Best Speech Analytics Software Tools
Author: Simon Black | Date: 10/01/2023
Did you know that 84% of companies that improve their customer experience see an increase in sales revenue?1 Furthermore, maintaining good customer service is essential for every business as it directly correlates with:
- A positive brand image
- Revenue generation
Speech analytics software is one of the many tools that contact centres are using to assess agent performance and deliver exceptional customer support experiences.
In this article, we will discuss some of the best speech analytics software on the market today and help you find the best tool for your business.
Before we look at specific speech analytics tools, let’s examine exactly what we mean by speech analytics.
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What is speech analytics software?
Speech analytics is software that records spoken conversations and transcribes them into readable text. It is a type of conversation intelligence tool that is commonly used in contact centres to monitor interactions between customers and agents.
Some speech analytics tools also use artificial intelligence (AI) to measure customer sentiment. Sentiment analysis data helps contact centres understand how customers feel toward their brand and take steps to enhance customer experiences.
By deploying cutting-edge speech analytics software, contact centres can:
- Understand agent performance and assess the quality of calls.
- Acquire actionable data and insights that can be used to improve customer experiences.
- Reduce overhead costs – McKinsey estimates that analytics software could result in cost savings of between 20% and 30%.2
- Learn about consumer expectations and identify ways to gain a competitive advantage e.g. by offering personalised services.
- Ensure that agents comply with the necessary regulations and guidelines to mitigate compliance risks.
- Predict churn risk and identify ways to improve customer retention.
Speech analytics is quickly becoming a must-have tool for businesses that want to maintain a competitive advantage. More contact centres are investing in this technology, with the speech analytics industry estimated to be worth over £5.3 billion by 2027.3
Let’s explore some of the best speech analytics software currently being used by contact centres.
Awaken is an AI-driven suite of tools that have been specifically designed to help contact centres listen, guide and understand.
This advanced software will enhance agent performance and enable your team to provide consistently excellent resolutions across a range of customer conversations.
How does Awaken work?
Customer interactions are automatically uploaded to a secure platform where they are analysed using advanced AI technology. This will give you insight into their tone, context, and more. Sentiment analysis is also employed to help identify whether an interaction was positive, negative or neutral.
This data gives contact centre managers a clear overview of agent performance and the quality of customer interactions. These actionable insights can be utilised to improve operational efficiency and enhance the overall customer experience.
Awaken promotes excellent customer service
Awaken is also more than just a voice analytics tool. This innovative software comes with a host of extra products and features designed to improve customer experiences. This includes:
- Intelligent Scripting: This ensures consistency, compliance, reduces human errors, and helps contact centre agents interact with customers clearly.
- Real Time Agent Assist: Information about the customer interaction is displayed in real time enabling the agent to make quicker, better decisions.
- Awaken Translate: Real-time conversational translation capabilities enable agents to provide multilingual customer service. This will reduce unnecessary hiring costs and give you a competitive advantage in the global business environment.
- Next Best Action (NBA): This new customer service trend suggests “what to do next,” guiding agents based on what the customer is saying in real time by utilising advanced algorithms and machine learning.
- Single Unified Desktop – Integrations with all the leading telephony and technology vendors for contact centres helps agents see information all in one place – boosting productivity and the customer experience.
In summary, Awaken:
- Uses AI-powered tools to analyse both speech and the voice of the customer.
- Provides intelligent scripting to help customer service agents interact clearly.
- Guides agents through voice, email and live chat conversations, thus reducing handling times and improving the customer journey.
- Uses AI algorithms to generate reporting that can be used to enhance customer experiences — Awaken software has been shown to increase customer satisfaction scores by up to 49%.
- Provides all relevant information in a single agent desktop application.
CallMiner was founded in 2002 and now has over 20 years of experience in the conversation intelligence field. Their platform uses advanced speech analytics and customer sentiment software to uncover insights from customer interactions across multiple channels.
The top features of CallMiner’s speech analytics platform including:
- The translation of customer data into actionable insights, allowing contact centres and agents to visualise call journeys.
- Providing real-time and post-interaction automated scoring to minimise the gap between insights and actionable business value.
- Call recording that allows the platform to function as a training and onboarding tool in contact centres.
- Redactions that take place in a PCI-certified hosted model to ensure that customer data is secure at all times.
Aspect and Noble merged in 2021 to create Alvaria, a leading contact centre solutions provider that supports a wide range of businesses, including:
- Healthcare providers
Alvaria has developed revolutionary speech analytics software that provides “valuable insights into quality, operational efficiency, and customer satisfaction across all customer communication channels.”
The platform utilises Large Vocabulary Continuous Speech Recognition (LVCSR) technology which improves speech recognition accuracy and helps to eliminate human error. Additional features that make Alvaria popular include a user-friendly interface, built-in redaction capability, and organic trend discovery.
Observe.AI is a contact centre AI provider that is considered to have some of the best conversation intelligence technology in the industry. Contact centres can request a live demo to explore the platform and see how the analytics software works first-hand.
The speech analytics solution claims to analyse 100% of conversations across all channels, giving contact centres full visibility into customer interactions. Observe.AI aims to:
- Improve quality assurance and compliance
- Identify new coaching and revenue opportunities
- Maximise agent performance with personalised training
- Drive business outcomes with actionable customer insights
- Retain happy customers with exceptional experiences
Tethr was designed to replace traditional contact centre feedback tools like post-call surveys. This popular speech analytics tool uses AI-powered conversation intelligence and machine learning to analyse customer interactions and identify new sales opportunities.
Tethr was founded in 2012 and has been helping contact centres and other businesses improve operational efficiency, reduce churn rates, and create better customer journeys.
Previous users of Tethr claim to have seen a 27% reduction in churn risk and a 28% reduction in repeat callers.
Find a solution that works for you
Speech analytics software can significantly improve agent performance and enhance customer experiences — making it a fantastic investment for contact centres looking to enhance customer service delivery. However, the wrong software will be a waste of resources — you need to choose a solution that suits your needs, agents and customers.
Underpinned by our leadership team’s decades of experience, Awaken is an AI-powered solution designed to empower call centre agents and promote exceptional customer service. By working with Awaken, your contact centre can benefit from a flexible platform that adapts as your operations evolve and unleashes the power to:
- Listen with voice analytics, speech analytics, language transcription and translation
- Understand the complete picture with actionable insights
- Guide your team with dynamic call scripting and agent guidance
In addition to these cutting-edge features, our post-call analytics software has a proven track record of boosting outcomes. Awaken has been shown to increase operational efficiency and profitability within contact centres by as much as 300%.
Book a demo of Awaken today to see how our solutions can improve agent performance, enhance customer experiences, and maximise revenue.
1 New Research from Dimension Data Reveals Uncomfortable CX Truths
2 From speech to insights: The value of the human voice