It’s no secret that data is crucial to any intelligent business decision. In the contact center environment, companies are constantly generating huge amounts of valuable, insightful data, from calls, chat conversations, emails, and text messages.
Every piece of information collected by a company during an interaction with a customer has potential value. Yet the majority of the data contact centers have access to remains untouched, hidden in complex call recordings and logs. The reason for this is conversational data is often complex, unstructured, and difficult to analyze. In the past, speech analytics was considered a labor-intensive and time-consuming process, reserved only for the brands with the biggest budgets.
This means smaller companies have frequently missed out on the benefits of advanced analytics, such as reducing handling times by up to 40%, increasing self-service rates by 20%, and boosting conversion rates by up to 50%. Fortunately, newer, more accessible tools built for “conversational analytics” could have the answer.
Expected to reach a value of $6.6 billion by 2028, conversational analytics is a branch of AI-powered technology gaining fantastic popularity in the CX space. Conversational analytics tools extract usable data from human speech and conversations. They do this by leveraging AI to extract and organize information, and Natural Language Processing to “understand” human context.
Originally, these tools were offered as stand-alone solutions for companies looking to gain extra value from their business data. Companies could purchase innovative AI tools capable of analyzing speech, voice, and text, as well as customer sentiment and intent.
However, as demand for consumer insights has increased, conversational analytics tools have also become more accessible. Many leading CCaaS vendors now include conversational analytics tools within the reporting suite for the contact center.
There are also service desk applications, CRM (Customer Relationship Management) services, and workforce management tools with similar functionality. Using convenient NLP programs, vendors can embed the intelligence companies need to understand customer conversations into their existing tools for Customer Experience, leading to better end-to-end visibility of the consumer journey.
In some cases, conversational analytics tools can even be embedded into the UCaaS environment, to help companies collect data about employee engagement and performance, or guide leaders towards strategies for better staff training.
Ultimately, conversational analytics are a way for companies to gain a competitive edge with the power of data. They unlock the hidden meaning and insights behind conversations, and make it easier to track valuable trends and opportunities in the business environment.
Used correctly, conversational analytics can:
As customer expectations continue to evolve, businesses are under more pressure than ever to deliver meaningful interactions at every available touchpoint. The only way to respond to customer requirements quickly and effectively, is with access to the right insights.
Conversational analytics allow companies to leverage the benefits of being able to truly listen to their customers. By diving into the deeper data hidden in conversations, brands can make better decisions about how to serve clients, create products, and even train their team members. Its little wonder conversational analytics are rapidly making their way into every facet of the CX space.