexhaustible pool of valuable data. Customer phone conversations can reveal many things: Self-service breakdowns (web, IVR, paper) Business/product issues Customer complaints, needs, and trends Competitive intelligence Agent training issues However, while contact centers have had this immense gold mine of data (which continued to grow every day), they have had no way to cost-effectively analyze these millions of call recordings. This potential treasure chest has therefore remained nothing but unstructured audio that is inaccessible and unable to be mined for actionable insights and opportunities for change. Until now. 1 [ 2 ]

5 How Speech Analytics Works Speech analytics can deeply mine a phone call for information and unlock this unstructured data by converting recorded audio files (i.e. phone calls) into written transcripts for deep analysis through analytics. But it s more than a transcription engine, and its value goes well beyond that of monitoring agent performance. With speech analytics, organizations can perform analysis in many ways and at many different levels to: Categorize calls Analyze trends and outcomes Determine customer satisfaction, churn risk, and emotion Track agent performance Perform root cause analysis Discover new themes Click to Tweet Learn how to use speech analytics tools to their full potential. Download the ebook [ 3 ]

6 Four Ways Organizations Are Leveraging Speech Analytics These actionable insights can then be used to optimize people and processes throughout the enterprise, including: Contact center operations Reduce costs and improve agent productivity Self-service channels Reduce customer effort and calls Customer experience Increase customer satisfaction and reduce churn Business processes Improve business outcomes and detect process failures [ 4 ]

7 Speech Analytics: A Best-Practice Enterprise Model Speech analytics return on investment is broad and extensive. While it has Contact Center Operations traditionally been used in the contact center to optimize operations and agent performance, it is now being used to reveal actionable insights that drive customer engagement initiatives and optimize business processes across the enterprise. Speech analytics enables organizations to listen and evaluate what happens with customers at various touch points, and make changes for better customer and business outcomes. When organizations act on these findings consistently, they continually transform their businesses to be more responsive and customer-centric. Business Process Optimization Speech Analytics Self- Service The following pages outline four compelling speech analytics case studies. Customer Experience [ 5 ]

8 Championing Change in Contact Center Operations Given this insight, the company retrained agents to quote a more conservative delivery timeframe. Deflecting these calls saved the company $30 million CDN in the first year alone, with long-term savings projected to be $180 million. Speech analytics provided actionable insights to help champion change in the contact center, deflecting calls and reducing initial cost to serve by $30 million CDN with projected cost savings of more than $180 million long-term. Overview: A large North American telecommunications company with 9,000 contact center agents used Verint speech analytics to discover they were plagued by repeat calls from customers wanting to know Where s my phone?. Using speech analytics, the company discovered that during order placement calls, agents were promising a delivery date of two to three business days. However, in 10% of instances, it could take up to four to six days well beyond the stated fulfillment commitment timeframe. Customers that did not get their phone on time typically called 10 times more than other customers to check delivery status. Agents were promising a delivery date of two to three business days. However, in 10% of instances, it could take up to four to six days. >$180 million projected long-term cost savings $30 million reduction in initial cost to serve When customer expectations were aligned with actual field delivery timing, call volume for Where s my phone? inquiries dropped [ 6 ]

9 Championing Change in Self-Service Channels Feedback collected via customer complaints led to IVR enhancements to resolve issues and boost effectiveness of self-serve channels, reducing agent call volume by 60% for a savings for $1 million since implementation. Speech analytics provided actionable insights for improving self-service by identifying previously unknown IVR issues. Fixing these IVR issues reduced live agent calls by 60% and saved more than $1 million since implementation. Overview: A leading U.S. personal property and casualty insurer, after years of enhancing its portfolio via acquisition, was finding it exceedingly difficult to understand the customer experience. The company aspired to improve self-serve channel adoption to lower the overall call volume and related cost-to-serve while Speech analytics provided actionable insights for improving self-service by identifying previously unknown IVR issues. 60% reduction in agent call volume reducing customer effort. Using Verint speech analytics, it was discovered that customers using self-service channels were confused by some IVR prompts. Frustrated, they would then abandon self-service to speak with an agent, resulting in wasted customer time and effort, and added contact center call volume and expense. >$1million saving since implementation Feedback collected via customer complaints led to IVR enhancements to resolve issues and boost effectiveness of self-serve channels [ 7 ]

