infographic: past, present and future of speech analytics
DESCRIPTION
As analytical technology becomes more affordable, companies now have the opportunity to listen to untapped customer sentiment and recognize the underlying factors that drive satisfaction. Check out the accompanying article, "Everything’s Just Speechy: Exploring the Evolution of Voice and Text Analytics" http://www.1to1media.com/view.aspx?DocID=34404TRANSCRIPT
Sp
ee
ch
An
aly
tic
s
By B
rittany Davis and
Lorri Cosentino
1CSO Insights2Hubspot3Forrester
Companies today are finding that focusing on the customer experience is a powerful strategy to distinguish their organizations, and speech analytics can help companies realize those efforts. Speech analytics has been used to improve customer satisfaction, analyze spoken words, and extract information and content. Further, speech analytics helps companies prevent and detect fraud while also identifying customer dissatisfac-tion through a customer’s pitch, all in an effort to improve customer retention, as well as upsell and cross-sell efforts. Below is a look at the past, present, and future state of speech analytics.
Past, Present, Future
To learn more about the Speech Analytics, read: “Everything’s Just Speechy: Exploring the Evolution of Voice and Text Analytics”
By B
rittany Davis and
Lorri Cosentino
The speech analytics market is projected to
continue to expand over the next several years
growing by 25% in 2013
and 20% in 2014.3
The Future ofSpeech Analytics
By 2020 the customer will manage 85% of their
relationship with an enterprisewithout interacting with
a human.4
U.S. contact centers spend $12.4billion annually verifying the callers are
who they say they are. 59% ofcalls require identity verification,
but only 3% of these arehandled entirely through automated processes.3
The Present state of Speech AnalyticsSpeech analytics solutions are currently in use in 24% of all organizations, predominantly used by services, outsourcing, and finance organizations.2
89%of consumers began doing business with a competitor following a poor customer experience, up from 59% four year ago.1
Why Companies are Using Speech Analytics
Speech Analyticsof
86%of consumers quit doing business
because of a bad customer
experience.1
1 Harris Interactive2 Contact Babel3 DMG Consulting4 Gartner