Friday, February 6, 2009

Why You Need Customized Speech Recognition Software in an Economic Downturn

Investing in speech recognition software consulting during an economic downturn isn’t always a call center’s first priority. But, as a recent article on TMCnet points out, contact centers can benefit from IVR investments all the more during tough times. Among other tips for navigating the current downturn, the article cites IVR and customized speech recognition software:
If you haven’t done any business process or continuous improvement studies to reduce costs and improve efficiency in a while, now is the time. You might look into tuning up the IVR to increase usage — for most call centers, even a 1% gain in use represents substantial dollar savings. Sometimes even partial automation applications can provide a cost savings.
In addition to the financial benefits of customized speech recognition software, there are other perks:
Speech is meeting the promise of increasing customer satisfaction, increasing IVR containment, and shortening calls.
In other words, the article shows that customized speech recognition software is one of the few ways a company can both improve caller satisfaction and cut costs. But companies may be understandably hesitant to take on risk during a period of economic uncertainty. In order to be truly secure, a big IVR project requires a serious ROI analysis. Experienced speech recognition software consultants are able to perform in-depth ROI analysis for IVR and speech recognition projects,identifying trends in your IVR system that may not be visible to the inexperienced eye. A comprehensive ROI analysis will surface the issues that need to be addressed before you embark on any IVR project.

But how does ROI analysis work for IVR and speech recognition software? ROI analysis is a complicated process requiring detailed knowledge of call center metrics and caller behavior. With multiple interacting variables, the matter of detangling the interaction between call volume, drop rate, and hold time is neither simple nor straightforward.

Interested in performing ROI analysis on your next speech recognition software project? To learn more about how ROI analysis for IVR and speech recognition can make all the difference in an economic downturn, read the new Crimsonet white paper.