72% companies believe Speech Analytics can improve customer experience

Uniphore Software Systems released the “Executive Survey on Speech Analytics” a report by Opus Research, highlighted the growing importance of speech analytics to dramatically improve customer experience in critical service areas.

According to the research report, an overwhelming, 72 percent companies believe that speech analytics can lead to improved customer experience, 68 percent regard it as acost saving mechanism, while 52percent respondents trust that speech analytics deployment can lead to revenue enhancement.

Commenting on the survey results, Umesh Sachdev, Co-Founder & CEO, Uniphore Software Systems expressed, “It’s encouraging to see that we share our vision with some chief thought leaders and change agents across the globe. They believe in the power of speech analytics to improve customer experience, achieve higher productivity, cost reduction and cost mitigation, amongst other things. The results of the survey are a clear indication of how businesses see the deployment of speech analytics as a critical aspect of their growth”.

Further, the respondents believe that speech analytics can deliver immediate business benefits: 68 percent expect rapid and easy recognition of customer intent, 67 percent believe that it aids in the ability to monitor calls for quality purposes and agent training Overall, there is a heightened awareness of the value of real-time analytics to deliver better customer experience.

“The most salient meaning of these data points is that experienced customer care professionals have gained confidence in the real-time capabilities of the latest speech analytics platforms," explained Dan Miller, Lead Analyst at Opus Research. “They have positive experience along with ‘classic’ applications for agent training and workforce optimization, and are on to the next frontier of improving multi-channel customer experience.”

In total, 247 out of the 500 decision-maker respondents (49%) had speech analytics deployed at their enterprises and organizations. Strikingly, this setconfirmed cost savings and improved customer experience as the significant reasons for deployment of speech analytics.

The survey conducted in the first quarter of 2016, across North America, Canada, Southeast Asia, India, and Australia, representing diverse sectors such as banking, financial markets, healthcare services, pharmaceutical and biotechnology, retail, telecommunications, and travel and hospitality. It covered 500 completed interviews of decision makers (Director, VP, C-level) of firms with revenue of more than $50M.

The other major benefit that emerged in the survey was the ability of speech analytics to detect and prevent fraud, especially in the financial services, banking, and retail industries. Real-time intervention and appropriate remedial actions were the key attributes driving this perception. Most respondents also said they expected to increase spending and investment on Speech Analytics for their business operations.