BPA Featured Article

Speech Analytics Fastest Growing Application in Contact Center History

By Susan J. Campbell, TMCnet Contributing Editor
March 28, 2007

Speech analytics have become an important tool in the contact center in a short amount of time. When properly implemented and monitored, such solutions can drive better customer satisfaction and productivity in the center, thus facilitating an increase in agent satisfaction and performance of the contact center overall.

A new report has analyzed this market and why speech analytics has rapidly developed into the fastest growing application in the history of contact centers. The 2007 Speech Analytics Market Report by DMG Consulting LLC, is positioned as the definitive guide to this emerging market segment. The report provides detailed information about the market, vendors, competitive landscape, technology products, functionality accuracy, ROI, pricing, market share, projections and implementation best practices.

First introduced into the contact center in 2004, speech analytics is still considered an emerging application. Donna Fluss, president of DMG Consulting, noted in a statement, "Within 5 to 8 years speech analytics will become a 'must have' for enterprises as it is the only solution that gives them insights into customer needs and wants in real and near real-time."

Contact centers implement speech analytics solutions to analyze customer conversations, while also providing benefit to the entire enterprise. The DMG report examines the technical and business opportunities and challenges involved in implementing these applications and also provides best practices and guidance for making these applications work for the enterprise.

The 2007 Speech Analytics Market Report is positioned as being essential for companies of all sizes looking to use innovative technology to gain a strategic advantage. The Report also explains how speech analytics leverages insights contained in unstructured customer conversations to improve profitability, reduce costs, enhance the customer experience and reduce corporate liability.

The Report describes the specific uses, benefit and ROI of speech analytics for various operating departments within enterprises. Eight case studies of highly successful speech analytics implementation in leading verticals are profiled in this Report.

"Enterprises are rapidly learning how to use the output from speech analytics to benefit many operating areas including: sales, marketing, R&D, compliance, risk management, collections, fraud, back-office operations and, of course, the contact center. The great news is that the benefits are real when users invest the time and resources," added Fluss.

The 2007 Speech Analytics Market Report includes:
  • Detailed description of the compelling benefits and ROI that speech analytics applications present to the contact center, customers and the enterprise
  • Detailed explanation of how speech analytics structures customer conversations and the technology that enhances accuracy
  • Review of current and projected speech analytics uses in the contact center, sales, marketing, operations and throughout the enterprise
  • Analysis of the vendor landscape and vendor directory
  • Detailed company reports to assess vendor viability, ability to execute, vision, strategy, technology, product functionality and future product plans
  • Pricing for premise-based, hosted and managed service offerings
  • Market share, activity and five-year projections.
Speech analytics will continue to grow as an important part of the contact center environment. With this growth, the industry should also expect to see future innovations that will continue to improve on product offerings and further applications throughout the enterprise.

Want to learn more about speech analytics? Then be sure to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users. The papers are authored by industry leaders, who, in turn, receive qualified sales leads from interested parties. Check here for the latest in CRM information.
Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit Susan J. Campbell’s columnist page.