Speech Analytics Guide. for Easy Deployment and Optimized Experience. A White Paper by Uniphore Software Systems

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1 for Easy Deployment and Optimized Experience A White Paper by Uniphore Software Systems

2 Executive Summary Higher data-storage and processing capabilities led to advanced analytics in Contact Centers. However, speech-data is yet to be explored completely. Speech Analytics has proven potential in offering valuable business insights by mining speech data from customer interactions. Besides being a cost-effective analytics tool, Speech Analytics helps discover hidden traits which otherwise would have been left undiscovered. Companies using analytics automation can integrate Speech Recognition technology with Business Analytics (BA) for better business strategies. Speech Analytics drives efficiency in sales, collections, agent performance, root-cause detection, and overall management of a contact center for definite business outcomes. Deployment on the cloud makes the solution a practical one for most companies. Flexibility in deployment of Speech Analytics is also necessary. Software as a service (SaaS) model allows inexpensive maintenance, especially as markets and workforces grow. This white paper covers the necessity of speech and business analytics, their capabilities, deployment, and user experience. The Need for Business Analytics Business Analytics helps detect opportunities amidst a large array of real-world scenarios. It can shape the strategies to identify them and predict outcomes of decisions. Decision making has become highly data driven, not just because companies can store more data they can also develop the tools to mine them. Automation and optimization of processes require dependency on BA. It has become necessary to reduce liabilities on decision makers and improve process efficiency with more in-depth data. By adding predictive and prescriptive capabilities to business analytics, efficiency in day-to-day services can increase manifold. BA has long been used to digitize manual processes. However, with access to more data, discovering what customers demand and responding quickly holds the key to competitive advantage. Thus, versatility of data matters. 1

3 How Speech Analytics Is Integral to Business Analytics A source which remains largely untapped among BA users is speech data. Contact Centers receive millions of audio bytes every second. Filtering speech data can bring them a step closer to customers. Organizations can reduce service turnaround using Speech Recognition as it can convert tedious processes into voice-automated processes. Data mining the audio can convert it into an intuitive digital format for better decisions and alignment with company objectives. Customer interactions over voice process are a rich source of customer information, as they help detect personality traits, emotions, demographic characteristics, purchase likelihood, brand affinity, etc. Voice processes are thus gaining more prominence as an application integral to BA. Analyzing speech data at a granular level generates insights on agent performance as well. Using the right deployment approach, a Speech Analytics solution can be used by the management to monitor non-intrusively and figure out ways to improve customer service. 2

4 Who Needs Speech Analytics and Why Automation of voice-based services can bring new efficiencies and allow industries to efficiently employ more agents to multiply the business. Using the opportunity of data discovery from thousands of call recordings, Speech Analytics user can harness historic and real-time customer data. This leads to the potential of uncovering "hidden truths" and getting closer to "Voice of Customer (VOC)" efficiently. Banking The financial sector needs cost-effective ways of administering Customer Services, especially in the "preferred customer" category. Core analytics operations with Speech Analytics can make customer-facing processes cost effective and the agents more knowledgeable. Speech Analytics offers insights for efficient ways to reduce the risk of non-collection and compliance, improves customer relationships through better-informed interactions. Retail Voice processes in retail reveal much about product and brand sentiment. Using a system for continuously focused analysis of interactive data, companies can determine the reasons behind poor sales and feedback. Relying on a diverse mix, including speech, the user can help implement accurate process changes and improve relationships with partners in shipping and procurement, besides customers. E-tail An industry which has developed strategies based on social media, browsing patterns, interests, and purchase histories, is familiar with the intricacies of business analytics. However, analyzing data from voice processes will bolster business intelligence. As an overwhelming volume emerges through voice automation, Speech Analytics will streamline management and help relate call parameters to real-time outcomes. Telecom Speech Analytics in telecom services adds value to customer service by decreasing distress and annoyance during emergency, sales, and service calls. Automation provides a smoother, quicker service to the telecom-service user. With old databases, telecom companies are well founded to complement Speech Analytics with customer data. 3

