Call Recording Featured Article

According to recent analysis from research group Markets and Markets, speech analytics is expected to grow from $456 million in 2014 to $1.33 billion in 2019, with North America anticipated to take the top spot when it comes to revenue generation. Other markets, such as Middle East and Africa (MEA), Latin America (LA), and Asia-Pacific (APAC) are also expected to see an increase in market power, with impressive compound annual growth rates (CAGRs).

This proves that speech analytics, at least in the call center market, is a big deal. But what does this have to do with call recording, and why is it so important?

Speech analytics can assess audio data, thereby picking up on things like emotion and stress in a customer's voice, the reason for the call, the products mentioned and so on. Users can quickly identify a customer's needs, wants and expectations, and work to meet them. Like with call recording, the technology is helpful in addressing the financial impact of improvements in customer satisfaction, call volume reduction, average handle time, first call resolution, call escalation, churn, and sales conversion.

Like speech analytics, there are a bevy of benefits that come along with call recording, the most important being that recording simply improves efficiency. Call center managers can obtain necessary data that will help identify areas that are in need of some improving to better serve their callers.

Both technologies help call centers evolve. With the knowledge gained from call recording and speech data, call centers can take their missteps and use it to grow with how they provide customer care. Call recording provides actual evidence of where there can be room for improvement and provide call centers with the knowledge to move forward.

So, the speech market is anticipated to do well. Does this mean call recording will follow in its footsteps, since the two already mirror each other so closely?

Back in 2010, Frost & Sullivan (News - Alert) reported that the growth in this area is due to more than just recording and scheduling. Enhanced tools like speech and other forms of analytics communicate the value of the contact center to decision-makers in the executive suite, and call recording is a big part of that. Coordinated Systems, Inc. also examined the role of speech analytics in the contact center, and how that relates to call recording, in a white paper titled “Investigating the Value in Integrated Speech Analytics.”

Analytics tools provide insight into the kinds of processes that can help extend customer longevity. Since performance and cost control is paramount in this environment, analytics that involve data, Web and speech processing and event notification are gaining importance across contact centers. Call recording is a necessary component to all of these.