$1,000,000 wasted on Speech Analytics was avoidable

/, Speech Analytics/$1,000,000 wasted on Speech Analytics was avoidable

$1,000,000 wasted on Speech Analytics was avoidable

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I was speaking with someone today that lamented wasting $450,000 on Speech Analytics software that’s now shelfware.  When you really think about it, his company wasted far more than $450k, probably closer to $1 million.  First he said he spent $350k in seat licenses and $100k in additional servers to support the new software. But what about the training and people costs?  And the missed opportunity costs since the shelfware is just sitting?  You see, there’s so much more money wasted than just what was initially spent to purchase the software.

It happens more often than not when companies get in over their heads with powerful Speech Analytics software and they have no one with the deep domain expertise to use it properly.  It’s like dropping a pile of wood in front of some novices vs. master craftsmen and expecting a beautiful home.  Sure, the novices can probably make a house but will it be a gorgeous product?  There will most definitely be a difference in the master’s product, the speed of work and the overall beauty.

Trying to take a sophisticated tool like Speech Analytics software live with the help of a novice will fail every time.  So in purchasing your Speech Analytics software you should ask yourself — are apprentices doing your analytics work or do you have master craftsmen?

Learn more about Speech Analytics.

About Jim Rembach

Jim Rembach is a panel expert with the Customer Experience Professionals Association (CXPA) and an SVP for Customer Relationship Metrics (CRM). Jim spent many years in contact center operations and leverages this to help others. He is a certified Emotional Intelligence (EQ) practitioner and frequently quoted industry expert. Call Jim at 336-288-8226 if you need help with customer-centric enhancements.

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By | 2016-12-05T15:14:58+00:00 June 28th, 2012|Big Data, Speech Analytics|6 Comments
  • Unfortunately this happens far too often with Speech Analytics implementations. Speech Analytics can deliver extremely powerful insights, but on its own it cannot know what is important to your business (i.e. which KPI’s), and it cannot implement the business process changes that are often required in order to improve these KPI’s—I agree that domain expertise in contact center operations etc. is required for any successful Speech Analytics project.

  • Jim L

    Talk to us about what the qualifications of the “master craftsman” should be.

  • Eszter Varga

    Hi Jim,

    I’m interested in learning the qualificaitons of the “master craftsman” of Speech Analytics.

    I am in a fortunate position of being hired early on in the process and being part of the implementation.

  • Jim Rembach

    I have been asked by several people about what are the qualifications of being a master craftsman. First, be aware that to be a craftsman at anything requires dedication and time. There is not one single person on earth that is born a craftsman at anything.

    So, since customer experience data analytics has only recently become more common place, it is going to be several years before we have more than only a few craftsman to learn from. Learning and development is a primary focus for all craftsman so go ahead and convince yourself that the learning must never stop.

    If you want to become a master craftsman in customer experience analytics and speech analytics is an area you want to focus then you need to focus on four primary components. They are science, domain expertise, creativity, and story telling.

    • Eszter Varga

      Thanks Jim! That’s exactly where I was heading with my question. I wholeheartedly agree with your statement that learning should never stop.

      You mentioned that entrusting a “novice” with Speech Analytics instead of a master craftsman “will fail every time”.
      But like you pointed out, those masters weren’t born with their knowledge either, they developed. Novices have to start somewhere too. So the way I see it, the question is whether or not a company can/want to afford the novice to develop into a master.
      I am in a fortunate position where my company decided to afford it. And I’m loving it, soaking up the knowledge and learning all I can.
      As I mentioned, we are still in the implementation phase so I have months of learning opportunity before going live.

      Thanks for the response.

  • Eszter Varga

    Oops, I meant to add one more component to your list of four, one that I find helpful: psychology. Already found out that creativity and story telling is a big part of it. ;))