The Benefits of Call Recording to your businessNatalie Clarke2015-04-30T10:18:14+00:00
The Benefits of Call Recording to your Business
We know that call recording is a legal and often compulsory practice, but what are the benefits of call recording? How can your business benefit from recording calls and storing them to play back later? Find the answers in our benefits of call recording guide.
There are a number of benefits of call recording that can help your organisation improve including: legal compliance, dispute resolution, training and more. We run through the many benefits for you here.
With a range of new and old government regulations, legal compliance has become an important issue for many businesses. This benefit of call recording is particularly applicable to the financial industry, where it is a legal requirement to record all verbal communications.
The Financial Conduct Authority (FCA) is the regulatory body for Financial Industries in the UK and has set rules requiring firms to record telephone conversations and other electronic communications to help deter and detect market abuse in the UK.
A call recording solution can help ensure you remain compliant with such regulatory organisations and prevent any penalties being incurred.
Whether you have 10 or 10,000 employees, your business could potentially face a legal lawsuit, for any number of reasons. A simple miscommunication, or even a misheard statement can have potentially lethal repercussions if not handled correctly.
Call recording has become a vital tool in business, addressing a range of challenges brought about by the litigious culture we now live in. It is paramount that should any dispute occur, you can provide proof of your stance, in a typical ‘who said what’ scenario. Through utilising a call recording system, not only do you have the ability to prove ‘who said what’ but also, when, where and to whom.
Having a recorded call securely stored and accessible when needed is an extremely proactive way to prevent any liability of your company, ensuring you can defuse any disputes before they turn into costly legal battles.
Improve staff performance
Having recordings of calls accessible and able to play back to a trainee, existing employee or even a veteran member of staff is always a valuable asset. Call recording software allows you to select previous calls, those illustrating both model techniques and things to avoid, which can be used to help customers improve their sales, support or general customer service technique.
Through using real situations and conversations as a training method, it is simpler for staff to understand and so can significantly reduce the training time required, by as much as 40%! Staff can also self-train by playing back their own calls and identifying areas of strength and weakness.
Reduce staff making personal calls during work hours
A huge drain on company resources is staff making personal calls on business time. Through utilizing a call recording system and making staff aware that their calls are regularly recorded and monitored, employees are less likely to engage in personal conversations during work hours, for fear of being caught wasting your company’s time.
Protection from internal threats
Another benefit of call recording related to legal disputes is the ability to protect your business from threats coming from within the company itself. Issues such as redundancies mean your company can effectively monitor staff and prevent legal disputes as a result of them becoming disgruntled. Call recording can be a great help in protecting against such risk and can be a vital tool against internal fraud.
More effective performance reviews
Call recording is an invaluable tool for not only training staff, but helping with evaluations and reviews as managers and directors can grade staff based on their performance through each call.
With greater staff motivation and productivity, it is inevitable that your sales will improve. With the ability to play back both the successful and unsuccessful calls, you can ensure that you do more of what works, and less of what doesn’t.
Again, as a result of improving staff performance, naturally the number of errors will be reduced. Not only can call recording benefit staff but can also be valuable when addressing simple problems such as remembering a customer’s telephone number or address to send goods to. Through playing back a call to answer these questions, this ensures both the initial mistake and the cost of putting it right are avoided.
By adopting call recording and playback as a regular practice in your organisation, you can greatly increase efficiency and reduce costs incurred as a result of such errors.
Greater customer satisfaction
Another of the benefits of call recording is that it can significantly improve customer satisfaction. Through analysing the communication between customers and staff, you can easily highlight good service provided, but also address customer complaints before they become complicated and sensitive issues, leading to less complaints and greater overall customer satisfaction.