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Real-time speech analytics to provide actionable information for supervisors, quality analysts, and agents.techtarget.com Cloud9 brings real-time speech analytics for performance monitoring to contact centre supervisors and analysts by automatically monitoring in-progress calls for the presence or absence of specific language or acoustic characteristics.verint.com Using enterprise speech recognition technology it levers contextual language patterns - not word spots. High-fidelity audio capture provides excellent accuracy and the system is both cost-effective and scalable. Live agent performance monitoring provides supervisors with real-time progress within each call. 1 priority of today’s industry-leading contact centres. By leaveraging the power of real-time analytics, Cloud9 uniquely provides improved agent performance monitoring.
CallMiner’s market leading cloud-based voice of the customer analytics solution automatically analyzes contacts across all communication channels: audio, chat, email, and social. CallMiner offers both real-time monitoring and post-call analytics, delivering actionable insights to contact center staff, business analysts, and executives. The results include improved agent performance, sales, operational efficiency, customer experience, and regulatory compliance. About Santander Consumer USA Santander Consumer USA is a leading company in the automotive finance sector. With its Drive®, RoadLoans and Santander Auto Finance brands, the company provides fullspectrum auto lead and lending programs on direct and indirect platforms. The company began originating loans in 1997, and is headquartered in Dallas.
Speech analytics is no longer the new kid on the voice recognition block. After just over a decade, the market is booming and will continue to grow, thanks to multiple factors, most notably the emergence of real-time speech analytics. Donna Fluss, president of DMG Consulting, says that the first time her company looked into the speech analytics market 11 years ago, there were only 23 commercial implementations. Fluss explains that at that point, speech analytics was used primarily in government agencies. It would take years before enterprises realized that speech analytics had the potential to work in the private sector, she says.
Fluss, who names Nexidia as the first entrant to the speech analytics space. What Can Speech Analytics Do for You? Whether it's post-call or real-time, both types of speech analytics help contact centers unearth hidden gems in conversations. Speech analytics is not only about phone calls, but about the root causes of issues, both the good and the bad. The technology can discover call patterns and trends, staffing and training problems, technical issues, and previously undiscovered revenue possibilities, to name just a few examples. Most often, speech analytics is used to determine why a customer leaves a company—the dreaded churn factor. Data derived from speech analytics can offer important clues to organizations, which can then develop strategies to win customers back or keep them from leaving in the first place. More use cases for speech analytics are showing up in various industries, such as financial services, telecommunications, and, increasingly, healthcare.
Do you see real-time speech analytics playing a part in the quality process? For example, could you use real time analytics alerts to drive quality? Do you see real-time speech analytics playing a part in the quality process? For example, could you use real time analytics alerts to drive quality? Real-time speech analytics is a new capability and its use cases are just starting to emerge. 1. When an unhappy or angry caller is identified, a supervisor could be notified in real time so that they can join the call. While it’s not a good practice to have a third-party break into a call, it is worse to let an angry or very unhappy caller hang up when their issue could have been resolved by a supervisor.
This approach could improve quality and the perception of the organization. 2. Reducing customer attrition by identifying at-risk customers and taking the right actions to retain them. Speech analytics can be used in conjunction with desktop analytics. When an at-risk customer is identified by the real-time speech analytics application, it can kick off a real-time guidance script or set of instructions to advise the agent about how to retain the customer. In this case, the combination of real-time speech analytics and real-time guidance combine to improve the customer experience by resolving the issues that were driving the customer to cancel their account.
3. Selling the customer the products or services that they want is another way to improve the customer experience, and could possibly eliminate the need for a callback, which improves first contact resolution and service quality. In this case, the real-time speech analytics solution identifies a sales or up-sell opportunity and uses the real-time guidance application to give the agent a list of suitable product recommendations. Of course, it’s up to the agent to decide if it’s appropriate to attempt an up-sell and exactly what to offer, but using the real-time analytics and guidance solutions improves the chances of identifying an appropriately targeted offering.
There are a few other ways in which real-time speech analytics can improve quality and the customer experience. Real-time speech analytics can be used for script adherence, and when agents say the wrong thing, a real-time speech analytics solution can issue an alert so that the agent can self-correct. Real-time speech analytics and guidance can also be used to notify agents when they do not verify a caller or fail to provide information required for regulatory compliance. Although the agent may not do the verification at exactly the right time, once reminded, they can do it later in a conversation, which is better than not doing it at all.
