Speech Analytics is a relatively new solution, introducing itself since the start of this century. The main purpose of it is to record, analyze, and mine into the business conversations between customers and companies. The uses are especially in the sector of customer care and services to look for certain keywords, assess the conversational tone for purely corporate purposes. It is a step ahead of Speech Recognition, which mainly deals with recognizing individual voices and common phrases, such as in Siri or Alexa.
There are yet various uses of Speech Analytics in monitoring customer care employee behavior and gaining hidden insights from users. It helps them understand what value their product is generating, and what is the quality of customer satisfaction. They revolve around training effectiveness, employee performance and compliance, industry/market trends, demographics, emotions reflected in customer dialogues, user complaints or satisfaction with the product, etc. The initial reluctance to implement this technology was due to the fear of disclosure of personal information. Companies were also unsure about the return on investment (ROI). Later on, many developments took place, making it substantial. The results obtained from the analysis have a useful implementation in rest of the teams such as sales, marketing, and product designing.
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A Speech Analytics Software lately adapted a phonetic approach, i.e. it uses the fundamental individually distinguishable sounds of a language. To find a certain keyword in the sample voice, the software converts the text derived from voice into a set of phonemes and searches the keyword or the combinations in it. Text is the most used format on the internet as of now, so the speech to text conversion becomes more accessible. It uses the same engine as from speech recognition tools. This makes the work easier than before, as one can search from unstructured data as well. The software also has the program to summarize the call with appropriate keywords.
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As mentioned before, the software is mostly used by businesses having call centres. Companies use speech analytics for mainly 3 cases:
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Categorization
For categorizing the calls based on the key phrases used by customers and employees. This is an important aspect in employee management; it easily flags any calls as appropriate or not.
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Discovery
Insights from a particular call revealing some new information regarding the services or products by the company. Here, emotional response of the customers plays a huge roll, because it determines the credibility of the product. One can also determine if the product is really as the customer says, or it is just an individual opinion.
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Search and Exploration
The actual searching of a keyword or a phrase in the calls. They are used for research, to improve what company is lacking in, and basic prediction of conversation content.
Leading Speech Analytics Software today optimize the solutions for companies to improved productivity, enhanced customer experience (CX), and best in class emotional prediction. The increased demand, even from small businesses, for the software has led to advancement and competition in the market. Some of the recognized softwares in the market are Talkdesk, NICE inContact, CallMiner Eureka, Genesys Cloud, Verint Speech Analytics, etc.
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