Just seven percent of consumers report that the customer service they experience when dealing with companies exceeds their expectations. While 26 percent have experienced being transferred between agents without resolution of the problem they initially called about.
That is abysmal.
Without the proper monitoring tools in place, it is impossible to monitor agent and customer conversations for quality assurance, script compliance, and measure the key performance indicators set for each agent.
By not using a call monitoring solution, like automated speech analytics, money is being left on the table, agents are at risk for failure, and customer churn is inevitable.
Here is a quick list of five ways your business is affected the longer you continue to put off using technology that automates the process of monitoring conversations with customers:
- Agents do not have a solid knowledge-base about your customers/products.
- Agents are going off-script and compromising compliance and business security.
- Supervisors are unable to develop benchmarks and training programs without insight
- Customer churn is increasing.
- Revenue is being left on the table.
Without knowing what takes place in the contact center, your business is leaving money on the table and running the risk of litigation, among other challenges.
Much of the data that is required to assess the ways in which customer calls are handled, how they are processed, quality of service, and the overall customer experience they receive is contained within phone conversations between contact center agents and customers. With the phone still being the preferred method of contact for consumers when it comes to addressing issues, both simple and complex, there is no argument that call centers need automated technology solutions to help them capture and categorize these voice interactions with customers.
Every business now has the opportunity to avoid these risks by implementing technology tools to help them in the customer insights and discovery process, and monitor what is taking place during conversations between their employees and customers.
Some of the performance metrics that have been tracked and improved after implementing call recording with speech analytics include:
- 59% increase to inbound lead conversion rates.
- 100% compliance with federal regulations, and reduction in litigation risk.
- 90% reduction in call monitoring hours.
Knowing that a 10 percent increase in customer retention levels will equate to a 30 percent increase in company value, it is good business strategy to ensure that every possible effort is being made to deliver invaluable customer experiences in efforts to build a loyal customer base and foster good consumer-business relationships.
There is valuable data and insights contained within every single phone call that comes into a business, and there is technology available to help businesses capture and extract those insights so they can act on the data to improve operations, and improve the customer experience.
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