The Credit Excellence Awards recognise organisations that work in a way that is likely to inspire others in the profession to deliver the best possible customer outcomes. The judges were impressed by the way Cabot uses CallMiner Eureka speech analytics to deliver immediate and sustained benefits to its customers, its people and its business. Cabot uses the real-time insight provided by the CallMiner Eureka platform to positively change the direction of customer calls during a live interaction or to offer a different solution based on trigger words from the caller. Cabot uses real-time speech analytics to listen to EVERY customer and to understand what they are really saying and what it means to their lives. This enables Cabot to guide agents on the call with alerts about what to say next to prove they have listened and are tailoring the solution to the individual’s needs.
Cabot uses an innovative interface to provide team leaders complete oversight of all live customer calls. The technology alerts team leaders when an agent may need extra assistance. This enables the team leaders to focus their attention on the calls where their experience will help to ensure first call resolution for that customer, during the interaction rather than after the event. Cabot also uses CallMiner Eureka to enable skilled and knowledgeable staff in back-office functions to give guidance to front-line staff. This enables them to support team leaders and agents for better identification and resolution of particularly complex situations. This means Cabot agents now feel more supported knowing they can deliver the right solution to every customer because expert help is always on-hand. Frank Sherlock, Vice President of International Sales at CallMiner, said: "We are obviously pleased that the innovative way Cabot uses our technology has been recognised by the judges. Cabot provides a range of credit management services across a broad client base that includes some of the largest credit providers in Europe. CallMiner believes that resolution is the fundamental driver of positive customer experiences. When contact centre agents and others responsible for customer engagement are empowered by insight and feedback in real-time, they can dramatically improve the rate of positive outcomes.
Verint Intelligent Call Recording is unified with other products within the Verint Workforce Optimization portfolio, such as Enterprise Workforce Management, Desktop and Process Analytics, and Speech Analytics. It also supports Real-Time Speech Analytics and voice biometrics-based Identity Authentication and Fraud Detection. The unification simplifies administration and delivers unique, pre-built, business process workflows, to quickly show why and how interactions are being handled by employees. To secure sensitive and private interaction information, Verint Encryption Management is available. This optional solution offers a FIPS-compliant key management server that supports AES-256 in true end-to-end encryption to protect data as it’s recorded, moved to archive, or retrieved during replay.
Real-time speech analytics is an exciting new technology that can deliver great benefit to contact centers and their customers. This is a classic win-win technology, helping everyone involved conclude contact center interactions in a faster, more complete and satisfactory manner. You establish key words and phrases that could be indicative of a positive or negative interaction in progress. Supervisors get real-time notification of interactions that are potentially in trouble so they can assist the agent in addressing the issue while the caller is on the line. Agents get automatic suggestions for how to turn around troubled calls and when upsell opportunities arise. Customer retention. If the call center can identify and resolve a customer issue during the call, there is a higher probability that the customer can be retained.
Efficiency. It is faster and cheaper to resolve customer issues in real-time than it is to review recordings, identify problems, reach out to the customer and address the issue. Add to that the higher probability of a successful outcome when issues are handled in real-time and efficiency goes even higher. Added sales. Real-time speech analytics helps agents identify upselling/cross selling opportunities while on the phone with the customer. This presents an opportunity for additional sales. Self-service improvement. Real-time speech analytics helps identify do-it-yourself callers who could not resolve their issue using the web site or IVR. This provides the input needed to improve self-service content and reduce similar calls in the future. Improved quality monitoring. Supervisors can take advantage of real-time speech analytics to identify quality issues. This automated approach targets specific problems and makes it easier for supervisors to coach their agents. Faster time-to-training. Real-time speech analytics shortens the time from a problem call to coaching and additional training. Agents are more likely to remember the call and can be better prepared sooner for similar calls. Happier agents. Real-time speech analytics can improve agent performance and reduce caller frustration. Both lead to happier agents who are more likely to have good interactions and remain with your contact center.
The Research projects that the Speech Analytics market size will grow from in 2017 to by 2023, at an estimated CAGR of XX%. Main Manufacturers/suppliers of Speech Analytics worldwide and market share by regions, with company and product introduction, position in the Speech Analytics market. Market status and development trend of Speech Analytics by types and applications. Cost and profit status of Speech Analytics Market, and marketing status. Market growth drivers and challenges. Traders, Distributors, Wholesalers, Retailers, Importers and Exporters. Association and government bodies. Have any special requirement on above Speech Analytics market report? What will the Speech Analytics Market Size and the Growth rate be in 2023? What are the key market trends impacting the growth of the Speech Analytics market?
