“There is only one boss. The customer.” – Sam Walton, American businessman
Needless to say, happy customers are the mainstay of success for all types of businesses. All one needs to do is understand their expectations and be proactive. Listen closely to look for opportunities and pay attention to everything a customer says.
Thankfully, gathering loads of insights with your contact centre operations is not a tough task at all, provided that you have the right cloud telephony solutions and agent intentions in place.
Accurate transcription can serve as an excellent source of insights for modern contact centres that aim to comprehend customer interactions deeply. This analysis can take a lot of work, as it involves the assessment of words, silence, pauses, tonality, and a lot more.
But all the effort you invest in transcript analysis is worthwhile, considering the immense benefits it brings for your business. Before understanding these benefits, it makes sense to know what transcript analysis is all about.
Transcript analysis: where everything starts!
Before explaining what transcript analysis is all about, let’s understand the workings of call transcription in contact centres.
Essentially, the tool converts telephonic conversations into written words with a speech-to-text function. You can use smart applications or software to automate the process in real-time or with a pre-recorded call. The objective is to have scannable records of every conversation for agents to analyse and get insights they can use later.
Transcript analysis helps businesses make sense of unstructured data, pick patterns and trends, and take appropriate actions to improve customer interactions for the long haul. Getting transcription right, therefore, is mission-critical for businesses and agents alike.
This analysis can go a long way in enhancing call centre workflows. Let us explain how organisations can leverage it for improved workflows.
Better customer experiences
The business landscape is getting increasingly competitive; nothing matters more than delivering exceptional customer experiences via all touchpoints, including contact centres. Transcript analysis is a smart way to take CX to the next level.
You can use it for keyword mapping and sentiment analysis by comprehending the explicit words and following the tone and stress in a caller’s voice. This makes it easy for your agents to identify customers’ issues, needs, wants, and expectations, and viable solutions that deliver satisfaction. Once you work out these call centre metrics, great CX happens organically.
When it comes to improving contact centre workflows, transcript analysis can cut costs and help you deliver high ROI. In fact, you can do more with less, as fewer people are needed with automated processes.
You can also reduce the cost of monitoring and quality assurance. The cost per call is lowered as the system shortens the handle times and results in fewer call transfers.
Transcript analysis also drives improvements in the operating efficiency of the contact centre. It reduces average call-handling time, boosts first call resolution, and cuts down on call escalations and transfers.
Implementing the system can actually boost stagnant operations by enhancing agent performance. It also helps managers go the extra mile with quality management, as it is easier to pinpoint agent performance gaps and take actionable steps to address them.
Furthermore, your team members are better engaged and more likely to stick around for the long haul. This helps you save resources on recruitment—which is a win-win for both!
Customer loyalty and retention
Speech analysis helps you identify and minimise the number of at-risk prospects and customers. You can detect trends based on keywords and phrases, both in real-time and via historical transcripts.
The technology makes it easy to understand what works and what doesn’t. Once you have in-depth insights on key factors like products, services, quality, and more, you can match customer expectations perfectly and drive long-term loyalty and retention for your brand.
Revenue boost with upsell and cross-sell opportunities
Transcript analysis empowers agents by supporting their upselling and cross-selling efforts, which is another way to enhance business results. They are able to identify the exact product or service of customers’ interest and can pursue them subtly with upselling and cross-selling strategies.
It is easy to capitalise on these opportunities by sending the right message to the right prospect at the right time. There are good chances of conversions that can bring tangible revenue boosts for your company.
Targeted training programs
Training plays a significant role in call centre workflow, and transcript analysis can help with targeted training programs. Managers can use it to monitor conversations between agents and customers to get useful insights into the different approaches taken by top performers and laggards.
They can then build training strategies to help agents deliver better levels of satisfaction and provide first call resolution for every single interaction.
Identify compliance and risk issues
With transcript analysis, managers can score calls against the compliance metric and flag them in real-time for poor performance or compliance risk. It is possible to focus on high-risk and low-quality calls right away rather than having to keep an eye out for any untoward incident, such as an agent disclosing confidential information.
Compliance is something you cannot go slack with because violations can bring massive financial penalties and reputational damage. Analytics enables you to identify calls representing potential violations so that you can pinpoint specific risks and issues and address them in your training modules beforehand.
Improve KPIs that really matter
You can leverage transcript analysis to improve contact centre Key Performance Indicators (KPIs) and implement best practices for smoother workflows. These metrics include Average Handle Time, First Call Resolution, Repeat Calls, and Script Compliance. This enables managers to assess individual agent performance so that they can accordingly maintain quality.
An investment that lasts a lifetime
There was a time when organisations had to track sales and customer service calls manually to unearth keywords and sentiment data. This was inefficient and cumbersome, as converting speech-to-text and identifying keywords took a lot of time and effort. Moreover, businesses had to pick a small percentage of calls for screening.
However, transcript analysis software has changed things to a great extent. It is easy to make sense of conversations and gain a better understanding of the overall customer experience. Businesses that want to embark on a digital transformation journey must embrace transcript analysis sooner rather than later.
Industry experts believe that transcript analysis is among the most significant aspects of contact centre operations.
It is an important and valuable resource that can offer rich insights into customer intent and expectations which, when used correctly, help you go above and beyond. Identifying customer concerns and pain-points, and taking effective measures to fix them becomes much easier.
The best way to win the trust game is by listening to your customers carefully and doing everything possible to deliver outstanding service, which is best done by deeply analysing interactions. Ideally, you should look for a cloud telephony provider that offers call analytics as a part of their solution.
Fortius is a name you can rely on to avail top-notch solutions empowered with this feature and a lot more.