Data is Everything.
Every day in your contact center, customers and agents have thousands of conversations. These conversations are a gold mine of information your data scientists can use to understand your customers and their needs. Armed with this information, you can make data-driven decisions to transform your business.
What is Speech Transcription?
Customers and agents have thousands of conversations in your contact center each day. These conversations are filled with information about what your customers are looking for, what makes them frustrated, and how your agents are trying to help.
With Verint® Speech Transcription™, your can easily provide accurate transcripts of 100 percent of your contact center conversations. Armed with this data, your data science team can build predictive models combining your customers' contact center activity with other elements, such as buying habits and CRM data.
Keep reading to learn the four top ways contact center speech transcription can transform your business.
1. Build predictive NPS and CSAT models
For years, organizations have relied on post-call surveys to understand the customer experiences they deliver. But of course, only a fraction of customers complete surveys.
What if you could understand the customer experience on all calls, instead of only a subset of them? And what if that understanding happened in such a timely fashion, you could take corrective action proactively to remedy less-than-optimal experiences?
Big data and predictive teams can analyze call transcripts, survey results and other data sources and build models to predict NPS and CSAT, even when a customer declines a survey. This facilitates proactive outreach to customers who likely have a low NPS score, reducing customer churn.
A large BPO company leveraged Verint Speech Transcription to build a predictive model of customer NPS.
Using this model, the company was able to identify customers who likely had a very low NPS score - the super detractors. These super detractors were then assigned to a special case management team for follow up.
Through early intervention, this team was able to reduce the number of super detractors by more than 15%. In fact, many of these super detractors were actually flipped to become promoters after the intervention.
2. Predict and improve customer churn
Churn is a complex and costly issue, and most large organizations have existing models that factor in key events triggering churn, churn behaviors of different customer demographics, etc.
It can cost up to five times as much to acquire a new customer than to retain an existing one.
What’s missing from these models is the data from millions of conversations that take place between organizations and their customers. Speech analytics unlocks this data source via transcription (indexing of words) and enrichment (call categorization, identification of emotion, and understanding of conversational topics and word relations). Organizations can use this data to improve the predictive power of their models and decrease their rate of false positives.
Common causes of customer churn include:
- poor customer experience
- frustrating web site experience
- inefficient problem resolution
At Holland America, the ability to analyze the content of 100 percent of customer calls allowed the company to locate and resolve all three of these sources of potential customer churn.
We treat our customers as guests. They are like family.
Michael McKinney, Workforce Planning Manager, Holland America Line
3. Improve sales effectiveness
Although every sales agent in a contact center might receive the same training, each develops his or her own unique style. And some are more effective than others.
Phrases that may be standard training for new hires may turn out to be less effective than other options developed by the agents themselves. However, the only way to learn this is to analyze each call and compare the outcomes and associated phrases.
Since even a one percent increase in sales conversion can be a game-changer, big data and predictive teams study and identify the most effective sales approaches, from word choice at key points of the conversation to conversational cadence and more. Analyzing this data typically leads to a set of best practices and ineffective agent behaviors that are incorporated into sales training for new hires.
New York Life used this approach, analyzing the call transcripts from sales calls to determine which phrases were beneficial to sales and which were detrimental. The result was a six-figure improvement to the top line. Check out the video to learn more
If we could standardize our sales process and bring the lower tier agents, the ones that are struggling a little bit, to make them even mid-tier, the sales benefit is tremendous.
Alex Richwagen, Corporate Vice President, Analytics, New York Life
4. Enhance customer journey mapping
There are dozens of solutions available for bringing customer interactions and behavioral data together from different sources, allowing customer journeys to be traced across multiple engagement channels.
Call transcripts are key to understanding customer intent, successes, and challenges in the voice channel—as well as in digital channels, since customers typically default to calling when they have issues in other channels. Why are so few customers using the newest self-service mechanism? The answer is likely contained in phone conversations. Why do customers who experience intermittent connectivity issues make an average of 2.5 calls on the subject? Same answer.
You're able to really identify those underlying issues that might be there that you weren't aware of, so it's very valuable.
Tina Holman, Director, QM Strategic Initiatives, Express Scripts
So, what’s next? Large-scale use of conversational data in predictive activities will most likely be followed by the use of prescriptive analytics to change the outcome of a conversation in real-time as the conversation is taking place.
With Verint Speech Transcription, you can easily extract and share call transcripts for 100 percent of processed call recordings. Your big data and predictive teams can use this data to predict customer satisfaction and NPS, improve customer churn models, optimize sales efforts, provide insights into customer journeys, and more. Armed with this insight, you can make informed decisions that can dramatically improve business outcomes.
Verint is a leader in transcription accuracy. With over 60 supported languages and variants, our speech transcription solution can enable you to easily extract and share call transcripts for 100 percent of processed call recordings.
Better still, your big data and predictive teams can use this data to predict customer satisfaction and NPS, improve customer churn models, optimize sales efforts, provide insights into customer journeys, and more. Armed with this insight, you can make informed decisions that can dramatically improve business outcomes.
Check out this white paper to find out how Verint Speech Transcription can accurately reflect your customer conversations.