Even though the speech analytics market is expected to see a compound annual growth rate of more than 18% through 2022, confusion still remains around its benefits and use cases – especially for South African organisations operating contact centres.
Some of the confusion arises from a lack of education around the distinction between voice authentication and speech analytics. Voice authentication is predominantly used to reduce fraud risk and improve compliance. It is an automated method for identifying individuals based on measurable biological and behavioral characteristics, and you will see it most frequently used in the financial services industry. Physical traits (such as vocal tract dimensions) combined with harmonics and speech patterns create a unique digital pattern or voice print that is then used to identify a customer. Although there are other benefits (such as enhanced CX through quicker customer identification), this technology has been primarily used to combat the risk of identity theft through the contact centre.
Speech analytics, on the other hand, automatically identifies, groups, and organises words and phrases used during a voice call to reveal trends, opportunities, and areas for concern. In much the same way that humans can connect conceptually related words to create context, speech analytics automates this process to derive real insight from everyday conversations between customers and agents. While this can also reveal occurrences of non-compliance and fraud across phone interactions, the use of the technology extends beyond this application.
Considering that customers are speaking to businesses daily, speech analytics therefore represents a massive opportunity in the market. It empowers the organisation to have a better understanding of what the customer is telling them – and then uses that to improve engagement, operations and overall business strategies.
Instant, relevant customer insight
Marketing departments spend a considerable amount of time and money on conducting primary market research to inform their strategies on pricing, products, advertising, branding and customer specific metrics such as satisfaction and loyalty. Unlike the lengthy data collection and analysis periods associated with these studies or the low completion rates of ad hoc customer surveys, speech analytics automatically collects and analyses this data to reveal instant, relevant and valuable customer insight.
Insight could include how the marketplace perceives your offerings, competitive intelligence, identifying strengths and weaknesses with products and processes, and emerging trends or opportunities, amongst others.
Employee performance and coaching
Speech analytics can also be used to identify the reasons for agent-related escalations, for example, and used as a foundation for employee coaching. By building a search on a phrase such as “want to talk to a supervisor” and letting concept-based understanding reveal the surrounding words and phrases, the analysis could reveal if the root cause is an agent-related issue such as a lack of knowledge, empathy or action. These calls can then be automatically classified with an “escalation” tag and flagged for follow up and coaching.
First Call Resolution (FCR) can be difficult to track, but speech analytics can be used to monitor repeat callers by searching for related key phrases like “calling again”, “the previous agent” and “second time I’ve called”. Repeat callers are also more likely to be frustrated – using sentiment analysis can help isolate specific issues related to why the second call was required. By tracking issues related to FCR, a business can then identify areas for improvements such as scripting changes, knowledge base updates or even areas where more training is needed to improve service levels and the overall customer experience.
Another significant advantage of using the technology is that it can help ensure that businesses remain compliant. For example, in the case of FICA documents, there are certain phrases agents must use when talking to customers. Analytics can automatically check all these conversations in real-time and ensure the phrases are used. Traditionally, this was done manually by a QA team of people listening to conversations and checking for compliance – this technology can completely automate this process, significantly reducing costs and enhancing compliance.
Speech analytics can therefore be viewed as a highly flexible and powerful tool that has numerous applications and realises multiple benefits for businesses.
Notably, however, the benefits of speech analytics do not get realised overnight. Instead, there is a steady progression in the maturity of how an organisation can understand, use and leverage it to derive maximum business value. From optimising day to day processes to enhancing CX journeys, the technology provides an ideal platform to proactively track and influence future business outcomes.
How retailers must respond to life under lockdown
As businesses settle into lockdown, South Africa’s largest second-hand retailer, Cash Crusaders offer other retail businesses – that have also been forced to close, some advice and recommendations on preparing for, and managing through the lockdown. The group that have been operating for over 20 years with over 220 stores nationwide, also offer advice on considerations retail store owners – and other businesses, should make as the country makes their COVID-19 economic recovery.
Follow the rules
Ensure that you follow the rules set out by our President for the lockdown. As bitter as this pill may be to swallow, the longer-term benefits for our country and our businesses far outweigh the frustration and anxiety you may be feeling now. This is not a time to break the rules. #StayAtHome. It is a time to practice human responsibility, not complain about Human Rights being compromised. Countries who initially implemented loosely managed lockdowns, have had to extend to get the pandemic under control, so strict rules from the get-go will prevail in the fight against the virus.
Secure your stores
By now you should’ve secured your valuable goods and should have ensured all your security systems are in good working order. If you haven’t already, make sure your security companies have your correct contact information. Make sure your necessary insurance cover is up to date.
Keep your staff informed
They are and continue to be your most important asset!
By now, you may have needed to investigate UIF benefits to compensate for your employees loss of income. The Minister of Employment and Labour, T.W Nxesi has recently announced measures that the Department will put in place under the current special circumstance relating to the Corona virus (COVID-19) and its impact on UIF contributors.
The Temporary Employee/Employer Relief Scheme (TERS) has been set up under the auspices of the Unemployment Insurance Fund (UIF). Employers apply for the TERS on behalf of its employees.
