Voice Transcription vs. Speech Analytics
The number of digital voice assistants is predicted to reach 8.4 billion units by 2024, outweighing the world’s population. Combined with the unprecedented growth of audio and video conferencing ushered in by the global shift to remote work models in response to the COVID-19 crisis, it should come as no surprise that the voice transcription market is booming. In fact, the speech and voice recognition market, the annual growth rate of which has spiked in light of recent trends, is expected to reach a staggering $21.5 billion by 2024.
Voice transcription software offers a number of business benefits, though generally only once these call transcripts are mined with a specific business-driven purpose in mind. Transcription on its own can only offer so much insight into customers’ unique needs, frustrations, and objectives. Taking the customer experience to the next level requires deeper data-driven insights. That’s where speech analytics comes into play.
The Limitations of Voice Transcription Software
While tools that offer transcription alone may appear to be valuable at first, on their own they can rarely paint a complete picture of a customer profile or offer value-adding insights into how to improve the customer experience. While voice transcription software captures a user’s words, it is limited in its ability to decipher all of the factors that shape communication. As a result, key indicators of meaning, emotion, and intention are lost.
Many companies have thousands of calls happening between their employees and customers on a weekly basis, so simply adding an accompanying call transcript to these calls will add little or no business benefit in isolation.
By no means should this suggest that accurate voice transcriptions are unimportant or have no business value, but they’re not enough on their own. Precise, accurate transcriptions can provide sales, operations, and customer service teams with valuable information once they are augmented with speech analytics.
Key Business Benefits of Speech Analytics
Speech analytics software offers capabilities that simple transcription tools cannot. Highlighting keywords and phrases, measuring rates of speech, and understanding inflections and tones of speech, speech analytics platforms create an in-depth view of caller intentions. These tools provide sales teams and contact centers with vital information and introduce new opportunities to improve the customer experience.
An effective speech analytics tool enables users to predefine designated phrases, words, and topics to be pinpointed across an organization’s calls. The tool can then filter through transcriptions, recordings, and call logs, flagging key phrases to administrators. Calls can be automatically organized into categories based on topic, keyword, or product, helping to paint a complete picture of customer interactions.
By identifying positive and negative conversations occurring across the organization’s operations, speech analytics tools help businesses understand attitudes towards products and services, pipoint common customer issues, make sense of service and sales trends, and better grasp customer needs and desires. Having access to this information can help organizations adapt their service models, bolster customer satisfaction, and improve retention rates — which in turn benefits brand reputation and strengthens the bottom line.
Finally, companies that use call recording for training and compliance are frequently bamboozled by the number of calls they have, all the while not knowing which they should be listening to. By identifying important calls – as well as the important parts of those calls – speech analytics platforms enable managers to get straight to the calls they need to know about so they can take quick and proactive action to train their team and make improvements that are required.
Tap Into Fast, Accurate, Game-changing Speech Analytics
The best speech analytics platforms, like Natterbox Insight, measure customer experiences on both micro and macro levels in order to maintain in-depth knowledge of customer needs and help organizations build lasting customer relationships.
100% integrated inside the Salesforce platform, Natterbox Insight enables team leaders to monitor key sections of call recordings within the CRM they already know and love, highlighting teachable moments and successful interactions. Natterbox Insight supports built-in notes and offers targeted suggestions to hone agent skills.
Decision-makers can define keywords, phrases, and topics to track. Then, calls can be automatically organized according to these categories. Further, Insight allows team members to search through call logs and the histories of specific keywords and phrases, identifiable by categories like “Product Complaint,” “Refund Request,” and more.
Natterbox Insight provides sales, operations, and services teams with an in-depth understanding of interactions happening across the organization by infusing voice transcription software with sentiment analysis, customizable filtration, and advanced speech analytics. Natterbox Insight offers crucial business insights that empower organizations to elevate the customer experience, streamline their sales funnel, bolster productivity, and maximize their margins.