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.
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
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.