The TERS has two distinct advantages over UIF
- All employees qualify for up to 3 months of benefits, irrespective of how long they have contributed to the UIF and
- TERS will not pay any employee less than the minimum wage.
You can benefit from the TERS by sending an email to firstname.lastname@example.org. Applicants will then receive an automated response which outlines the steps you will need to take, as well as the details surrounding them – including the requirements to claim benefits. During the lockdown period, the Department of Labour will not accept manual applications (to reduce physical contact and risk of the virus spreading), this is to reduce contact between people to curtail the spread of the pandemic. A hotline number has been created by the UIF (012-337 1997) for Covid–19 TERS Benefit enquiries during the lockdown period.
Be sure to be calm when addressing any concerns with your team – they are anxious and nervous of what the eventuality of this outbreak may be.
Communicate with your bank
Make sure you’ve been in touch with your bank (as they are still operational) and discuss any loan repayment relief or postponement over the lockdown period (the banks have termed this a “payment holiday”). Work with them on a cash flow plan as once the lockdown has lifted, trading businesses will need liquid cash.
Contact your landlord
Ensure you’ve connected with your landlord to discuss and agree on any possible repayment or rent relief/payment holiday they may be able to offer you. Keep the channels of communications open with your landlord and bank – rather over-communicate than not communicate enough.
Keep communication open with your customers
The country may be on shutdown, but the internet isn’t. Communicate with your teams and customers by whatever necessary and relevant communication channels you have available to you – website, social media, PR/Marketing teams, newsletter dissemination etc.
Use this time wisely
Amidst all the chaos this time brings, there is also a silver lining. We all have time at this stage, but how many of us make valuable use of that time? Particularly when it comes to family. Business is demanding most times so with a forced shutdown of business it give you the time to spend with your family, catch up on outdated maintenance around the house and a period of rest. This lockdown period will also afford you uninterrupted strategy time. Take the time to reflect on areas of your business you can improve or evolve. Strategise ways to do things better or differently. Use the resource available via your own business network as well as the countless online content that is available, to work on a plan for the way forward. Consider your financial, loan and other business administration processes you have in place and look at new ways to optimise the channels and areas you’re working with or within. A host of online learning facilities offer short courses – perhaps consider upskilling yourself or members of your team by signing up for one of these too.
“These are some of the steps we’ve taken within our own organisation,” says Sean Stegmann, CEO of Cash Crusaders. “Having been in this business for as long as we have has afforded us the wealth of experience we’re able to share with our franchisees and other retail business owners to help navigate the next few weeks and recovery period,” he says. “Take it one day at a time and know that the decisions we’re being forced to make today will mean a future for us tomorrow, both in business and in health!,” he concludes
Vodacom cuts cost of smallest bundle by 40%
The country’s largest mobile operator has kept to a promise made last month to slash the price of entry-level data packages
Vodacom has cut the data price of its lowest-cost bundle by 40%, reducing the price of a 50MB 30-day bundle from R20 to to R12. This follows from the operator’s promise in March, when it announced a 33% cut in the cost of 1GB bundles, to reduce prices of all smaller bundles by up to 40%.
Vodacom’s various 30-day data bundle prices will be cut across all of its channels, with the new pricing as follows:
|30-day bundle size||New Price||Reduction|
Vodacom confirmed it will provide free data to access essential services through Vodacom’s zero-rated platform ConnectU with immediate effect. The value of these initiatives, it says, is R2.7-billion over the next year.
“Vodacom can play a critical role in supporting society during this challenging time and we’re committed to doing whatever we can to help customers stay connected,” says Jorge Mendes, Chief Officer of Vodacom’s Consumer Business Unit. “Since we started our pricing transformation strategy three years ago, our customers have benefitted from significant reductions in data prices and the cost of voice calls. Over the same period, we invested over R26 billion in infrastructure and new technologies, so our customers enjoy wider 2G, 3G and 4G coverage and vastly increased data speeds.”
The latest data reductions will complement the discounted bundle offers that will also be made available to prepaid customers in more than 2,000 less affluent suburbs and villages around the country. For qualifying communities to access further discounted voice and data deals, they need to click on the scrolling ConnectU banner on the platform via connectu.vodacom.co.za
ConnectU – which is a zero-rated platform – also went live this week. It will provide content aimed at social development and offers a variety of essential services for free. Learners and students enrolled in schools and universities can access relevant information for free, with no data costs. The ConnectU portal includes a search engine linked to open sources such as Wikipedia and Wiktionary as well as free access to job portals; free educational content on the e-School platform; free health and wellness information and free access to Facebook Flex, the low data alternative to Facebook that enables customers to stay socially connected.
Vodacom’s popular Just4You platform has been a significant contributor to the approximately 50% reduction in effective data prices over the past two years. Substantial cuts in out-of-bundle tariffs and the introduction of hourly, daily and weekly bundles with much lower effective prices have also driven increased value and affordability, resulting in R2-billion in savings for customers in 2019.