Who are the global key manufacturers of Speech Analytics industry: Company Introduction, Product Specification and Major Types Analysis, Production Market Performance, Sales Market Performance, Contact Information. What are the types and applications of Speech Analytics? What is the market share of each type and application: production, revenue, price, Market Size (Sales) Market Share by Type. What are the upstream raw materials and manufacturing equipment of Speech Analytics Market? What is the global (North America, South America, Europe, Africa, Middle East, Asia, China, Japan) production, production value, consumption, consumption value, import and export of Speech Analytics? What are the Speech Analytics market opportunities and threats faced by the vendors in the global Speech Analytics Industry?
Speech analytics may have only recently become commonplace, but with commercial products having been on the market for over decade , it’s perhaps little surprise that the next generation of speech analytics solutions are already emerging. And the next generation is real-time. Real-time monitoring tools have been made possible by the technological advances of the last few years, and even though they still require significant processing power, for those first-movers willing to do the heavy lifting, they promise an array of benefits. "It’s in the early days," notes Art Schoeller, principal analyst at Forrester. So what’s the difference between real-time monitoring tools and the speech analytics that is most commonly implemented in contact centres? Traditional speech analytics turns unstructured information from customer phone calls and translates it into structured information that can be searched and analysed.
But all of this is done after the phone calls have been completed - it is post-call analytics. The latest breed of speech analytics tools, however, takes place in real-time - enabling action to be taken while a call is still live. With analytics able to be applied in real-time, a whole range of dials can be turned to improve numbers, depending on where in the contact centre the solutions have been deployed. Compliance, sales and customer service can all be positively impacted by the presence of real-time monitoring, enabling supervisors and agents to ensure a positive outcome. 41 billion a year, according to research by NewVoicemedia, with 58% of those polled never returning to a company that has let them down. Similar research by the US Chamber of Commerce indicates that 68% of customer defections are directly related to poor service. "You can monitor in real-time what the agent is doing and what the customer is saying, and you can use that to drive actions," says Jim Davies, research director at Gartner. Omer Minkara, senior research analyst in the customer management technology practice at the Aberdeen Group, adds: "It is valuable in terms of customer sentiment.
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I may unsubscribe at any time. Please check the box if you want to proceed. By submitting my Email address I confirm that I have read and accepted the Terms of Use and Declaration of Consent. The vendor also released new data privacy features to help businesses comply with the General Data Protection Regulation (GDPR). The workforce optimization upgrades are Avaya's latest initiative to bring AI and automation to the contact center. In April, the vendor announced a partnership with the startup Afiniti for intelligent call routing. All major contact center vendors have begun investing in workforce optimization, either through native software development or partnerships with other vendors, said Robin Gareiss, president of Nemertes Research, based in Mokena, Ill.
The upgrades Avaya highlighted this week should help contact center customers increase sales and boost customer satisfaction, but they are not revolutionary, Gareiss said. Instead, businesses can already get the same tools from legacy vendors such as Cisco and Genesys, as well as cloud startups such as Five9. Some startups in the contact center market have placed workforce optimization at the core of their offerings. The cloud vendor Sharpen Technologies Inc., for example, uses a customizable algorithm to rate agents and uses an AI platform to monitor and flag trends within the contact center. Avaya's real-time speech analytics software will help businesses monitor conversations between agents and customers. The system can provide helpful contextual information to agents during the call, or suggest next steps based on the customer's tone or word choice.
The tool can also alert managers to conversations that require immediate intervention, such as if an agent fails to get the proper consents or provide the necessary compliance disclosures, at the outset of a discussion with a customer. Avaya highlighted real-time speech analytics as one tool for monitoring GDPR compliance within a contact center. The vendor also added a feature that will let businesses securely delete recordings in response to "right to be forgotten" requests. Meanwhile, a new quality management system can automatically evaluate agents after every customer interaction, freeing managers of a time-consuming task. Businesses must purchase a separate license to use Avaya's workforce optimization tools, which are sold individually and as a suite. Avaya's contact center customers can install the software in their data centers or subscribe to it as a hosted cloud service.
Vendors and solutions providers operating in the fast-moving contact centre market are under unrelenting pressure. Today, customers want to interact with them 24/7, using a range of different devices and interaction channels. To manage this effectively and keep ahead of the competition, businesses need to put the right applications in place - from real-time speech analytics to chat bots. They also need certain core competencies. A dogged determination to maximise potential is key, while a laser focus on core business goals and incremental business gains is indispensable. So too are teamwork and a culture based on continuous improvement. Any organisations working in the contact centre environment that can harness these qualities are likely to be high-fliers. However, while individuals and teams displaying these capabilities may be the biggest asset their organisation has, they may also be their biggest risk.
