60% firms in India think Speech Analytics will drive revenues and customer experience

Chennai: About 60% of Indian companies deploy speech analytics for marketing initiative support and quick identification of customer intent, equally, revealed the third edition of Drivers for Deploying Speech Analytics 2018 – annual survey conducted by Opus Research on behalf of Uniphore Software Systems – a provider of speech recognition solutions for enterprises.

This is in line with the finding of the previous year’s survey underlining the growing relevance of speech analytics in increasing sales and delivering superior customer experience. Root cause remediation of customer experience (CX) failures came a close second with 58%.

In North America and South East Asia, the top driver for deploying speech analytics was quick identification of customer intent. This is in line with the global trend. At 46% identification of customer intent emerged as the primary driver, globally.

During the 2018 edition of the study, Opus Research interviewed 502 decision-makers across the regions and varying verticals like Banking, Financial Services, Insurance, Telecommunications, Business Process Outsourcing (BPO), Retail, Consumer Products, Transportation & Travel. The sample spanned North America, South-East Asia (India, Malaysia, Singapore, Philippines) and Western European (UK, Germany) regions.

(Primary Drivers for Deploying Speech Analytics (India Only)

“The findings of the survey reaffirm what we are witnessing in the market place. Enterprises globally are looking at speech recognition technology to mine the big data that resides in their customer contact centers. Today, on an average about 52 million hours of data is recorded every day in these call center of which only 1% of the data is analyzed,” said Umesh Sachdev, Co-Founder and CEO, Uniphore.

“A speech recognition tool like Uniphore’s auMina which is powered by Artificial Intelligence and Machine Learning, can help enterprises analyze the entire data quickly and in real time as well. This can help unleash critical data for delivering better business outcomes and empower organizations to provide superior customer experience,” said Sachdev.

The survey revealed a clear shift from compliance which emerged as a clear driver in the 2017 edition to long-standing drivers with direct impact on customer experience and loyalty. The list of drivers that bracket the 40% value include core customer experience concerns (e.g. remediate “root cause” of CX failures and “support escalation of service calls”), as well as classic workforce management/optimization issues. This establishes a direct link to business objectives which also falls into this bracket, including “to support marketing initiatives” and “increase sales and collections”.

Issues under investigation closely parallel surveys conducted in 2016 and 2017, giving Opus Research the opportunity to observe year-to-year changes and draw conclusions about the implications for companies as they contemplate the potential of speech analytics solutions to support their customer care and general business objectives.

(Image: iStock)

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