5 Deploying Speech Analytics A Speech Analytics product in a Contact Center must deal with large volumes of data and remain accessible to workers in multiple parts of the world. Cloud deployment brings the scope of better access and usability. Contact Centers also need to develop the ability to process speech data with advanced algorithms. Software as a service (SaaS) offers software-based solutions to problems for organizations in a holistic manner. A technology-driven approach to problem solving is the key. Using the SaaS model for Speech Analytics, and other applications, organizations reduce the deployment complexity. It is also much cheaper to upgrade. This holds the key to start ups if they have to endure in spite of ongoing challenges in consumer industries. Data consolidation is important to holistic intelligence. Organizations should deploy Speech Analytics on a platform that allows parallel processing of data and maintains high data integrity. Cloud deployment offers flexibility in a way that also keeps data secure. 4

6 How to Make the Best out of Speech Analytics Operations Speech Analytics can help increase sales, improve margins, and assess performance. Filtering patterns from speech data and linking it with Business Analytics (BA) can make organizations aware of requirements. The ability to recognize speech makes it cheaper to deliver services and easier for the management to take decisions. Speech Analytics makes credit collections less tedious, sales strategies more accurate, and root-cause detection quicker. Boost efficiency in sales processes Speech Recognition technology can help build a sales portal which makes the customer's process simpler and organization's tasks quicker. It can alleviate pressures of mundane tasks and speed up the sales funnel. Make financial services less cumbersome Voice-based authentication is an efficient way to deal with large customer bases in finance and related industries. Creditors need not face calls from agents, but from a privacy-friendly voice-automation systems. They can be designed with succinct menus with human-language capabilities in Speech Analytics. They can also be made to comply at all times with government regulations. Sort out demographic behaviors Voice and language recognition capabilities make Speech Analytics a key tool for demographic segments in customer service. With cultural aspects in the BA mix, agents can add depth to their analysis of how to handle certain types of calls from specific parts of the world. 5

7 Use speech data to predict caller actions Combining the caller's speech-based data, such as emotions and the urgency for a product, with purchase history, for example, can help predict buying behavior. Similarly, caller data may also concern negative attitudes which can impact the brand's social image. Being able to predict the outcomes of customer reactions and resolving issues quickly will give companies the lead. However, it requires the precision Speech Analytics pursues in the analysis of speech data. Train and improve contact-center agents Speech Analytics can determine the quality of service calls and how lucidly agents are able to convert decisions into success. However, the management needs a transparent channel to find out if the calls are aligned with objectives and brand image consistently, without listening to thousands of calls made in a day. Speech Analytics can mine data to help train and improve agents in an informed manner. 6

8 Points You Should Look for in a Speech Analytics Solutions Provider Speech Analytics solutions are bound to become more sophisticated in future with AI Machine Learning playing a larger role. However, companies currently providing the solutions have to harness the complexities of mining speech data. Fortunately, research has yielded products to convert analog audio signal into highly intuitive digital data on an industrial scale. Speech Recognition involves processing of sounds, dialects, modulations, and more through a complex, dynamic execution of algorithms. Much like a BA specialist, a Speech Analytics solutions provider should be able to resolve real-time operational challenges in a contact center. Research associations for improving speech technologies A Speech Analytics solution provider must rely on qualified inputs from research facilities to make feasible use of the technology. It is despite the expanse of calculations involved, that mining highly complex data is easy due to research. Feasibly processing dynamic data contributes to an insight-based workforce and such capabilities have already been tested in the market. Experience in working with modern enterprise systems Delivering a Speech Analytics input to the organization, as part of business intelligence, is necessary to maintain data integrity. Thus, a solutions provider has to be well versed in plug-in systems and modern enterprise tools. Automation is another area of expertise to look for in the solution provider. Market acceptance and features Given the innovation required in harnessing speech technologies, a solution provider needs to establish its product has set the expectations for a new benchmark in customer service and Speech Analytics. 7

