Artificial intelligence and machine learning have empowered the capabilities of speech-to-text technology like never before. This tool employs speech recognition technology to identify patterns in sound waves, match these patterns with speech phonemes, and finally translate them into text.
Which companies are interested in this technology?
Customer service, marketing and sales companies are one of the most important parts of the market for this tool. Thanks to speech to text, these industries are experiencing significantly improved workflows, increased revenue and reduced costs.
One of the main benefits of this technology is that the analysis and transcription are executed in time, so that the areas in charge of implementing commercial and customer service strategies have the information they need to respond quickly; they do not have to wait or act based on assumptions about customer behavior.
The software also makes it possible to recognize each customer's motivations, feelings and intentions through the data collected. This translates into countless opportunities for improvement and constant learning about each of them.
With that, the software can predict (among other situations) if, for example, there are behavioral changes in the customer, but also business opportunities with which the agent can react in the shortest possible time.
How does speech-to-text technology help a company?
In short, speech recognition and analysis is a great opportunity for companies. Speech to text offers the possibility of improving business development and, above all, optimizing the operability of employees who interact with customers over the phone. Let's see how it does it:
1. It allows to perfect sales strategies
Thanks to speech to text, it is possible to constantly audit all the conversations that an agent has with his customers. In this way, it is possible to identify the failures, but also the keywords and the particular situations of the dialogue.
2. Helps to reduce expenses
Data analysis software is one of the most important aspects for companies because it offers better results without spending too much money.
The software makes it possible to obtain objective data on the demand for the products and services offered by the companies by analyzing each conversation with the customer. This will allow each manager to decide what strategy to implement to, for example, remove slow-moving products from inventory. This saves costs and makes them competitive.
3. Contributes to lower customer churn
By analyzing each agent/customer conversation, it is possible to identify in the shortest possible time any failure that can become an opportunity, which provides the ability to react and improve the quality of service. This prevents customers from opting for another product on the market.
Speech to text, part of speech analysis technology
A few years ago, speech analytics solutions were a rather neglected process, and the reasons were specifically due to the low levels of accuracy, contrasted with their high prices.
Today, however, the landscape is different. Advances in big data, deep learning algorithms and increased computing power have boosted the capabilities of speech solutions. The global market for this technology is experiencing accelerated growth, promoting the emergence and use of other applications such as speech analytics.
What is discourse analysis technology?
Speech analytics is a tool that focuses on deep learning of audio-to-text translation, with the objective of being able to analyze various aspects of a conversation, either in real time or in audio files.
These software solutions allow to automate processes such as:
- recording a call
- transcription and speech recognition
- keyword search
- behavior analysis
- call quality management
- extraction of any type of information relevant to the business.
