Collector - July 2018 - 34

The following is commercial content provided and paid for by KG Hawes.

Speech Analytics: The Path to Value
By Gerald Jonathan, KG Hawes
Many agencies understand the value of call recording and
monitoring but few recognize the benefits of mining their call
data with a speech analytics platform. Since its inception, over
a decade ago, speech analytics technology has become more
comprehensive, affordable, and easy to use. Agencies who
are making full use of what the technology has to offer are
reporting considerable market advantages and measurable
returns. While the possibilities for the application of this
technology are endless, in this article we are going to outline
the recommended path to realizing maximum value.

Stage One: Compliance
The first area to gain value from speech analytics is
compliance. All calls can be tracked and scored based upon
adherence to regulatory standards such as verifying the right
party, proper disclosures, monitoring consent, third-party or
payment authorization and any other language in accordance
to your policies. Then there are the added benefits of time
savings for your supervisors, through automated auditing,
and reduced training time for the entire organization.
Additional functions such as call redaction can be used to
automate the enforcement of PCI compliance by locating
and eliminating sensitive consumer data. The three columns
below list functions that the VoizTrail® Communication and
Compliance Suite offers, the types of analysis performed
when managing compliance and the value delivered.
FUNCTION

ANALYSIS

*

Keyword
Tracking

*

*

Phrase Tracking

*

Call Scoring

*

Automated
Auditing

*

*

System Alerts

*

*

Redaction

Risk Exposure
analysis

VALUE

Thanks to its ability to drastically reduce compliance violations,
exposure to disputes, and legal liabilities, speech analytics
will deliver immediate value in the first few months after
implementation.

Stage Two: Efficiency
The next opportunity for return on investment is in improving
operational efficiency. You have the ability to quickly identify
what agents do best and optimize training to yield more
revenue per individual. Analyzing both sides of the call provides
insights in over talk, silence, and agent or consumer emotions.
The platform offers faster retrieval and review of calls as well
as screen capturing abilities. Utilizing trend data to identify
common barriers or best practices takes the guess work out
of process redesign minimizing the time and effort involved
and creating opportunities to continually streamline processes.
Everything is faster with the VoizTrail suite.
After identifying opportunities for improved efficiencies
through call analysis your organization will be capable of
executing new, more effective collection strategies within
six to ten months.
FUNCTION

ANALYSIS

VALUE
*

Efficient
call review

*

Call retrieval

*

Call efficiency

*

*

Screen capture

*

System
proficiency

Better agent
evaluation

*

Targeted training

*

Call category
impact

*

Reduced
handling times

*

Recovery
performance

*

Increased
revenue per
agent

*

Process redesign

*

Supervisor
time savings

*

Keyword
tracking

Dispute
Identification

*

Reduced
training time

*

Phrase tracking

*

Trend data

Bankruptcy
Standards

*

Risk reduction



Table of Contents for the Digital Edition of Collector - July 2018

Upfront
Industry News
Best Practices
FYI
Collection Tips
Navigating Uncharted Territory
Making Sense Out of Collection Notice Requirements
Do You Need to Contact Creditors to Verify a Debt?
Calendar
Honor Roll
Getting on the Right Path
A Better Framework
ACA Members Contribute to Successful Collectors Challenge Month
The ACA Int’l v. FCC Decision: What Does It Mean For Your Business?
Connecting with Legislators at ACA’s Washington Insights Conference
Second Circuit Rules for Accounts Receivable Management Industry in Case Supported by ACA’s Industry Advancement Program
Compliance
ACA SearchPoint
Ad Index
Last Word
Collector - July 2018 - Cover1
Collector - July 2018 - Cover2
Collector - July 2018 - 1
Collector - July 2018 - 2
Collector - July 2018 - 3
Collector - July 2018 - Upfront
Collector - July 2018 - 5
Collector - July 2018 - Industry News
Collector - July 2018 - 7
Collector - July 2018 - 8
Collector - July 2018 - 9
Collector - July 2018 - Best Practices
Collector - July 2018 - 11
Collector - July 2018 - FYI
Collector - July 2018 - 13
Collector - July 2018 - Collection Tips
Collector - July 2018 - 15
Collector - July 2018 - Navigating Uncharted Territory
Collector - July 2018 - 17
Collector - July 2018 - 18
Collector - July 2018 - 19
Collector - July 2018 - 20
Collector - July 2018 - 21
Collector - July 2018 - 22
Collector - July 2018 - 23
Collector - July 2018 - Making Sense Out of Collection Notice Requirements
Collector - July 2018 - 25
Collector - July 2018 - 26
Collector - July 2018 - 27
Collector - July 2018 - 28
Collector - July 2018 - 29
Collector - July 2018 - Do You Need to Contact Creditors to Verify a Debt?
Collector - July 2018 - 31
Collector - July 2018 - 32
Collector - July 2018 - 33
Collector - July 2018 - 34
Collector - July 2018 - 35
Collector - July 2018 - Calendar
Collector - July 2018 - Honor Roll
Collector - July 2018 - Getting on the Right Path
Collector - July 2018 - 39
Collector - July 2018 - A Better Framework
Collector - July 2018 - 41
Collector - July 2018 - ACA Members Contribute to Successful Collectors Challenge Month
Collector - July 2018 - 43
Collector - July 2018 - 44
Collector - July 2018 - 45
Collector - July 2018 - The ACA Int’l v. FCC Decision: What Does It Mean For Your Business?
Collector - July 2018 - 47
Collector - July 2018 - Connecting with Legislators at ACA’s Washington Insights Conference
Collector - July 2018 - 49
Collector - July 2018 - Second Circuit Rules for Accounts Receivable Management Industry in Case Supported by ACA’s Industry Advancement Program
Collector - July 2018 - 51
Collector - July 2018 - Compliance
Collector - July 2018 - 53
Collector - July 2018 - ACA SearchPoint
Collector - July 2018 - Ad Index
Collector - July 2018 - Last Word
Collector - July 2018 - Cover3
Collector - July 2018 - Cover4
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