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The Conversational Analytics market in the US is seeing a paradigm shift. The market has evolved from basic reporting of parameters and dashboards to churning contextual and cognitive business insights leading to better customer service, customer engagement journey and experiences. Conversational intelligence will go beyond near-human interactions to human-like engagement. From bringing smart conversions, to improved customer service, to seamless customer engagement journey and delivering better customer experiences, AI augmented conversational analytics is starting to deliver real business outcomes.
Enterprises would like to discover valuable insights from their vast customer voice and conversational data and need analytics solutions to make smart decisions at the speed of thought. This evolution in speech analytics is catalyzed by important advances in next-gen Artificial Intelligence (AI) technologies aligned with the enormous increase of conversational data accumulated from multiple channels of customer interaction. Speech analytics powered with AI can further lead to creating new business possibilities gained from deeper customer insights and emerging market dynamics, allowing businesses to derive maximum ROI from customer interactions.
The enabling of conversational analytics and AI-driven insights has paved the way for enterprises to further drive superior customer service by empowering customer service agents with rapid actionable insights by knowing their customers’ ‘Real-Intent’.
Conversational Analytics powered by AI and data science can now detect customer’s emotions, sentiment and intent in real-time, disseminating actionable business intelligence and insights. The total available market for Conversational AI and analytics is estimated to be around 20 billion US Dollars. Conversational analytics, which is AI solving an unsolved problem, is a $5-6 billion opportunity globally. The conversational assistant, which is the automation opportunity, is much larger, at $30 billion.
Enhancing potential of current offerings
AI based Speech Analytics tools are helping enterprises decode customer loyalty and expectations from the brand during communication. Brands can gauge feedback and offer additional products or services by mining conversations and decoding customer needs.
Eventually, businesses can tweak or improve an existing product, design new solutions, or enhance the monetary value of their offerings, all based on actionable insights from Conversational Analytics.
Unlocking the ‘Real-Intent’ of Customer Conversations
Conversational Analytics can delve deep to identify contextual and functional aspects of your customer conversations including sentiments and emotions. Technology advancements have made it possible to detect the hidden ‘Real-IntentTM’ behind every customer conversation, and that too in real-time while a customer conversation is in progress.
The result is real-time conversational analytics leading to actionable insights about your customer that you can instantly act upon. From providing real-time alerts to agent coaching mechanism and adhering compliance, speech analytics powered by AI brings the clarity for agents on their customer’s implicit needs.
Driving topline through up-sell and cross-sell
Speech Analytics offers enterprises hands-on insights to up-sell and cross-sell products and services in adjacent areas of interest to clients. Smart speech mining capabilities of Speech Analytics tools are allowing enterprises to gauge customer sentiment.
As a result, agents get focused opportunities to pitch for up-sell and cross-sell offerings. Such customer sentiment tracking, now becoming available in real-time and at scale, will be a massive game changer, allowing speech mining and analytics to be utilized for sales.
Optimizing costs
Cost optimization as a business imperative is always top of mind for enterprises. Deploying Speech Analytics technology offers insights that businesses can use to cut down on processes and resources that are draining the business’ bottom-line.
For instance, Speech Analytics allows contact centers to identify and plug any issues that are leading to a high Average Handling Time (AHT). By cutting down AHT using Speech Analytics, organizations can control operational costs. Similarly, Conversational Analytics enables actionable Root-Cause Analysis (RCA), workforce management, smart Key Performance Indicators (KPIs), and other essential metrics, all of which have a direct a correlation with cost optimization.
Additionally, the use of Artificial Intelligence-based technology, and abilities to perform sentiment analysis, automated transcription and business rules configurability are prime market factors when evaluating an effective speech mining solution.
U-Analyze is Uniphore’s end-to-end Conversational Analytics suite that delivers actionable insights from customer conversations, quality management, and detection of customers’ Real-Intent™.
Market Insights from Primary Research
The third edition of Drivers for Deploying Speech Analytics 2018 by Opus Research, an annual survey commissioned by Uniphore Technologies Inc, observed that the “rapid recognition of customer intent” tops the list of deployment drivers, with citations from 45% of U.S. based respondents.
Primary Reason to Deploy Speech Analytics (2018 vs. 2017 vs. 2016)
- Enterprises are looking for direct impact on customer experience and loyalty
- Clear shift from compliance of law and regulation such GDPR, HIPAA, PSD2, PCI
- Informing VA and chatbots is on the respondents’ radar
Key Insights on US Market
- It has been observed that the “rapid recognition of customer intent” tops the list of deployment drivers, with citations from 45% of U.S. based respondents.
- 42% of Remediating “root cause” of CX failures reflects the primacy that decision makers are assigning overall customer experience.
- The 40% response rate surrounding Support of Agent Training shows that the longest-standing driver for deploying speech analytics is now on a par with the idea of encouraging a better customer experience.
U-Analyze by Uniphore makes it possible by using AI and NLP technologies to analyze data from your voice, chat and other conversation modes and reveal the true intent of your customer’s interactions.