Beyond The Contact Center Report - 8x8

Beyond the Contact Center ReportUnlocking Business Insights with Speech Analytics»

Report »Beyond the Contact CenterUnlocking Business Insights with Speech Analytics»Speech analytics brought the previously impossible objective of garnering insightsand recommendations from all customer interactions into the realm of the possible.Now is the time for executives outside the contact center to reap the benefits ofspeech analytics. It is a necessity to take a multi-departmental approach to understand the business value as spoken conversations and customer interactions become vital resources to the success of all businesses.»March 2019Dan Miller, Lead Analyst & Founder, Opus ResearchDerek Top, Analyst & Director of Research, Opus ResearchOpus Research, Inc.893 Hague Ave.Saint Paul, MN 55104www.opusresearch.netPublished March 2019 Opus Research, Inc. All rights reserved.2

Beyond the Contact Center» Table of ContentsSpeech Analytics Beyond the Contact Center . 4The End to the Inside Game . 4.Growing Interest for Business Insights .5Transcending Traditional Silos . 6Overcoming Objections . 9Getting Started with Company-Wide Speech Analytics .10Getting it Right .11Figure 1: Primary Drivers to Deploy Speech Analytics (2016 - 2018) . 5Figure 2: Do you plan to invest in speech analytics to gain Business Insights? .6.Table of FiguresFigure 3: Primary Reason to Deploy Speech Analytics (Business vs. Operations) . 7Figure 4: Top "Business Insights" Generated from Speech Analytics (Business vs. CC) . 8Figure 5: Interest in Gaining Business Insights (By Vertical) .9Figure 6: Biggest Barriers to Investing in Speech Analytics .10Figure 7: 8x8 Speech Analytics Platform .11.3

Beyond the Contact Center»Speech Analytics Beyond the Contact CenterFor almost 20 years, speech analytic resources have proven invaluable in contact centers around the world.They make it possible for supervisors to quickly identify the words or conversational patterns used by agentsor customers that require attention, emphasis or remediation. They save time by enabling managers to drawconclusions and take actions based on transcripts of conversations. Because it will never be cost-effectivefor humans to listen in on all conversations by all agents, speech analytics brought the previously impossibleobjective of garnering insights and recommendations from all customer interactions into the realm of thepossible.Now is the time for executives outside the contact center to reap the benefits of speech analytics. The businessworld understands the power of “Big Data and Analytics.” Yet they tend to apply those principles to the sum-ofall-knowledge under the control of big search engines or social networks. Although customer experience expertsand veteran contact center managers are well-aware of the power of speech analytics, historically this data andthe rich business insights it provides have remained in the cozy confines of the contact center.And increasingly, companies are realizing the value of analyzing all conversations, not just those that aremanaged through the contact center. For example, valuable insights can be gleaned by analyzing interactionsbetween an inside sales team and their prospects.The End to the Inside GameToday, the intrinsic value of content and sentiment revealed through conversations between a company’semployees, partners, customers and prospects has spread well beyond the boundaries of the contact center.From C-Suite on down, there is growing appreciation of the insights that result from speech analytics. Theseinsights can be used to inform marketing strategies, fine-tune advertising tactics, improve customer experienceand refine plans for digital innovation.In a series of recent studies, Opus Research administered a global survey, asking 500 key decision makers incontact center operations and customer experience to share their attitudes, intents and activities surroundingdeployment of speech analytics. This three-year study has allowed Opus Research to track changes and drawconclusions about the implications of using speech analytics solutions to support not only customer care butalso broader business objectives.In particular, Opus asked decision-makers to define primary drivers for deploying speech analytics, choosingfrom multiple choice options such as compliance, workforce optimization, fraud detection and identification ofcustomer intent.As seen in Figure 1 below, primary drivers for using speech analytics include optimizing agent training, enforcingcompliance for rules and regulations and quickly identifying customer concerns.4

»Beyond the Contact CenterFigure 1: Primary Drivers to Deploy Speech Analytics (2016 - 2018)52%Quick ID of customer intent43%46%48%50%Remediate “root cause” of CX failures42%50%53%Support WFO / agent training40%32%32%Increase sales and collections39%48%Operating cost control12%39%23%Support escalation of service calls34%39%27%Fraud detection and fraud-loss prevention17%36%30%Compliance with relevant laws and ource Opus Research (2018)But there is a growing recognition of value in mining customer conversations for information that benefitsdepartments outside the contact center.Growing Interest for Business InsightsMore recently, companies are utilizing analytics to gain business insight. Businesses leverage these insightsto improve their business processes, products and services. For example, analytics can enable businesses tospot common issues that prompt customer calls and can then improve their products accordingly. Evaluation oftrends may highlight the need to optimize business processes and marketing channels that feed into the contactcenter. Businesses even use the analytics to identify opportunities for agents to upsell and cross-sell certainproducts, maximizing the company's overall sales opportunities.While the primary reasons for deploying speech analytics technologies still include workforce optimization andremediating root cause of customer experience failures, our research shows a whopping 89% of those decisionmakers surveyed in 2018 see speech analytics as a means to gain "business insights" (Figure 2 below).5

