In 2022, artificial intelligence (AI) is well and truly out of the sandbox, with its diverse applications already enhancing the way we live, work and play. Amid the global shift toward a data-driven economy, AI has been a key driver of digital transformation and business growth. In fact, research by Accenture shows the potential of AI to boost corporate profitability by an average of 38 per cent by 2035. 

Today, there are many ways businesses can use AI to improve their operations, whether it’s through automating processes or enhancing customer service through tools like voice AI. And with 35% of companies worldwide using AI in their operations, and an additional 42% exploring the use of AI, businesses that haven’t caught up with AI adoption stand to lose the  myriad of opportunities for growth.

Within the myriad of AI applications, Voice AI solutions particularly stand out. Beyond providing round-the-clock customer support at a large scale, Voice AI can also be an effective tool to derive insightful data, understand customers, and in effect enhance business revenue.

How Voice AI provides valuable data and insights

Voice AI technology automatically records and transcribes conversations, allowing for data such as intent, pain points, and sentiment to be analysed. This information can be used to identify new revenue opportunities, resolve issues, and deliver a better customer experience. 

For example, if someone calls your call centre asking questions about your product range or service offerings, the recording of the conversation can be analysed in real-time to identify potential issues that need addressing. The results can then be used to inform the agent’s response on what they should say next in order to resolve the issue.

How Voice AI analytics can be applied to your business

When businesses use voice AI analytics to make sense of customer calls, they can unlock growth opportunities that might have been hidden from view before. Here are various ways by which you can use data and insights gathered from your customer interactions.

Improved customer response times

Businesses don’t always get second chances. A study by PWC revealed that 32% of customers surveyed globally would stop doing business after just one bad experience. In cases like these, responding to complaints promptly is important — if customers have to wait too long, they may give their business to your competition.

While it might be hard to predict when a customer issue might arise, it’s always good to be informed and prepared. Voice AI analytics can help you identify the areas of your business where your customers have more issues. This knowledge can help you develop strategies for rapidly addressing complaints, and train your sales and customer service people to respond to inquiries promptly.

Customer-centric product development and improvement

Beyond enhancing customer satisfaction, Voice AI analytics can also open up growth opportunities by delivering valuable insights into how well your current offerings are working and where there might be opportunities for expansion. Insights distilled from thousands of customer calls can lead to ideas for new products or improvements to existing products. These insights can also help identify potential changes or improvements that will have the biggest impact on increasing sales and customer satisfaction.

Insightful and impactful marketing campaigns

With the e-commerce space becoming more saturated, differentiation has become a major challenge for online marketers. Data obtained from conversations can be used to identify trends and customer pain points, which can then serve as a guide to develop tailored content and advertising to engage your customers and appeal to a wider audience. Knowing the pain points of your customers can help your brand position itself as an expert who can help them solve their problems. 

Insight-based campaigns will also help your business rank better on search engines, and increase visibility on social media platforms. Search engines favour content that meets users’ needs and is engaging, and social media algorithms also push content that users interact with the most.

Build customer loyalty through AI-powered personalisation

In an increasingly competitive marketplace, personalisation is key, and small details matter in building customer loyalty. Voice AI assistants are able to operate and build relationships with customers 24 hours a day, 7 days a week. These AI agents can remember the smallest details of every customer interaction and provide tailored responses to thousands of customers in a matter of milliseconds. This results in positive, seamless, consistent, and personalised experiences that will keep your customers coming back.

Conclusion

Having considered the benefits of Voice AI analytics, the onus is on enterprises to explore relevant avenues to implement the technology. By adopting Voice AI and providing a seamless customer experience, these enterprises will be able to unlock growth opportunities and pave the way for business expansion.

Interested to learn more about how voice AI can benefit your company’s growth? Contact us for a demo today!