It is common knowledge that every business wants to make more money, and that companies are always looking for new and inventive ways to increase revenue. But instead of chasing after unknown channels; a great way of finding more revenue is to look at how it is currently being created and then figuring out how to improve on it.
You are already very familiar with how that particular stream of activity works, so you already know its strengths and weaknesses. With this information on hand, you can determine how to grow the parts that are working and minimize the flaws that are dragging your system down.
One of our customers here at Vaspian recently did this with processing fees. They had been charging their customers a small fee for processing their orders, and it added up to serious money. However, the sum of processing fees was not matching the numbers of orders that were being taken. By recording all of the phone calls that handled the orders and doing a search for the phrase “processing fee”, the company was able to quickly find out which employees were actually asking for the fee and which were not. They could then follow up with these folks and get them to improve.
Best of all, none of this required any great effort on the business’ part. The call records were collected automatically and the only effort was typing in the actual search. Plus, everything happened almost immediately – the company could see what was happening on the floor with their employees as it was actually happening, as well as through the historical voice recordings.
Over time, the use of this speech analytics tool helped the company to significantly improve their processing fee collections and add significant revenue to their business. The total effort consisted in doing the one search and then following through with their employees. In a short time, they were realizing the rewards of their effort. Just as importantly, they could easily monitor the ongoing work in real-time and ensure that the right actions continued.
Thanks to advances in technology and the ability to host such capabilities on Vaspian’s cloud-based phone system, businesses small and large can record all of their voice transactions and then perform sophisticated searches in minutes. And since almost every business does a ton of their business over the phone, the ability to analyze all of this traffic in real-time is game changing.
If your business is interested in learning more about how you can analyze your company’s voice data using Vaspian’s speech analytics tools, please call our Buffalo office at 1-855-827-7426.