Success is hard-won but easily lost. One of the biggest dangers is that successful people start to believe their own publicity. In the words of Microsoft’s Bill Gates "Success is a lousy teacher. It seduces smart people into thinking they can’t lose". There is a phrase that resonates here: ‘be humble or be humbled’. Few understand this better than Gerald Ratner, whose now infamous Albert Hall speech in 1991 gave rise to the phrase "doing a Ratner", after the jewellery entrepreneur joked about two of his company’s products.ipintegration.com What is it that drives autonomous business leaders like Ratner to this precipice?
And what can individuals and businesses learn from this? To find out, Enghouse recently invited Ratner to speak to an audience of contact centre executives in London about his experience of business and what he has learnt from it. At the beginning of the 1990s, Gerald Ratner’s business career was riding high. Having inherited his father’s jewellery business, he rapidly turned it into a multi-million-pound empire. This success bred a desire to grow the business further with the goal of becoming the world’s largest jeweller. In retrospect, this obsession with expansion was unsustainable. The danger was that Ratner felt he could not go wrong.
The company was outperforming competitors. "I was on the crest of a wave," says Ratner. The speech he gave to the IOD reflected this confidence. Yet, the impression given in certain quarters was one of ‘over confidence’. The reaction from the media and ultimately from the public was so negative that it sent the business into a spiral of decline. In attempting ‘damage limitation’, Ratner solicited advice but did not always take it - and this made the situation worse. The value of the Ratner group plummeted by around £500 million following the speech, which nearly resulted in the firm’s collapse. Further problems came when Ratner slashed the prices of all his stock just prior to Christmas 1991 despite advice to the contrary from management, the board of directors and external consultants.
Ratner’s gamble failed - another example of the dangers of going it alone and not listening to advice, something that all businesses including those operating in the collaboration-focused contact centre space could learn a lot from. We see the benefits of this kind of collaborative approach all the time in the contact centre arena where vendors and resellers deliver significant added value to end customers by working in close partnership. By pooling skills and resources, partners can deliver a services and solutions offering more precisely targeted to the customer’s needs. Channel players can, for example, add huge value to the sale of a vendor’s products by bundling them into packaged solutions; adding consultancy services to their portfolio and building domain and vertical expertise in specific ‘sweet spots’.
The aftermath of the IoD speech hit Ratner hard and for several years he struggled to motivate himself to get back into business. Yet, the successes he achieved once he did do, particularly the establishment of online jewellery business, Gerald Online, in collaboration with Mumbai-based jewellery export company, SB&T, demonstrated he had learnt from the past. Gerald Online is a collaborative venture and the emphasis is on slower, steadier growth - but this has proved sustainable and the business is successful.nice.com Indeed, it is now one of the larger online jewellers in the UK. Ratner’s story should resonate in the fast-track world of the contact centre - with its emphasis on partnership and channel sales. In this environment, it is easy to believe your own hype and then fall behind.
Instead, the focus should be on building a prudent, sustainable approach to growth. A consensus-based approach is key to building sustainable success in the contact centre world both from a business and an individual perspective. Relying on a diverse knowledge base with differing opinions and ideas will only strengthen your organisation. It is about thinking brand and brand values. You shouldn’t be afraid to admit mistakes. People can be forgiving if you hold your hands up. No one is infallible. Remember: when you are most successful you are at greatest danger.speechtechmag.com Prudence, far-sightedness and building consensus are key to sustainable growth. Enghouse Interactive delivers technology and expertise to maximise the value of every customer interaction. The company develops a comprehensive portfolio of customer interaction management solutions. Core technologies include contact centre, attendant console, predictive outbound dialler, knowledge management, IVR and call recording solutions that support any telephony environment, on premise or in the cloud.
1532 at the upcoming Enterprise Connect 2019 Conference, being held March 18 - 20 at the Gaylord Palms in Orlando, Florida. Noble Systems will host attendees throughout the week, demonstrating the many ways in which its solutions catalyze improvements in customer experience. Noble Systems will also be recognized as a finalist in the Best Application of AI Category Award for their Conversations Analytics Now technology. This solution applies real-time speech analytics to live customer interactions and provides immediate feedback to agents and managers. The winner will be announced during the three-day event.pcmag.com Submissions are judged by numerous factors like technology advancement/innovation/differentiation, scope/reach, relevancy for large/midmarket enterprises, pricing, and business impact.
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