We all know the benefits of call recording by now, whether that be for compliance or training purposes, but, call recording is about much more than that it can give any business truly unique insights.
In the past call recording was a tool that enabled financial and legal organisations to achieve compliance but its potential over recent years has grown exponentially. The broader functions encompass mainstream activities such as consumers agreeing to ‘Terms & Conditions’, but can also be utilised for staff training and well-being, and to gather insights into the customer journey that can enable predictive actions to be taken. The increased accessibility of call recording in the cloud means it is now available across entire organisations and, when allied to readily available analytics, exciting new capabilities are enabled.
“We see a widening of call recording as part of the demonstration of voice data,” says Tony Martino, the Chief Executive of Tollring. “Compliance is one part of the recording but certainly not the only part and many businesses use recordings to enable them to run their operations more successfully and to ensure staff and customers are supported. Storage and analytics have become more accessible and cloud-based systems mean greater ease of use and ease of management while problems associated with scaling up have gone away”.
Real Insights in Real-Time
The ability to recognise data within voice recordings and then perform analytics on it in real-time is contributing to capabilities to support both customers and staff. This has been particularly emphasised during the pandemic. The rise in working from home has seen traditional processes such as in-person support to ensure the well being and training of staff change and enterprises have moved further away from on-premise systems to gain flexibility.
This is a substantial factor behind the growth predictions for the voice and speech market which Grand View research estimates will grow to $31.82bn by 2025 at a Compound Annual Growth Rate (CAGR) of 17.2%. Tollring highlights that in their experience there has been a massive increase in appetite for call recording as a service. In 2020, customers of Tollrings’ call recording service, recorded 24 million minutes of calls each month in the company’s cloud, and sales of call recording increased by 89%.
Analytics and call recording elements are now the go-to services for businesses that want to understand their staff and customers. The ability to understand what all those interactions look like is fundamental and being able to analyse recordings specific to breaches of service level agreement or key performance indicators enables areas of concern to be addressed.
These capabilities are also being utilised for compliance-related call recording. Meeting obligations has become much more complex as workers have dispersed from the office, leaving traditional desk phones and on-premise recording equipment unused and switching to mobile phones and cloud-based recording. The challenges of adhering to rules such as General Data Protection Regulations (GDPR), which carries substantial penalties, are extensive so setting call recording policies are essential to define what needs to be recorded.
What's Next for Call Recording?
The future of recording and analytics will see increased alignment with transcription tools that can turn voice into data and see further innovation from businesses such as Cisco, Google, Nuance and Amazon.
Businesses in the coming years will be able to utilise amazing APIs to apply data sets to lift out critical insights in real-time. First, it’s about the ability to record, scale and grab information and analyse it, but the second piece is how to get even richer insights out to customers and staff. The future is all about voice, data and speech transcription and BDM Voice has a very strong capability to utilise these services and help our customers maximise the benefit of call recording, within their unique compliance strategies.
Call recording has been commonly used in the financial and legal sectors for years, however, many businesses could be utilising this service to enhance their services and customer experience.
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BDM Voice is the trusted voice in telecommunications. We regularly monitor and evaluate all forms of new customer contact technologies and practices. Ensuring we provide the best service for all of our clients, enabling your business to stay ahead of the competition.
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