Speech Analytics for Contact Centers & BPOs Revitalizing Customer Experience. A White Paper by Uniphore Software Systems

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1 Speech Analytics for Contact Centers & BPOs Revitalizing Customer Experience A White Paper by Uniphore Software Systems

2 Contents Executive Summary Evolution of Contact Centers and Challenges Faced Emergence of contact centers Types of contact centers Persisting challenges faced by contact centers Growth prospects of contact centers Embracing Technology for Better Services Why contact center matters in today s business world Technologies for agent quality and customer service Speech Analytics Rejuvenating Contact Centers Providing multiple benefits Contact centers specific advantages Revitalizing operational processes and multi-language support Impact of Speech Analytics Use Cases and Case Studies Use cases of Speech Analytics aumina TM Speech Analytics Solution for Contact Centers Benefits for Contact Centers USP of aumina TM Conclusion

3 Executive Summary The world of business has changed drastically in the last two decades, all thanks to customers who now dictate the terms in more ways than imagined. Organizations want to serve customers in the best way possible and are looking at robust technological solutions to power their prime customer connect channel contact or call center. This whitepaper touches upon the evolution of contact centers from customer contact points to enhanced channels of customer service that they are now. It also covers the impact of technology in the form of Speech Analytics on contact centers. The whitepaper provides an understanding on how Speech Analytics helps contact centers enhance agent training while helping adhere to compliance and regulations. It describes how this interesting tool reimagines not only the customer service aspect but also redefines the business outcomes of contact centers through invaluable customer insights. Evolution of Contact Centers and Challenges Faced Emergence of contact centers The 1960s saw the earliest form of contact center when Private Business Automated Exchanges (PABX) were used to handle large number of customer contacts. The earliest examples of call centers (UK) was The Birmingham Press and Mail which had a GEC PABX 4 installed. The 70s saw the combination of PABX and Automated Call Distributor (ACD) to facilitate the development of large scale call centers. The 80s saw call centers progress to full-fledged levels and by mid 90s the call centers as we know today took shape with rapid development in technology. Early 2000s gave rise to offshore call centers that employed resources in thousands to help in customer support. 2

4 Types of contact centers Different kinds of contact centers have emerged over the years as integral part of services delivered by businesses. Contact centers can be classified on functional and operational terms. Functionally, contact centers are classified as Customer support, IT support, HR support, Operations support, etc. Here the contact center is distinguished by the kind of functional support it provides. Operations wise contact centers are classified as In-bound centers handling incoming calls and Out-bound centers undertaking outgoing calls. and Chat support are two integral services as part of this category of contact centers. The centers can also be classified based on location as Domestic and Off shore call centers. Over the years, the off-shore contact center segment has seen an amazing growth pattern. Persisting challenges faced by contact centers Contact centers are faced with several challenges that are paralyzing the customer support service of organizations leading to falling customer relationships. First Call Resolution or FCR rates have been falling leaving customer largely disappointed. Impending Contact Center Challenges Deteriorating Customer Service FCR failure Agent hiring & quality Agent retention Poor training methods Low CSAT Compliance Concerns Missed up & cross-sell opportunities Lack of valuable customer insights High customer churn Infavorable Business Outcomes 3

5 Hiring right agents has become another problem, retention of these agents poses a graver risk. Adding to these woes, proper training methods are in the wanting and are inflating existing problems. On an average, there is about 33% attrition in call centers, a major threat and challenge for contact centers - Cornell University Study Contact centers face bigger challenge in helping agents adhere to compliance requirements leading to unnecessary complications. What hurts the organizations even more is the inability to capture relevant data and bring out valuable business insights which in turn is hurting the business prospects. Growth prospects of contact centers The Global contact center market is segmented into three major areas voice-based, text-based, and social media based. A Technavio report 1 states that voice-based is the largest accounting for nearly 63% of market (2017) while text and social media based make up the remaining. APAC region accounts for 52% of the Global contact center market and will grow by 5% by 2022 while the America and EMEA markets will catch the downward trajectory. Embracing Technology for Better Services Why contact center matters in today s business world Contact centers are a boon and have reimagined the operations of organizations world over. Brands need to be in constant touch with customers and contact centers play a pivotal role here. In today s highly competitive scenario organizations can differentiate themselves through excellent customer service and contact centers are the perfect channels to deliver that. While contact centers help address critical customer issues they also help understand and analyze customers to bring about better business outcomes

6 Technologies for agent quality and customer service Growing competition and falling customer service levels are forcing organizations to look towards technological solutions to ramp up the quality of contact centers. Technologies such as workforce management software help in agent scheduling by analyzing historical information to provide forecast volumes, possible staffing needs and optimized schedules, and also enhance overall agent operational quality. Out-bound dialing software is another tool that helps in preparing agents to connect with customers. Top Call Center Technology Must-Haves CRM Software Outbound Dialing Software Speech Analytics Software Integrated Voice Response Software Contact Routing Software Workforce Management Software 5

