Customer Experience (CX) management continues to be a top strategic initiative in board rooms around the world. In KPMG’s 2017 analysis of Customer Experience Excellence they found that out of 257 brands, the top 25 brands (based on CX rankings) achieved double the revenue growth of the top 25 Fortune 500 companies.
Measuring CX is more predictive of customer satisfaction than any other form of customer interaction giving you a 30 percent more predictive insight of overall satisfaction. Maximizing customer satisfaction by promoting positive customer journeys also has the potential to increase customer satisfaction by 20 percent, providing a revenue lift of 15 percent and lowering the cost of customer services by as much as 20 percent.
Not that it’s the entire customer journey that defines CX, not just the call center, so to optimize that journey you need to deliver a positive and consistent brand experience. That brand experience begins very early in the sales process and spans multiple channels and points of contact. Your brand lives and dies by CX so by the time the customer reaches the call center brand impressions are already established. That’s why call center interaction is ideal for gathering qualitative CX data to help refine the customer journey. The challenge has always been capturing call center interaction and quickly converting it into a form that makes insight actionable.
In our last blog, we talked about automated transcription, leveraging Automated Speech Recognition (ASR) models. Recording customer calls “for training purposes” or to gauge customers’ brand perspective has little value unless those recordings can be converted to text format that can be readily incorporated into analytics and business processes. As we have noted in the past, manual transcription is time consuming, costly to produce, and cumbersome to read. By the time a call transcript is generated, the opportunity to shape CX and reinforce the brand experience is gone. Automated Transcription using ASR models provides a near real time ability to transcribe voice data (survey open ends and call center voice recordings) with high accuracy and very low cost.
Real-time transcription and analytics, on the other hand, can drive real-time response. There are any number of advantages to using AVR for real-time call center transcriptions:
- It provides a real-time record of the call center exchange, including customer sentiment.
- It delivers immediate insight into issues that require an immediate response, such as a product failure or service issue.
- It delivers immediate call center feedback to correct problems and for use in case management and training.
Today, ASR has become highly sophisticated. Our own studies show that ASR delivers more than 90 percent transcription accuracy, and that there is virtually no difference in text analytics coding accuracy (i.e. identifying similar codes from open ends in voice surveys). Couple highly accurate ASR with new analytics technology and you have a powerful tool that can shape the brand experience in near real-time.
Qualitative data will continue to be essential for measuring CX and improving call center operations. What we are starting to see if ASR technology delivering qualitative data for analysis in real-time, which significantly shortens reaction time. The end result is better customer support, an improved brand experience, and ultimately an increase in revenue.