Actionable Intelligence via Speech Analytics
Dr. Ofer Shochet
SVP
Verint Systems
July 2008
IBM Speech Technologies Seminar
Speech analytics transforms recorded customer
interactions from idle data to actionable
intelligence
Three Levels of Speech Analytics
BUSINESS VALUE
ROOT CAUSE
ANALYTICS
Find out what you do not
know to look for
Analyze impact on known
issues
CONTENT
CATEGORIZATION
(lower false alarms)
Find isolated
calls of interest
(high false alarms)
KEYWORD
SPOTTING
INTELLIGENCE
Spot 20-200
defined words
Transcribe and index
entire call and extract
concepts
Mine categorized calls and
suggest root cause
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
Large
sample of
customer
interactions
Interactions
about new
product
offering
Offer not clear to customers
Interactions
involving
competition
Perceived as better value
Product does not work well
Product is too expensive
Product quality driving churn
Price attracting customers
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
Contact
Center
Sales
Marketing
– Evaluate calls that represent
“what matters most” to you
R&D
Back Office
• Connects the contact center
and the enterprise
Intelligence
from Customer
Interactions
Compliance
Fraud
Collections
Risk
Management
Verint Analytics Addresses Key Business Issues
Why are
Customers Calling?
Customer
Complaints
First Contact
Resolution
Sales Effectiveness
Customer
Retention
Vendor
Management
• Identify contact drivers
• Uncover trends and customer needs
• Increase usage and effectiveness of self service channels
• Reduce customer defections
• Reduce costly escalations
• Improve first contact resolution
• Pinpoint best (and worst) selling circumstances and behaviors
• Improve up-selling/cross-selling capabilities
• Increase closing rates
• Increase customer loyalty
• Reduce churn
• Evaluate performance of business partners
Customer Case Study
First Contact
Resolution
• Improve First Contact Resolution
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
Customer Case Study
How it works
First Contact
Resolution
Classifieskey
Identifies
callsreasons
via automated
why customer
speechissues
recognition
were not
andresolved
categorization technology
Success
(65%)
Customer Case Study
How it works
First Contact
Resolution
Surfaces
root cause surfaced
of first callindicating
resolution
issues
Terms automatically
root
cause
“I don’t know”
“Check with
my
supervisor”
“calling back
about my claim”
“waiting for a
claim form”
Customer Case Study
Solutions
First Contact
Resolution
• 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
Customer Case Study
First Contact
Resolution
Results
Unresolved Calls
25% increase
in First Call Resolution!
40%
20%
40%
30%
0%
Before Speech Analytics
After Speech Analytics
Customer Case Study
Additional Results
First Contact
Resolution
• 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
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
How can I improve
performance?
• Increase first call resolution by 25%
• Review outdated policies
• Empower agents
• Revise claim forms
• Improve frontline processing
Customer Case Study
Sales Effectiveness
• Pinpoint best (and worst) selling circumstances and behaviors
• Improve up-selling/cross-selling capabilities
• Increase closing rates
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
Customer Case Study
How it works
Sales
Effectiveness
Identifies the
Classifies
calls
most
via automated
effective approaches
speech recognition
for agentsand
when
categorization
selling to customers
technology
Success
(65%)
Customer Case Study
How it works
Sales
Effectiveness
Automatically detects sales success and failures based on key phrases and metadata
Customer Case Study
How it works
Surfaces
root cause surfaced
of negative
sales performance
Terms automatically
indicating
root cause
“Are you interested in
the choices I
presented?”
“I’m
confused”
“I am not sure that
we offer that…”
Sales
Effectiveness
Customer Case Study
How it works
Sales
Effectiveness
Surfaces
root cause
of reinforced,
positiveindicating
sales
performance
Terms automatically
surfaced
rootbehaviors
cause are corrected
Positive
behaviors
are
negative
“May I ask you a
few questions?”
“the best deal
for you is…”
“this is a better
offer
because…”
Customer Case Study
Solutions
Sales
Effectiveness
• 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
Customer Case Study
Sales
Effectiveness
Results
Sales Conversion Rates
19% increase
in conversions!
80%
70%
60%
65%
77%
50%
Before Speech Analytics
After Speech Analytics
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
Speech Analytics Delivers Quantifiable ROI
Communications Provider
Past
Performance
Performance three
months after Verint
deployment
Quality Scores
70%
81.20%
Revenue Per Call
$0.33
$0.67
First Call Resolution
76.8%
79.1%
+3%
Improvement
8700 @ $82
Countless occasions to be
proactive
Potential saving
of $713K
1-2 call evaluations/month
5-6 call evaluations/month
Analysis underway
Analysis underway
KPI
Customer Satisfaction
/Executive Complaints
Manager Productivity
Customer Churn
Impact
+16%
Improvement
+103%
Improvement
+300%
Improvement
25% reduction
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 today…Verint has
set the competitive bar”
Paul Stockford Saddletree Research
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