»Beyond the Contact CenterFigure 2: Do you Plan to Invest in Speech Analytics to Gain Business Insights?11%89%N 412YESNOSource Opus Research (2018)Indeed, enterprises are identifying overall business opportunities and improvements with speech analyticstechnologies that involve everyone from the C-suite to day-to-day contact center operations. For the purposesof the survey, and to gain a deeper understanding of attitudes outside the contact center, our survey measuredopinions and perceptions delineated into two groups based on job titles. Roles primarily within the contactcenter (head of contact center, SVP, operations, IT, etc.) are labeled “Contact Center Operations” whilerespondents who are outside the contact center (C-suite, departmental business units, board members, etc.) arelabeled “Business Role.”Transcending Traditional SilosIn Figure 3 below, Opus shows departmental business executives are more likely than contact center operationspersonnel to see the business value including supporting marketing initiatives, increasing sales and collectionsrevenue and helping in product management, pricing and packaging.6

»Beyond the Contact CenterFigure 3: Primary Reason to Deploy Speech Analytics (Business vs. Operations)34%Help in product management, pricing and packaging39%35%Operating cost control41%36%Increase sales and collections41%36%Compliance with relevant laws and regulations34%37%To support marketing initatives43%37%Support virtual agents and intelligent assistants39%38%Support escalation of service calls39%38%Support WFO/agent training40%40%Fraud detections and fraud loss prevention34%44%Quick ID of customer intent47%44%Remediate "root cause" of CX failures40%0%N 4125%10%15%20% CC Operations Business25%30%35%40%45%50%Source Opus Research (2018)Our research proves that speech analytics is a transformative technology, uncovering business insights thatshatter organizational silos between the contact center and the rest of the business. The information gleanedfrom business insights is helping departmental executives make informed decisions, facilitated by out-of-boxcapabilities from solutions providers.Overall, contact center and business executives have similar goals, starting with ROI and root cause trends tosupport operation and outreach. But in Figure 4 below, we see business executives understand, even more thancontact center managers, the value of using speech analytics to drive higher customer satisfaction and predictthe purpose of incoming calls. And increasingly, they are interested in using speech analytics to mine valuablebusiness insights from other parts of the business. For example, when an inside sales team wants to remainregulatory compliant and increase its sales percentage, managers can search for customer sentiment, keywordsand phrases in transcribed calls to assess the correlation between using targeted terminology and successfulresults.7

»Beyond the Contact CenterFigure 4: Top "Business Insights" Generated from Speech Analytics (Business vs. CC)Uncovers issues that should trigger outboundalerts or outreach to customers48%40%Supports "root cause" and trends analysiseffecting Sales, Marketing, Customer Support,Billing, Operations56%53%58%Assess customer's reactions to marketing effortsand attitudes towards competitors56%55%Supports customer satisfaction while increasingretention rate61%58%Increases contact center efficiency by predictingthe purpose of an incoming call63%0%N 41210%20% CC Operation Business30%40%50%60%70%Source Opus Research (2018)Figure 5 (below) shows near universal belief that speech analytics can help companies gain business insights.This is especially true among telecommunications, business process outsourcers and financial services firms,demonstrating a clear interest in the use of data to help inform business-level strategies. These organizations areamong the most sensitive to ROI considerations and it is clear that they see great value in expanding servicesthat are informed by speech analytics.850%

»Beyond the Contact CenterFigure 5: Interest in Gaining Business Insights (By Vertical)N 412 Yes: Interest in investing for Biz insightsTelecom97%BPOs96%Financial Services95%Consumer Products90%Retail89%Banking88%Insurance87%Travel & Tourism82%Govt/Public Sector80%Health Care74%Source Opus Research (2018)Overcoming ObjectionsStill, speech analytics is not without its skeptics. As we look to understand the barriers to deployment (Figure6 below), we see a significant drop in “benefits subject to hype” from 2017 to 2018. This is a clear indicationthat in the past, legacy solutions may have over-promised in terms of business value and underrepresentedthe significant costs necessary to implement and maintain. Future generations of speech analytics providerswill eliminate tens of thousands of dollars of up-front professional services and ongoing customization costswith out-of-the-box operations, putting in reach the benefits of speech analytics to those organizations whotraditionally could not afford comprehensive solutions and deliver an immediate return on investment.As Figure 6 shows, there has been long-standing skepticism surrounding the ROI of speech analyticsimplementations, driven by a first-order concern that there aren’t enough “applications” to justify the investment.Respondents, in this case, reflect the old way of thinking that confined perception of value to the applicationsin a contact center. In light of growing awareness of potential outside the contact center, we expect theseobjections to evaporate. We’re also seeing the introduction of solutions from the likes of 8x8 that remove the upfront expenses historically associated with speech analytics, putting speech analytics in reach of companies ofall sizes.9