9 Opus Research Survey 2017 A market report by Opus Research highlighted the growing importance of deploying Speech Analytics. The figures were discovered in a survey of 500+ decision-makers across North America, South-East Asia (including India), and Western Europe. The objective was to find out how businesses felt about getting their value for money from Speech Analytics. According to the results: Speech Analytics is proved to be a high-performance tool. It is the main reason why 60% companies cited "discovering the root cause of customer experience failures" as the key incentive for deployment. About the same number cited "sales and collections" as the key factor. More interestingly, 69% said they were able to fetch a desirable ROI in 12 months of deploying the technology. With better understanding of the market feedback and performance data, 53% companies were able to improve workforce optimization. Quick identification of customer intent remains an aspect of the technology, for which, about half the respondents agreed they found the technology most useful. Getting closer to the "voice of the customer" also helped build better marketing programs, products, and business operations. Click here to get your copy of The Executive Survey: Drivers for Deploying Speech Analytics (2017 Edition). The complimentary copy contains interesting insights into the deployment experience of over 500 global respondents. 8

10 USP of aumina: Deployment and Operations Experience aumina, a Speech Analytics Software Solution for Enterprise with contact centers, mines speech data and empowers Business Analysts with actionable insights for measuring and continuously improving Business Outcomes. Enterprises are adopting omnichannel analytics, however, it would be incomplete and insufficient if Speech Analytics is not included in it. aumina completes the omnichannel analytics strategy of an organization by analyzing and deriving insights from speech data. Quite a few solutions for contact centers, which use business analytics, lack visibility into VOC and agent performance. Contact Center Management cannot afford to overlook unspoken emotions and let calls go undetected. The management is also responsible for efficient ways to run the sales and product cycles. It must improve compliance and detect the root causes of shortfalls. aumina s features provide business insights and address critical objectives. It provides access to critical data with a dynamic approach and shortens the deployment cycle with a SaaS, cloud based deployment model. aumina brings an accuracy of up to 95 percent. The Speech Analytics product recognizes 80+ languages (including 17 Indian languages) and multiple dialects. The capability gives organizations an upper hand to integrate multiple setups and scale affordably. By deploying the technology, enterprises can experience better sales efficiency, easier credit collection, more transparent monitoring, quicker decision making, and more affordable processes. 9

11 Conclusion The human voice is a rich source of emotions, inclinations, biometric characteristics, and demographic details. The customer-service industry, exposed to valuable speech data through calls, needs technology to mine the bytes. Speech Analytics can dynamically process their content, emotions, profile data, etc., to add value to business decisions. It can make contact centers more intuitive and responsive. A flexible, data-centric framework can integrate Speech Analytics with the latest business-intelligence tools. Using Speech Analytics, companies can shorten the sales/product-management cycles, decrease burdens on customer-facing personnel, and make services more user friendly. It is also possible to carry out granular analysis of the data to put agents closer to "the voice of the customer". In the product form, the technology has met expectations, such as global language and dialect detection, region-wise compliance, swift ROI, and easy deployment and maintenance. They are the key factors to make customer service a more streamlined, digital-savvy industry. To know more about how your organization can benefit from Uniphore s Speech Analytics product, aumina, please write to for a demo. 10

12 Uniphore Software Systems is a frontrunner in the Speech Recognition Technology and Virtual Assistant domains. It partners with over 70 enterprise clients and has over 4 million end users. Uniphore Software Systems is headquartered in IIT Madras Research Park, Chennai. Uniphore was incubated in IIT Chennai, India in 2008 and currently has offices in India, Singapore, and U.A.E with about 100 employees spread across all locations. Uniphore s investors include John Chambers, Kris Gopalakrishnan, IDG Ventures India, India Angel Network, YourNest Angel Fund and Ray Stata. 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 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