Ensuring customers feel satisfied and are getting value for the money they spend is a fundamental element of a thriving business.
Over the last decade, it seems decision-makers have woken up to the importance of retaining customers, which costs less and can help the business become more predictable compared to the cost of bringing new clients on board.
Although there are a handful of factors that go into customer retention, including the service that is received, providing value and a sense of return on the investment that has been made will go a long way in sustaining the relationship.
ASC Technologies, one of the worldwide leading providers of software and cloud solutions for omni-channel recording, quality management and analytics, is keenly aware of this as recording content and its analytics brings with it efficiencies that lead to businesses seeing a fast return on investment.
Compliance
One of the key areas in which the ASC Recording Insights solution provides a return on investment for users is through its call recording and analysis that complies with all legal requirements, such MiFID II and Dodd-Frank when capturing an entire communication.
This immediately demonstrates the efficient way in which employees in regulated industries can meet with colleagues and customers without having to worry about setting up a compliant recording, as the solution runs natively within Teams and can be activated within the platform they are using.
However, omni-channel recording is the tip of the iceberg when it comes to the return on investment that the solutions from ASC can provide. As Uwe Kleinschmidt, Head of Presales and Consulting at ASC Technologies explains, the Artificial Intelligence used to analyse recordings is where businesses can start to see value for money.
“We can record every media of a meeting room,” said Kleinschmidt. “Not only do we record the voice, but we also track video, chat and what is being shared such as PowerPoint slides or screens.
“With pure recording, the benefit comes from a compliance standpoint. But when the customer asks for a transcript, then we can come to see the benefits of having the whole conversation recorded, and use it as a source of information.”
Kleinschmidt added that manually transcribing a recording of an hour takes five to six hours for an employee to do. However, with Recording Insight’s AI transcription capabilities, businesses can become 60% more efficient, as those same employees only need to focus on making sure the transcriptions are accurate.
Quality Management, Trend Analysis and Risk Management with Analytics
Once a recording has been transcribed, businesses can then analyse those calls thanks to the AI integration that ASC have developed.
The Recording Insights solution can alert businesses depending on what words are said within those calls, with Kleinschmidt adding that this AI can help employees filter calls depending on whether the content needs to comply with regulations for example or other factors such as longevity which can be a huge factor for contact centres or salesroom managers who want to improve the productivity of their workforce.
Without the archiving and analytics functions that ASC Technologies supply, businesses run the risk of a high financial loss and poor services. For example, contact centres are maintaining poor customer service, as they will not be able to identify when the customer is getting agitated, if agents need training, or formulate new ways to efficiently handle the calls that come in.
“Compliance officers in big banks have thousands of recordings that they are responsible for but they cannot really go into every single recording,” said Kleinschmidt. “Therefore they can look at the duration of the call or the time of the day and add filters to find the relevant calls to check.
“This provides a basis for additional use cases because customers transcribe recordings to use elsewhere” said Kleinschmidt. “Especially in the context of contact centres, it’s focused around the quality of agents and consultants. How does the conversation flow? Are the right questions being asked? Do they offer the right product? Or do they say anything they are not allowed to share?
“These are some of the insights into that conversation we can provide. With AI, we can use rules based on the transcriptions to filter the calls down to show those that need to comply with regulations which save a lot of time, and improve the quality of any audit that is done.”
