Speech analytics is a technology that recognizes speech and converts it into meaningful data, which can be analyzed for deep insights. In general terms, the solution comprises of a speech engine (meant for converting the speech into data), an indexing layer (making the solution searchable), a search user interface (to allow the users to search data based on their requirements) and a reporting center (capable of representing the data in meaningful ways).
Speech analytics is already creating a massive disruption across a large number of industries and based on its present popularity, its impact is only going to grow.
Voice searches have transformed the way products are searched and purchased. Even a decade back, voice searches were considered to be a thing from the science fiction realm. Voice-enabled devices such as Alexa, Siri, and Google Home have revolutionized the way we access information and complete everyday tasks.
While conversational systems are witnessing overwhelming popularity among consumers, they are also well-positioned to transform your business processes by redefining the way your employees’ access and interact with data. Such systems can leverage natural language interactions and artificial intelligence to drive an IT paradigm shift as well as provide a leading-edge to its adopters.
A recent study by Clutch found that 69 percent of people utilize a digital assistant every day. Though in its nascent stage, yet speech technology is witnessing a widespread deployment and public acceptance due to its simplicity. According to a Gartner report, by 2021 “conversation first” would be the new buzzword among enterprises.
Now that we have proved the efficiency of the speech technology, let us take a quick step back and discuss its basics and benefits.
What is Speech Analytics?
Putting it in simple words, speech analytics is a technology that recognizes speech and converts it into meaningful data, which can be analyzed for deep insights. In general terms, the solution comprises of a speech engine (meant for converting the speech into data), an indexing layer (making the solution searchable), a search user interface (to allow the users to search data based on their requirements) and a reporting center (capable of representing the data in meaningful ways).
How it can revolutionize your business?
With the adoption of speech analytics, enterprises can eliminate their issues with data. Lack of data is not an issue for modern-day enterprises anymore. The problem lies in the abundance of data and the lack of resources as well as technology to harness its power. As a result, the data that could help you in business growth stays dormant. This is where speech analytics can help you enormously. Below are six discernable benefits of adopting speech analytics.
- The Democratization of Data: Today’s enterprises are overburdened with data. When mined with care such data could open new growth avenues. However, the problem lies in accessing and getting key insights from this massive data. In most organizations, the enterprise data isn’t accessible for everyone and data scientists remain as gatekeepers. The speech analytics breaks down these barriers and provides everyone within the organization with a way to interact with data. Imagine a scenario, when a CEO can say “Give me my monthly updates on sales performance” and a report is displayed with all the available information from the system.
- Overcome the Shortage of Skills: Recent market research shows that there is an acute shortage of data scientists and this problem will only get worse in the future. The democratization of data addresses this problem, faced by businesses relying on the old paradigm (where data scientists are the gatekeepers of enterprise-wide data). By adopting speech analytics, enterprises can mitigate the overdependence on data scientists and empower their employees with the right decision-making.
- Standardization of Data Reporting: An efficient speech analytics solution can ensure enterprise-wide consistency and accuracy of data reporting and insights. As organizations have people with varying technical skills and capabilities, who are looking to leverage data to fit their agenda, data can often get misrepresented. As a result, organizations end up taking wrong decisions due to inherent flaws in data representation. When the data is standardized into a uniform system, the top management can easily fetch an important report which has been put together without any human intervention. Insights can be quickly surfaced and used to drive accurate business decisions.
- Monitor and Improve Customer Experience: In a time when organizations are actively investing to optimize their customer engagement, Speech Analytics helps in mining customer interactions. It can be used to create winning omnichannel service strategies by uncovering service process opportunities, points of failure and technology barriers.
- Anywhere, anytime access to data: Speech analytics platforms are mobile responsive, meaning the reports and data can be accessed on the go. This fast-tracks the decision-making cycles for organizations and can act as a catalyst for business growth.
- Better user experience: With a speech analytics solution that uses AI and NLP to ensure accuracy, the organization can process raw data to create intent models. This structured and labeled data is matched to contexts, ensuring that the search results are more refined each time. This results in a better experience for internal and external users.