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1 Uniphore Software Systems Contact: Website: 1

2 Table of Contents Introduction... 3 Problem... 3 Solution... 5 Speech Analytics... 5 Effectiveness of speech analytics... 8 Conclusion... 9 Uniphore Software Systems Contact: Website: 2

3 Introduction In today s hyper-connected world, creating a unique customer experience is one of the best ways to achieve sustainable growth. A customer experience strategy helps you retain more customers and build strong customer relationships. Every customer retained is worth more than monies spent in acquiring new customers. For example, a banking customer may be worth about $1000 a year and losing him mean company spends 2x more to earn the same customer monetary value. The customer experience is not just about customer service. Servicing customers and striving towards better end-to-end customer experiences is everyone s task. The industries who skillfully manage and execute customer experience strategies achieve higher customer satisfaction, reduced churn, increased revenue, and greater employee satisfaction. Today businesses are struggling to find differentiation from their competitors. Unique to every organization, the customer experience is difficult to imitate and can be a significant source of competitive advantage. Companies that consistently deliver a great customer experience have realized measurable business benefits far beyond improving customer loyalty and profit. Companies focusing on end-to-end customer journeys across multiple touchpoints and channels can build significant competitive advantage, reduce customer churn and differentiate their brand from competitors. This end-to-end focus on customer experience also improves up-sell and cross-sell opportunities, reduces operating expenses and decreases customer attrition. In contact center industry, Speech Analytics is one of the fastest growing applications to make its way into the emerging world of customer journey analytics, as a method for understanding various aspects of the customer experience. It helps the contact center to identify and understand specific customer behaviors and attitudes by mining call center recordings to gather information about customer service and customer satisfaction in order to improve customer experience. Problem Contact centers of all sizes operating in different verticals and business domains faces challenge in improving customer experience. By using a combination of Customer Satisfaction (CSAT), Net Promoter Score (NPS), and Customer Effort Score (CES), your customer service operation can establish a consistent calibration and reporting mechanism to identify business progress toward objectives. The variety of evaluation methods are followed in the contact center to gain insights into customer experience and also these methods have some limitations including poor in gauging customer loyalty, fixed cutoffs for Uniphore Software Systems Contact: Website: 3

4 customer categories not valid across industries and cultures, and inability to measure aspects of customer experience other than customer service. CSAT In contact center operations that focus on CSAT measurements, the natural focus is on enriching customer experience and exceeding customer expectations but this generally leads to confusion, wasted time and resources, and high costs. CSAT surveys typically utilize the five-point scale ranging from 1 being 'highly dissatisfied' to 5 being 'very satisfied'. This not being a scale in wide practice leads to confusion in the customer's mind and considerably raises the risk of error of judgment. The output is on the same lines as CSAT and does not provide any better picture on customer pain areas. NPS The customer loyalty is measured based on the NPS score. The NPS is based on one simple question: How likely is it that you would recommend [company name] to a friend or colleague? The answers to this question based on a ranking scale, the contact center can determine whether their customers are Promoters, Passives or Detractors. By tracking the NPS score, the contact center can understand any change that the customer expects from the organization. However, it creates an additional burden of analytical work, resulting in taking much time to resolve the issue the customer faces. CES The customer satisfaction with call types and customer loyalty are measured based on the CES score. In contact center operations, the effort of reaching out repeatedly to get a query resolved through nonresponsive contact channels often result in bitter experiences for a customer. Long waits to get through the contact center, navigating through various IVR options and having to repeat the information already provided to the agents cause customer dissatisfaction that creates detractors. The focus of CES is not only to reduce customer dissatisfaction but also to focus on eliminating the reasons why the customer has to contact the call center. However, the research has shown that the contact center has a high impact on the repeat call percentage. By doing simple improvements in the evaluation method reduces the accuracy level of measurement of CES and also needs to spend more expenditure of time and frustration required to reach resolution. Uniphore Software Systems Contact: Website: 4

