The benefits of speech recognition & analytics in business

We have seen significant growth in the speech analytics market as advances in the fields of Big Data and deep learning algorithms have far exceeded the tipping point required for their viability.

This improvement in software and hardware capabilities has in turn driven an ever-increasing demand for speech recognition technology and analytics. As with so much in artificial intelligence, uptake sets in motion a virtuous circle. Higher usage feeds the algorithm’s data, improving their accuracy. This leads to an improved user experience, higher uptake and so higher usage.

Amongst the key benefits of speech recognition technology are how it assists in driving revenue growth and efficiency while reducing costs across various business processes. Zadarma is a well established, global cloud-based VoIP provider. This year Zadarma released new updates around their advancements in the established speech recognition features with additional boosted call analytics. Speech analytics, also known as call analytics, is a specialised technology that enables the extraction of relevant data from either a real-time conversation or a previously saved audio file. Now all clients using free Zadarma PBX can not only listen to call recordings and see their text transcription but also have visibility of call analytics data for further internal business processing, analysis and improvements. The speech recognition feature is a paid-for service and the price depends on the language of recognition and phone system price plan you are on, but all options include free transcription minutes along with the analytics feature.

Zadarma’s speech recognition & call analytics features allow data access to every internal or external call conversation. The benefits of speech recognition call analytics to your business include:

• Outstanding customer service – By analysing the content of all recorded interactions with a particular customer, a company can build his or her comprehensive customer profile.
• Reducing operating costs & expenses – By analysing speech or call content can often reduce office operating costs and expenses. Call insights can ensure sales teams focus on high demand product areas, gaining a competitive advantage.
• Increasing customer retention – With additional insights gained through call analytics, agents can improve their rapport with prospects through the improved focused conversation. Call analytics can often identify competitive situations and reasons why deals are closed or lost.
• Streamlining team productivity – Speech recognition allows managers to evaluate the customer-facing team’s productivity. If more training is required this can be picked up quickly and actioned to empower teams and increase the probability of sales success.

The role speech recognition and analytics software can have within your business can be progressive Above all such smart features will improve business performance and enhance the experience of your customers. The beauty of drawing on such features from your VoIP provider lies around ease of integration and set up as well as streamlining of costs. VoIP is set up to accommodate your specific business needs and will maximise the smooth and efficient day-to-day operational running. The right VoIP partner can support you with the implementation of speech recognition and analytics solutions in your company often with no additional cost. Such partners like Zadarma even offer recognition technology within their API, allowing everyone to analyze speech at their own pace.

Voice recognition is just the first step in speech recognition development. Soon businesses will be calling upon extended functionality with text analysis to be a critical part of business operations.

Call centres are often challenged to balance customer satisfaction with cost containment and apply voice recognition technology to benefit from the invaluable advantages of the technology. Speech recognition delivers a great customer experience while improving the self-service system’s retention rate.

The feature also encourages natural, human-like conversations that create more satisfying self-service interactions with customers. Speech recognition with analytics is an ever-developing technology that is widely being recognised to help businesses improve performance and enhance customers’ experience quickly