Actionable Intelligence via Speech Analytics

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Actionable Intelligence via Speech Analytics
Dr. Ofer Shochet SVP Verint Systems July
2008 IBM Speech Technologies Seminar
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Speech analytics transforms recorded customer
interactions from idle data to actionable
intelligence
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Three Levels of Speech Analytics
BUSINESS VALUE
KEYWORD SPOTTING
Find isolated calls of interest (high false
alarms)
INTELLIGENCE
Spot 20-200 defined words
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Another way of looking at it Word Spotting,
Categorization, Root Cause
Word Spotting
Categorization
Root Cause Analytics
Technician did not show
Customer complaints
Received wrong information
Did not receive credit
Interactions about new product offering
Offer not clear to customers
Large sample of customer interactions
Product does not work well
Product is too expensive
Perceived as better value
Interactions involving competition
Product quality driving churn
Price attracting customers
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The Value of Speech Analytics

• Delivers value from the voice of the customer
• Focus groups on demand with a more complete
  view of the customer experience
• Enhances Quality Monitoring
• Evaluate calls that represent
• what matters most to you
• Connects the contact center
• and the enterprise

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Verint Analytics Addresses Key Business Issues
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Customer Case Study

• Customer Details
• Fortune 500 Insurance provider with over 4
  million customers
• First call resolution at 60
• Abandonment rate of 28
• Customer service rating of Poor
• No clear insight into why customer issues not
  resolved

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Customer Case Study
How it works
Classifies calls via automated speech recognition
and categorization technology
Identifies key reasons why customer issues were
not resolved
WHY?
Success (65)
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Customer Case Study
How it works
Terms automatically surfaced indicating root cause
Surfaces root cause of first call resolution
issues
calling back about my claim
Processing Issues
Agent Knowledge Gaps
I dont know
Lack of Agent Empowerment
Missing Paperwork
waiting for a claim form
Check with my supervisor
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Customer Case Study

• Solutions
• Outdated policies reviewed and changed and agents
  were trained to fully understand them
• Agents empowered to solve customer issue on first
  call
• Integration of frontline transaction processing
• Clarification of timelines on claim forms

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Customer Case Study
Results
Unresolved Calls
25 increase in First Call Resolution!
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Customer Case Study

• Additional Results
• 83 improvement in average speed of answer
• 68 improvement in their service level ( of
  calls answered in 30 seconds)
• 25 improvement in abandonment
• 20 reduction in average handle time
• 15 reduction in seasonal call volumes
• eliminated the need to hire 22 additional agents
• greatly improved staff morale

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Speech Analytics Delivers the Power of Why

• What am I analyzing?
• First contact resolution

• Root cause of
• why my results are
• poor/excellent?
• Agent knowledge
• Agent empowerment
• Outdated policies
• Confusing claim forms

• Execute a Plan
• Increase first call resolution by 25

• How can I improve
• performance?
• Review outdated policies
• Empower agents
• Revise claim forms
• Improve frontline processing

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Customer Case Study

• Customer Details
• Credit card provider
• Historical record of converting 65 of inbound
  customer inquires
• Sales conversion rate stagnating in previous
  three years
• Marketing currently testing new offers

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Customer Case Study
How it works
Identifies the most effective approaches for
agents when selling to customers
Classifies calls via automated speech recognition
and categorization technology
Success (65)
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Customer Case Study
How it works
Automatically detects sales success and failures
based on key phrases and metadata
WHY?
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Customer Case Study
How it works
Surfaces root cause of negative sales performance
Terms automatically surfaced indicating root cause
Agent Presented All Options
Are you interested in the choices I presented?
Im confused
Customer Confusion
WHY?
!
I am not sure that we offer that
Agents Acted Simply as Order Takers
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Customer Case Study
How it works
Terms automatically surfaced indicating root cause
Surfaces root cause of positive sales performance
Positive behaviors are reinforced, negative
behaviors are corrected
May I ask you a few questions?
Presented Qualifying Questions
Agent Presented All Options
Success (65)
the best deal for you is
Offered Most Relevant Option
Customer Confusion
!
this is a better offer because
Conducted Research on Competitive Offers
Agents Acted Simply as Order Takers
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Customer Case Study

• Solutions
• Agents trained to engage in conversation to
  uncover what customer values
• Agents trained in presenting offers appropriately
• Marketing began providing competitive data to
  agents prior to campaign launch
• Marketing revised offers based on findings

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Customer Case Study
Results
Sales Conversion Rates
19 increase in conversions!
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Speech Analytics Delivers the Power of Why

• What am I analyzing?
• The factors that drive success or
• failure in sales calls

• Root cause of
• why my results are
• poor/excellent?
• Agent knowledge
• Probing questions
• Simplicity of offers

• Execute a Plan
• Increase closing rates by 19

• How can I improve
• performance?
• Train agents to qualify
• Create simple marketing offers

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Speech Analytics Delivers Quantifiable ROI
Communications Provider
KPI PastPerformance Performance three months after Verint deployment Impact
Quality Scores 70 81.20 16 Improvement
Revenue Per Call 0.33 0.67 103 Improvement
First Call Resolution 76.8 79.1 3 Improvement
Customer Satisfaction /Executive Complaints 8700 _at_ 82 Countless occasions to be proactive Potential saving of 713K
Manager Productivity 1-2 call evaluations/month 5-6 call evaluations/month 300 Improvement
Customer Churn Analysis underway Analysis underway 25 reduction
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Analyst Praise for Verint Analytics
Saddletree Research views the Verint approach to
speech analytics managed services as the most
comprehensive and efficient offering on the
market todayVerint has set the competitive
bar Paul Stockford - Saddletree Research

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Why Verint Speech Analytics?

• Automated root-cause
• Delivers the Power of WHY
• Integrated recording and QM platforms
• Lower TCO and future proof
• 1 Market Leader in Speech Analytics
• Market proven ROI
• Expert turnkey service offering

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