72% companies feel speech analytic can improve customer experience

NEW DELHI: Over 70 per cent companies believe that speech analytics can lead to improved customer experience and more than half think that its deployment can lead to revenue enhancement, says a report.

"72 per cent companies believe that speech analytics can lead to improved customer experience and 68 per cent regard it as a cost-saving mechanism while 52 per cent respondents trust that speech analytics deployment can lead to revenue enhancement," a report titled 'Executive Survey on Speech Analytics' by Opus Research said.

Uniphore Software Systems, which today released the report highlighting the growing importance of speech analytics to improve customer experience in critical service areas, said, "68 per cent expect rapid and easy recognition of customer intent, 67 per cent believe that it aids in the ability to monitor calls for quality purposes and agent training."

The other major finding was the ability of speech analytics to detect and prevent fraud, especially in financial services, banking and retail industries.

Most respondents said they expect to increase spending and investment on speech analytics for their business operations.

"The results of the survey are a clear indication of how businesses see deployment of speech analytics as a critical aspect to their growth," said Umesh Sachdev, co-Founder and CEO, Uniphore Software Systems.

The survey was conducted in the first quarter of 2016 across North America, Canada, South-East Asia, India and Australia, representing diverse sectors such as banking, financial markets, healthcare services, retail, telecommunications, travel and hospitality.

It covered 500 interviews of decision makers (Director, VP) of firms with revenue of more than $ 50 million.

"The most salient meaning of these data points is that experienced customer care professionals have gained confidence in real-time capabilities of the latest speech analytics platforms," said Dan Miller, Lead Analyst, Opus Research.

In total, 247 out of the 500 decision-maker respondents had speech analytics deployed at their enterprises and organisations.

This set confirmed cost savings and improved customer experience as the significant reasons for deployment of speech analytics.