Driven by the economic downturn from the past several years, many companies have invested in increasing their ability to collect money from their customers. In a time where revenues are falling, getting paid has become even more important than ever.
To increase the productivity of the collections team one can think of a number of actions, such as implementing dialer technology to reduce the time agents are dialing numbers and listening to ringtones and answering machines.
Another strategy to boost collections is to understand what skills your top performers use that are really impacting their results. There are many elements to a successful collections call, including “creating a sense of urgency with the customer” and “suggesting an alternative payment schedule.” Understanding what skills significantly drive positive collections outcomes can help you focus on them when hiring new agents or when you re-train existing ones.
Looking to Speech Analytics to Improve Collections
Over the past years, Speech Analytics technology has become more reliable and sophisticated, and now has the ability to accurately analyze the conversations between customer and agent more than ever before. As the maturity and reliability of speech analytics solutions improve, it seems only logical to apply it to your collections practice.
Let’s look at three key reasons to consider Speech Analytics to boost collections:
1. Increased Scalability – Listening to all your recorded collections conversations would be a cumbersome and challenging task. Speech Analytics can process all your recorded calls for you without increasing staff in your operations or your quality and assurance team.
2. Enhanced Accuracy – Using new and advanced capabilities, such as “Speech-to-Phrase” recognition, can help you find specific phrases with very high levels of accuracy. It drastically increases the chance of understanding the impact of a certain skill.
3. Analyzing Correlations – A smart speech analytics solution allows you to map meta-data to each recording. So for each conversation, you can have data for which agent was on the call, the customer segment, the duration and the business outcome. By mapping these to employee skills you get an accurate view of key skills to train your employees on to improve collections results.
If you’d like to see a real-world customer example, check out how Healthcare Revenue Recovery Group (HRRG) benefits from Speech Analytics click here.
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