Industry Survey Report: Is Speech Analytics a missed opportunity for today’s contact centers?
In August 2020 LiveVox surveyed contact center professionals across a wide range of functions and industries. Our questions focus on finding out the following:
- What are the top strategic priorities in today’s contact centers?
- What role will reporting and analytics play in implementing these priorities?
- Will speech analytics play a part in this story and if so how?
We gathered responses from individuals in industries ranging from Financial Services and Retail to Business Process Outsourcing and Healthcare in roles that ranged from customer service and compliance to management and leadership.
Based on their inputs we’ve put together the below summary that tells the story of how today’s contact center professionals view the role of reporting and speech analytics now, and what opportunities lie ahead in the future.
Read on, or download the full report for a more comprehensive summary alongside more detailed results.
Strategic priorities in the industry today
It comes as no surprise customer experience was revealed as the single most important strategic priority in contact centers today. As you can see in the results graph below, it was the most universally shared priority by a wide margin. What may come as a surprise to many is the relatively low importance of compliance and security initiatives. Having been a top concern in the industry for so long, maybe these results suggest that many companies have gotten to a good place with their risk-mitigation capabilities and are ready to focus their time on strategies that drive revenue- like CX.
The role of reporting and analytics
As you would expect, respondents reporting and analytics priorities tied directly to their broader strategic goals. The overwhelming majority of companies cited insight into customer experience as the most important thing they try to get out of reporting tools. Agent performance and quality insights, which tie directly to CX outcomes, also rank highly, as do operational insights as businesses look to introduce efficiencies into their contact center function.
But do contact center professionals feel that they currently have the necessary reporting capabilities to support these objectives? It’s a mixed bag:
While many contact centers believe they are in a good place with their current reporting capabilities, 42% were either on the fence or actively dissatisfied indicating that they may look to upgrade their capabilities in the future if they can find a satisfactory solution to help them do so.
What role does Speech Analytics play in this story?
The short answer to this question is, right now, a very limited one. Take a look at these results:
But, we think this is a big missed opportunity for contact centers. We’ll explain why.
Firstly, as we’ve talked about in our blog in the past, deployed well, speech analytics can transform businesses’ capacities in exactly the strategic areas that they have indicated are most important to them in this survey.
For example, check out our blog on how to use speech analytics to improve CX and drive revenue through cross-selling.
There seems to be an awareness of this in contact centers. Respondents clearly indicated that if they were to adopt speech analytics then the main value they would look to get out of a tool would be in helping to improve customer experience, followed by agent performance and operations.
But despite the awareness of what speech analytics can help businesses to achieve, perceived difficulties and challenges currently are seen as heavily outweighing these. Below you can see businesses’ top concerns:
This is why only 11% of our respondents’ contact centers have adopted speech analytics to this point, and this is why there is a big opportunity.
The top concerns are clear and highly rational. If technology is expensive, doesn’t offer a clear ROI, and requires you to hire extra technical expertise in-house just to use then it isn’t going to seem like a sensible investment.
However, while these preconceptions may have been accurate 5 years ago, or even more recently, things have been changing fast. Technology partners have taken more time to understand the challenges that exist in today’s contact centers around technology usability and create tools that can be up and running quickly and don’t require technical in-house expertise to use.
Furthermore, as speech analytics tools have become slowly more established in different industries, more use cases have been developed with clear and measurable ROI.
So, does this represent a big missed opportunity for today’s contact centers? Should they be exploring their options with regard to speech analytics tools and considering it on their roadmap?
With 90% or more of competitors not currently having access to any speech analytics capabilities, if contact centers can find the right tool for their operation, the potential of it to offer a significant advantage, especially in today’s customer experience-driven economy, is huge.
This will require successful partnerships between businesses and technology partners that overcome the hurdles of ulcer ROI and difficulty of use that have so far kept things at a slow burn.
If you want more insight into the results of our survey, then download the full report here.
LiveVox is a next-generation contact center platform that powers more than 14 billion interactions a year. We seamlessly integrate omnichannel communications, CRM, and WFO capabilities to deliver an exceptional agent and customer experience, while reducing compliance risk. Our reliable, easy-to-use technology enables effective engagement strategies on communication channels of choice to drive performance in your contact center. Our battle-tested risk mitigation and security tools help clients maximize their potential in an ever-changing business environment. With 20 years of pure cloud expertise, LiveVox is at the forefront of cloud contact center innovation. Our more than 450 global employees are headquartered in San Francisco; with offices in Atlanta; Denver; New York City; St. Louis; Medellin, Colombia; and Bangalore, India.