10 Championing Change in Customer Experience As a result of these efforts, within 3 months, agents were able to prevent 600 current at-risk customers from leaving, saving $1.7 million in revenue. According to the company, The system paid for itself within 7 weeks. Speech analytics provided actionable insights to champion change in customer experience initiatives and reduce customer churn. Within 3 months of deployment, speech analytics helped an organization save 600 at risk accounts a savings of $1.7 million in revenue. Overview: An international financial services company that specializes in credit card processing in the U.S. and Europe, and which has more than 3,000 contact center agents, was interested in identifying root causes of customer churn and salvaging at-risk accounts. Distinct risk indicators surfaced, like, This is ridiculous, You people. 600 at risk customers prevented from leaving within 3 months Using Verint speech analytics, the company analyzed calls from accounts lost in the past 90 days to understand the lexicon of at-risk customer accounts. This knowledge was then used to identify current at-risk customers so agents could be aware and help reverse this issue. $1.7 million savings in revenue According to the company, The system paid for itself within 7 weeks [ 8 ] 9 10

11 Championing Change in Business Process Speech analytics provided actionable insights to reveal root causes of customer dissatisfaction and business process failure in order tracking, which reduced product returns by 33%. Overview: A leading supplier of maintenance, repair, and operations products with a vast network of distribution centers nationwide deployed Verint Speech Analytics to tap into millions of under-utilized contact center transaction records. The company desired to uncover improvement opportunities to drive change based on customer feedback. The biggest driver of unresolved repeat calls was found to be customers calling to track orders. Verint Speech Analytics was able to reveal previously unknown order tracking issues, which the company was then able to address. As a result of these course corrections, the company was able to reduce Unresolved-Order Tracking calls by 28%, and reduce outbound calls to the distribution center by 46%. As well, the company was able to reduce Lost in Transit returns by 33% specifically, and returns by 26% overall. The company has experienced significant savings through cost reductions associated with these changes and future planned technology enhancements are expected to extend and enhance the return on investment. The biggest driver of unresolved repeat calls was found to be customers calling to track orders. 46% Reduction in outbound calls to the distribution center. 28% Reduction in Unresolved-Order Tracking calls. The company was able to reduce Lost in Transit returns by 33% specifically, and returns by 26% overall [ 9 ] 10

12 With Speech Analytics: Now You Know There s an old adage: You don t know what you don t know. There is an extensive amount of complexity and moving parts in today s organizations. Speech analytics empowers organizations to continuously improve efficiency and customer-centricity through a level of operational visibility and understanding never before available. Speech analytics makes the contact center a champion for change assessing and advising on adjustments the organization can and should make for better business outcomes. No longer a mere cost center, the contact center is now the center of value creation for the enterprise. Ready to learn more? Contact us today to learn more about how Verint Speech Analytics can help you discover actionable insights to catapult your enterprise performance to benefit your customers, your employees and your business. Click to Tweet Transform the #contactcenter with speech analytics. Get the ebook to learn more [ 10 ]

13 Verint. Powering Actionable Intelligence Verint is a global leader in Actionable Intelligence solutions for customer engagement optimization, security intelligence, and fraud, risk, and compliance. Today, more than 10,000 organizations in over 180 countries use Verint solutions to make more informed, effective, and timely decisions. Learn more at Unauthorized use, duplication, or modification of this document in whole or in part without the written consent of Verint Systems Inc. is strictly prohibited. By providing this document, Verint Systems Inc. is not making any representations regarding the correctness or completeness of its contents and reserves the right to alter this document at any time without notice. Features listed in this document are subject to change. Not all functionality is available in all configurations. Please contact Verint for current product features and specifications. All marks referenced herein with the or TM symbol are registered trademarks or trademarks of Verint Systems Inc. or its subsidiaries. All rights reserved. All other marks are trademarks of their respective owners Verint Systems Inc. All Rights Reserved Worldwide. info@verint.com Americas: VERINT EMEA: +44(0) APAC: +(852)