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How Speech Analytics Empowers Compliance Teams

May 6, 2016
How Speech Analytics Empowers Compliance Teams

Call centers generate vast amounts of data. From telephone switch data to CRM data to customer surveys, just organizing data in a way that’s useful can be a difficult task. Does the data you collect give you the reporting you need to run the call center efficiently? Is it timely? Are you leveraging it to affect the top line? What about the bottom line?

Of course, doing all of this and fostering a culture of compliance is an even greater challenge. Maybe compliance already is well-aligned with your corporate mission. Maybe it isn’t. Business professionals often see compliance as coming at a cost – it’s perceived to be expensive, difficult, and drag on sales.

Compliance as a Business Accelerator

Simply looking at the current regulatory landscape and recent settlements may change this perception, or at least it should. But, how can compliance be a business accelerator? This is where Speech Analytics comes in.

Speech analytics, the process of analyzing recorded calls to gather information on customer interactions, allows organizations to automatically analyze and score all calls for compliance, as well as performance, and create structured data around specific compliance violations. Organizations then can align this compliance data with all the rest of the data their call center is producing. The goal should be to incorporate compliance scoring (based on TCPA, CFPB, FTC, and/or HIPPA guidelines) into call center agent performance metrics. From there, it’s easy to develop standard operating procedures and KPIs around mitigating risk. Imagine being able to confidently know that your best-performing agents were also your most compliant. Imagine knowing if they were your LEAST compliant…

Powerful Insights with Data and Automation

Speech Analytics has the power to discover agent best (and worst) practices at scale in a way that manual QA review simply cannot. It allows you to:

  • Integrate with CRM data to develop the ideal agent scripting that converts the most profitable customers at the highest rate.
  • Review calls from prospects at various points in the sales funnel to identify ways to increase throughput.
  • Rank agents on their compliance, as well as performance, to better inform Workforce Management solutions.
  • Segment agent compliance and performance findings across CRM disposition and outcome data.
  • Determine if outbound calls are TCPA compliant.

Forward-thinking companies are using Speech Analytics to collect and structure compliance data and integrate it into a larger enterprise data framework. The best organizations have a comprehensive strategy around how they use the data they collect as a competitive advantage. They do the following:

  • Identify the long-term value of a customer and the ROI associated with efforts to acquire and retain that customer.
  • Determine what data attributes positively correlate with successful customer acquisition and retention.
  • Put a plan in place to collect those data attributes and create timely, meaningful reporting that can be used to improve agent performance via coaching and mentoring.
  • Quantify customer experience best practices into the ideal customer journey.
  • Validate that as customer-centric metrics such as Customer Satisfaction and Net Promoter Scores go up, so too does financial performance.

Reduce Risk and Improve Performance

So as you think about data, and as you think about compliance, understand that these two things are not independent of each other. Compliance data MUST be incorporated into a larger data framework, and the business intelligence derived from data must include compliance as one of its dimensions. Speech analytics is allowing companies to do this today.

At PerformLine, we’re helping both the marketer and the data scientist utilize the compliance data our platform produces to both reduce compliance risk and improve agent performance. How can we help you?

If you want to learn more about PerformLine’s Call Monitoring solution, our experts are ready to help.

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