During the past several years, the global speech analytics market has experienced rapid growth. The advancement of Big Data and deep learning algorithms, coupled with an increase in computing capacity, has significantly enhanced the speech analysis capabilities. This resulted in the emergence of new application areas and a higher demand for speech recognition technology.
It is not surprising that the technology needs of sales, marketing, and service departments became one of the key drivers in the market. After all, the application of such technologies to various business processes can drive revenue growth and efficiency while reducing costs.
Recognizing the ultimate benefits of the speech analytics technology for their business, many organizations began to actively adapt it in their business applications. Speech analytics enables these organizations to effectively collect, structure, and analyze large volumes of customer and prospect data passing through their front offices. Get a sneak peak at how Velvetech tamed speech recognition for an insurance company.
What is Speech Analytics?
Speech analytics can be defined in many different ways, but should be primarily understood as a specialized technology that enables the process of extraction of relevant data from a real-time conversation or a recorded audio file.
This technology automates a range of operational processes, including: call recording, speech recognition and transcription, search by keywords and extraction of actionable insights, conversation quality management, behavioral analysis, and other forms of data analysis.
With the aid of speech analytics solutions, all of these processes are carried out at a higher speed and at a more sophisticated level than by any human-powered data mining system.
In fact, in the context of a modern-day front office, the manual collection and analysis of information are hardly imaginable. This antiquated approach would certainly require the mobilization of significant human and financial resources, making the process terribly cost-inefficient.
Speech Recognition and Transcription
Among all of the processes mentioned above, speech recognition and speech-to-text transcription remain some of the most difficult to tackle. In the most common implementation, computer algorithms identify phonemes in the speech by comparing them with the ones existing in a particular language.
This method tends to deliver the most accurate results, and is sometimes complemented by recognition of pre-defined bigrams, trigrams or whole phrases for quicker processing. The pauses made in conversations are often used in order to distinguish speakers from one another, especially when analyzing phone conversations.
Once the recognition is complete, the program can transcribe the conversation into text and use all the accumulated data to conduct an analysis.
In order to get a better idea of how the speech recognition and speech-to-text transcription work in practice, you can check out the video provided below. It demonstrates the core functionalities of the speech analytics tool that has been recently developed by Velvetech.
Once the speech recognition is complete, additional analytics technology makes a thorough analysis of the conversation content possible. For example, as demonstrated in the video above, the transcribed text can be searched for predetermined key words or phrases.
On top of that, the speech analytics program can collect meta information about each conversation such as call duration and response speed.
Going beyond the conversation basics, some programs can also analyze voice tonality. By evaluating the audio patterns, they can draw conclusions about the emotional context of the customer-agent interactions.
All the collected statistical and analytical data can be further presented in a convenient table format or visualized through graphics and charts. Comprehensible by any person, the findings of the speech analytics program can be immediately put to work in a business setting.
This way, words said over the phone are transformed into valuable enterprise findings by means of speech analytics technology. The collected data gives companies actionable insights into the customers’ interests, preferences, feelings, and intentions, providing an opportunity to learn not only about what clients say but also how and why.
Benefits of Speech Analytics Solutions for Business
Speech recognition and analytics software has immense potential. It can facilitate business development and optimize the operational efficiency of staff interacting with prospects, customers, vendors, and partners on the phone.
Based on our extensive experience in developing leading digital solutions, we have pinpointed the 5 main benefits such software brings when integrated into various business processes:
1. Exceptional Customer Experience
The speech analytics software allows companies to go above and beyond the traditional Q&A sessions in an attempt to get to know their clients better.
It gives enterprises a unique opportunity to identify with greater precision their customers’ interests, preferences, and expectations, in order to discover their thoughts on products, competitors, and rising trends. By analyzing the content of all recorded interactions with a particular customer, a company can build his or her comprehensive customer profile.
A business that knows what its client wants can better organize its work to meet the needs of prospects and customers and therefore deliver an enhanced customer experience.
2. Streamlined Front Office or Call Center Operation
You can rely on the speech analytics solutions to optimize front office performance, evaluate the customer-facing staff productivity, and organize more targeted coaching for employees.
For instance, they track the amount of non-speech intervals in the customer-agent conversations and analyze speech tonality, detecting stress. Statistics based on this data highlights employees’ knowledge and communication capabilities.
If an employee has to be trained to follow special call scripts or meet regulatory requirements, speech analytics will help to expedite this process.
By eliminating a number of operational problems, the customer support service can improve its first call resolution rate, while the sales department enlarges the call volume.
3. Reduced Expenses
The speech analytics software can help a company to improve its bottom line by gaining higher performance and decreasing expenses.
For example, based on the accumulated data a company can find the ways to reduce the front office operational costs. Managers can better assess the demand for certain products and services, withdrawing from production those that are not popular or high quality. Opening up new opportunities for cost savings, the software enables companies to beat their competitors.
“When used properly and accompanied by best practices, speech analytics typically pays for itself in three to nine months”.
– Donna Fluss, DMG Consulting LLC
4. New Cross-Sell and Up-Sell Opportunities
Due to the integration of speech analytics software in IT systems, companies discover new cross-sell and up-sell opportunities. The data analysis can give valuable insights into how different demographic groups are affected by certain up-sell or cross-sell.
This information can be relied upon to improve the sales conversion rates and maximize the effectiveness of marketing campaigns. On the basis of analytics, sales managers can identify the ideas for new or refined products and services.
Speech analytics, therefore, is a great tool to boost business revenues by matching the next best offer to the stage of customer engagement and to the unique circumstances of a concrete buyer journey.
5. Minimized Customer Churn
To retain customers, use the advantages of the speech analytics programs. They help identify competitive situations and reasons behind the account closure.
Companies that rely on such software get a chance to modify their business operations in time to prevent customer turnover. With improved service quality, customers might not have a reason to leave in the first place.
In conclusion, speech recognition and analytics software is a great tool that can help enterprises improve their business performance and enhance the experience of their customers.
After being integrated into the IT infrastructure and Telephony Service of a particular company, it should, however, be adapted to specific business needs for maximally smooth and efficient day-to-day operation.
Companies also have to establish clear processes for the implementation of the analytical findings produced by the program in order to get positive results.
The right technology partner can significantly help you with the implementation of speech recognition and analytics solutions in your company. Such a partner should indispensably possess the experience of both integrating the leading phone systems and speech recognition technologies with the top-of-the-line CRM and BI Platforms, Data Analytics and Decision Support Systems, and delivering effective solutions for specific business cases. This extensive experience is of crucial importance for addressing the real business challenges successfully.