All of a sudden speech analytics has become a very hot topic (See: “Does Your Customer Voice Matter”), and Nexidia has just made the space red-hot with the release of its latest product. This takes the company into the realms of real-time speech capture and analytics, and has enabled it to offer a unique pre-built application.
Nexidia and other companies such as Envision, Nice Systems, Verint and VPI have been in the speech analytic market for awhile now. But my research into customer experience management shows that to-date there has been quite low levels of success with market penetration at very low levels (less than 15%). I think this is attributable to several things, not the least: lack of understanding of what speech analytics can do for a company, a fear it is too complicated to implement, and of course price. A combination of its two latest products Nexidia ESI-Capture and ESI-Monitor go an awful long way to overcome all these issues and go beyond what I have already written about Nexidia (See: “Understand the Actual Voice of Your Customers with Nexidia”)
ESI-Capture acts like a call logger, but in a more sophisticated way. It sits in the network and literally captures speech data in real time. The data is passed to ESI-Monitor which uses the power of the core Nexidia phonetic speech analysis engine to identify what the caller is saying. Companies can configure the product so it recognises words and phrases, or combinations, and can extract these records. For example a company might define a customer at risk category as any calls that contain the phrases “I want to close my account”, or “I am I thinking of going to a competitor”, or “I am unhappy with....”. Any calls contain these phrases (which can also be connected by a time element) can be put into a bucket which is then analysed and reported on. The benefit for companies is that they get to see what customers are saying, and they see this by category. The products run on commonly available platforms, can handle quite high volumes of calls on a single server and from the demonstration I saw, are easy to configure.
But the good news doesn’t stop there. Nexidia have pre-built an application, Agent Assist, that based on the real-time analysis can kick-off an event. For example, using the scenario I used above, the system can be configured to pop a message onto the agents desktop to warn the agent that the caller is a risk and this is the action they should take. This was found to be essential in our benchmark research on Customer Experience Management to ensure that agents are dealing with customer interactions as effectively as possible. This takes Nexidia into another growing application area, the smart desktop. These applications, from vendors such as Cincom, eglue, OpenSpan and Salesforce.com not only help agents navigate through complex call responses and information access but actually pop recommended actions onto the agents desktop. This brings several other benefits to a company, such as reducing average call handling times, increasing first call resolution rates, and driving improved up-sell opportunities.
All this said, I still think many organizations need to advance their process and technology competencies and maturity with speech analytics but these new developments from Nexidia do address many of the issues companies have so I won’t be surprised to see adoption rates climbing quite considerably.
Richard Snow - VP & Research Director