7 Contact Routing software is a key tool helping customers connect with the right agents in efficient manner tracking several metrics such as call volumes, response times, average call handling times, etc. CRM software helps track everything to do with customer interaction from calls, to behavior, issues, and purchases. Moving beyond CRM is Speech Analytics, a software that helps analyze and understand customers better. Speech Analytics has become essential for contact centers even as they look up to their customer service levels and strengthen relationships. If contact centers are to redefine themselves and act as problem solvers then Speech Analytics is a must. Speech Analytics Rejuvenating Contact Centers Providing multiple benefits Speech Analytics analyzes Voice of the Customer or VOC. Analyzing VOC is essential to contact centers performance because comprehensively dissecting VOC down to the words or phrases helps in root cause analysis. For example, Speech Analytics can throw up an insight that 90/100 customers used cancel and disappointed treating these as red flag moments. This will enable contact centers to immediately address issues. Another benefit is that it will point out as to which agent has been having a bad time with the customers. Speech Analytics helps agents understand and analyze the sentiment of customers based on tone and choice of words and take immediate strategic action to calm customers and correct the issue at hand. Contact center specific advantages Speech Analytics is becoming an essential tool for contact centers. It is creating significant impact in the area of customer service and strengthening the relationship between centers and customers through data mining and analysis. It also helps monitor and train agents resulting in improved agent quality. Another advantage is savings on costs and efforts as Speech Analytics helps pinpoint areas to save on operating expenses. On the business side of it, Speech Analytics helps identify Up-sell and Cross-sell opportunities and helps maximize collections thus boosting revenues. It also plays a pivotal role in preventing customer churn. 6

8 Advantages of Speech Analytics Enhanced Customer Experience Reduce Customer Churn Improve Agent Quality Speech Analytics Advantages Identify Cross & Up-Sell Opportunities Savings on Cost & Efforts Improve Credit Collections Revitalizing operational processes and multi-language support Speech Analytics helps in mining speech data and brings about various valuable insights providing an opportunity for contact centers to standardize processes and improve efficiency. Secondly, the multi-language support provided by Speech Analytics helps contact centers across different geographies handle and analyze customer interactions in a never-before like manner. Another advantage of providing multi-language support is that it helps gather different insights to train agents for better outcomes. Overall, standardization of process and multi-language support through Speech Analytics helps contact centers go that extra mile in providing customer service and support. 7

9 Impact of Speech Analytics Use Cases Use cases of Speech Analytics Aiding in Regulatory and Compliance Adherence Speech Analytics solutions are proving immensely beneficial in compliance adherence. Contact centers have double trouble with non-compliance in the form of reputational and financial damages. Speech Analytics helps contact centers ensure agent compliance by monitoring, tracking, and documenting entire call process. Organizations are able to understand where and why they failed on compliance and Speech Analytics enables agent training to ensure strict adherence to compliance resulting in reduction of fines. Call Monitoring and Reduction in Agent Attrition Speech Analytics cuts through two important issues in tech contact centers agent attrition and call monitoring. Reports suggest that most agents leave within 90 days of employment and supervisors can only monitor two to ten calls per agent in a month. Analytics helps monitor and analyze 100% of calls so tech support centers can figure out gaps in agent performance and provide necessary training resulting in higher FCR and better customer satisfaction levels. aumina TM Speech Analytics Solution for Contact Centers aumina TM, 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. It also helps identify, analyze, and predict both business problems and solutions for better business outcomes and enhances customer service support. 8

10 Benefits for Contact Centers 100% Call Mining Keyword Recognition Invaluable Business Insights Exhaustive Call Mining Increases Regulatory Adherence Better Business Outcomes Compliance Adherence Maximizes Sales Conversion aumina TM Reduces Compliance Costs Reduces AHT Enhances Customer Experience Enhances Agent Performance Better Training Methods Reduces Customer Churn Facilitates Corrective Action aumina TM Case Studies Uniphore has been successful in building its customer base on the Speech Analytics front, all thanks to its unique product aumina TM. aumina TM, the 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. A few case studies showing the immense benefits of adopting aumina TM - 9

11 Managing and Mining Call loads Top Insurance provider Problem Statement(s): Faced with huge overload of customer calls daily, and lack of methods to track and monitor call quality, a top Insurance provider approached Uniphore for a solution. The contact center also had problem understanding and analyzing Sales conversions, Agent compliance, and Customer satisfaction. Proposed Solution: The contact center adopted aumina TM with the hope of finding solutions to the issues at hand. Results: aumina TM helped the contact center analyze 100% of calls and provided following benefits Provided real-time notifications to agents who missed disclaimer statement 26% increase in agent compliance 12% increase in FCR and 14% increase in Sales conversion Overall, the CSAT score grew by 82% Better Compliance and Reducing Capex Large Financial Services firm Problem Statement(s): A larger American financial services firm providing payment and expense management solutions was required to produce data of all customer interactions involving certain keywords and phrases. With an average between 15, ,000 calls per day it was impossible to manually process and mine data. Proposed Solution: The firm adopted aumina after a failed effort with an existing off-the-shelf automation solution which could not provide desired levels of accuracy and results. 10

12 Results: Uniphore s technical expertise and experience in Speech recognition brought the following benefits: 95% accuracy in true hits on keywords 80% cost reductions in regulatory compliance monitoring of contact center Recognized and transcribed entire audio files Supported global accents and various languages Saved 30% on Capex through cloud deployment Provided customizable array of reports for data capture and analysis USP of aumina TM How aumina TM differs from most other solutions Near Human Accuracy Insights to Business Outcomes SaaS based Delivery aumina TM Omni-channel Analytics Strategy Widest Language Coverage 100+ languages and multiple dialects 11

13 Conclusion Contact centers have undergone a significant change over the last two decades. While ensuring enhanced customer service is still an integral part of the Contact center operations there is a pressing need to differentiate in service offerings and gain valuable insights for better business outcomes. Speech Analytics changes the dynamics and game for contact centers by not only helping them deliver excellent customer service but also providing valuable customer insights thereby broadening a contact center s functions and operations. With the help of Speech Analytics solutions contact centers have become invaluable venues to gain deeper understanding of customers to increase their cross-sell and up-sell percentage and have greater impact on overall revenues. It also helps contact centers adhere to compliance and regulatory requirements. In short, Speech Analytics is a one-stop solution for contact centers when it comes to enhancing customer relationships and gaining favorable business outcomes. To know more about how your organization can benefit from Uniphore s Speech Analytics product aumina TM through a demo, please write in at 12

14 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