5 Solution Customer satisfaction is a key performance indicator for business-to-consumer companies, but the abundance of customer service support metrics has made it hard to identify the best way to gauge how your customers actually feel. Through progress in technology and advances in data analytics tools and platforms it becomes imperative for the service industry to keep up not only with the technology advances but also the customer service levels. The top three reasons why contact centers proactively manage and invest in customer experience are to: Improve customer retention Improve customer satisfaction Increase cross-selling and up-selling Addressing these reasons can positively impact companies top line revenue and bottom line profit. Speech Analytics Speech Analytics is a smart analytics software which listens to speech calls and unearths golden nuggets about customer information (their needs, wants, market intelligence), satisfaction levels CSAT (angry, satisfied, delighted), and therefore one can associate revenue numbers when these they remain loyal or churn i.e. NPS. Speech analytics software enables contact centers drive critical business goals by analyzing existing speech data to build statistically strong customer response function models and enrich it with ongoing data to predict outcomes and prescribe likely successful customer engagement process. It aims to offer integrated mining and analytics solutions for spoken conversations to provide insights for improving agent quality and customer experience, identifying revenue generation opportunities and managing risks and compliance. Speech analytics software helps contact center to identify and understand specific customer behaviors and attitudes by mining call center recordings to gather information about CSAT, CES, NPS and customer loyalty index. This information can then be leveraged to generate sales opportunities, reduce customer churn and build new customer relationships. This software is available through On-Premise Private Cloud and SaaS Cloud subscription service model. Uniphore Software Systems Contact: Website: 5

6 Contact centers of all sizes can leverage the power of speech analytics software to gain valuable insights into how business processes affect the customer experience. Speech analytics software provides a complete customer intelligence solution. The system analyzes all conversations between customers and call center agents, identifying customer satisfaction metrics, and strategy to improve net promote score, and customer effort score. The results of this analysis are presented through an intuitive workflow that includes customizable dashboards, reports and alerts. The system automatically highlights trends and keywords spotted in recorded conversations and displays alerts to the agent, with the overall goal of improving customer satisfaction. It aims to help contact centers understand the importance of every customer call and allows them to improve up-sell and cross-sell opportunities and gain insight into how business processes affect the customer experience. The core technology used in the speech analytics product is Automatic Speech Recognition (ASR) keyword spotting engine. Smart event rules are formed for the purpose of scoring, recommendations, MIS, reporting and triggering alerts based on the keyword spotting technology. These event rules can be tuned based on the requirements of the contact center to generate higher revenue opportunities and build strong customer relationships for their contact center. Today contact center industry is getting ready for the next level of customer experience and Speech Analytics by virtue of identifying customer related information through in-call analysis, would actually anchor and be the primary axis for this next level of customer experience and hence service level. Apart from this, making the most of the voice of the customer through the use of Speech Analytics actually streamlines your processes, reduces costs, and drives revenues. This means to achieve that all important ROI on the company s speech analytics technology investment is not just probable but also attainable. Uniphore Software Systems Contact: Website: 6

7 The below flow diagram shows that how the CSAT, CES and NPS are measured in respective of either the customer engagement process of the contact center or the product supported by the contact center. Speech Analytics enables contact centers evaluate the customer service index including customer loyalty index and NPS. Speech analytics solution analyzes customer interactions based on keywords, call flow and emotional parameters on both the customer and agent side of an interaction. It helps the contact center to meet the critical workforce optimization challenge primarily through real-time speech analytics and improve the customer experience. Technology involved is keyword spotting engine and proprietary recommendation algorithms which helps identifying and prescribing improvements for each business goal. Uniphore Software Systems Contact: Website: 7

8 Effectiveness of speech analytics Understanding why customers calls to be analyzed through speech analytics Very ineffective Ineffective Neutral Effective Very effective Speech Analytics not used 15 Speech Analytics used (Source: Genesys How to use speech analytics to improve your customer experience) The below diagram shows a list of customer channel keyword topics and how these topics are mapped with the score component. Uniphore Software Systems Contact: Website: 8

9 The simplest and most cost-effective route to well-defined journeys leverages speech analytics as the foundation. Rather than working to custom integrate multiple vendors or channel solutions, leveraging a unified speech analytics platform that delivers each customer touchpoint with business expectations and engagement optimization across all channels is key to sustaining great customer experience. Conclusion Speech Analytics is a power software that works to gauge NPS, customer effort and loyalty, with the goal of improving the customer experience across the entire customer. It allows contact center to meet the customer expectations with great customer experience, identify market intelligence to improve their product or services offerings and drive business with higher revenues and lower costs. Uniphore Software Systems Contact: Website: 9

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