Look no further as we’re diving into everything you need to know about AI-powered software to help you make the best decision for your company or team.
Understanding the problem you’re trying to solve is the very first step before adding another tool to your tech stack.
Most leaders skip this step.
There is no point in adding another “tool” if you aren’t even sure the problem it will solve.
What is AI-powered conversation intelligence software
In short, it’s software that uses algorithms and machine learning to analyze data, recognize patterns, and adapt its behaviors based on the information being received.
So what does that mean?
It does what humans can do, but faster and more accurately.
Whether it’s analyzing calls, chats, or emails, the amount of data this type of software can process and give feedback on is incredible. Plus, it can do it fast.
How does it differ from standard conversation intelligence software?
Well, it doesn’t necessarily.
Conversation intelligence software is generally AI-driven software that analyzes and extracts insights from conversations.
The difference now is that software is being released with real-time capabilities. No more having to wait minutes or hours for your insights.
The question you need to ask companies when researching the right type of software for your team is whether they offer real-time capabilities or not. And make them show you.
Top 5 benefits of using this technology
Using AI-powered conversation intelligence software has many benefits, but the top five from our perspective are as follows.
1. Improved customer service and communication
Gaining a deeper insight into what is really happening on calls is only going to improve the effectiveness and efficiency of your team.
By analyzing these calls with AI-powered conversation intelligence software, you can identify patterns and pain points of your customers much faster than before.
This leads to greater personalization, improved customer satisfaction, and overall better processes and implementation internally.
2. Increase in sales performance
Not only will the in-depth analytics and insights allow leaders to replicate their best performing reps, but they now have the ability to coach in real-time.
Reps can overcome any challenges thrown their way live on a call, without a manager having to whisper or intervene on a call.
Additionally, leaders can onboard reps faster as they are being coached in real-time and not just once a week.
3. Reduction in compliance risk
Strict regulations keep quality assurance teams on their toes on a daily basis. This is where software can play a big role.
Let AI-powered conversation intelligence monitor and analyze conversations then flag/escalate any that fall out of compliance for further review.
This way 100% of calls are being monitored without additional staff to carry the workload.
4. Data-driven decision making
As mentioned above, leveraging data analytics provides valuable insights that most companies wouldn’t have without the software.
It allows leaders to make informed decisions about what is actually happening on calls with customers or prospects.
5. Real-time coaching
No matter what department you’re a part of, coaching and training employees is consistently a large part of a manager’s responsibilities. You can’t beat one-on-one coaching.
But what happens when you have a team of ten or twelve people, there isn’t enough time in the day to coach each person.
That’s where software comes in.
Real-time coaching helps reps and agents handle challenges and objections on the spot, leading to improved performance and higher customer satisfaction. All without a manager.
This way the one-on-one coaching can be tailored to a specific employee instead of being a catch-all training.
Top companies to evaluate
Abstrakt
Abstrakt provides real-time call guidance software that is AI-powered.
The software utilized automated playbooks and real-time recommended responses to ensure your team always says the right thing.
Plus with 100% of calls being scored and analyzed, Abstrakt decreases the need for manual quality assurance.
Abstrakt is used by customer service and sales teams worldwide.
Gong
Gong is one of the popular options when it comes to AI-powered conversation intelligence.
Their focus is primarily on sales and marketing teams as their dashboard provides valuable assets to help move the needle on deals.
Gong can integrate with most tools that are currently available which makes it a good option for some sales teams. However, they do not offer the real-time piece like Abstrakt or Observe.
Observe AI
Observe focuses primarily on speech analytics and is used mainly in the contact center world.
Their sweet spot is utilizing their large database to explore trends across contact centers to accelerate the learning process for new customers. This also helps in onboarding new agents.
Observe does have a real-time portion of its software that was released in early 2023.
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It’s important to note that the AI-powered conversation intelligence software market is competitive. New players emerge consistently or even change their product offerings.
Summary
Now that you are aware of the benefits and outcomes that AI-powered conversation intelligence software can provide, hopefully, you can make a better-informed decision when looking to add this to your tech stack.
With a competitive market, there are lots of companies to choose from.
Do your due diligence and find the best fit for your company.
Now it’s your turn!
Make the jump to AI-powered conversation intelligence. You won’t be sorry!
