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Home | Blog | Speech Recognition vs Speech Analytics
Home | Blog | Speech Recognition vs Speech Analytics

Speech Recognition vs Speech Analytics

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Speech Recognition
Home | Blog | Speech Recognition vs Speech Analytics

Technological improvement and innovation have led to the development of the classic contact call center into an omnichannel call center. The progress has occurred because customers are exposed to the use of SMS but also social media, chats, and other websites. Therefore, customers can contact a company through diverse ways creating a crucial analytics case for most call center companies. 

In this post, we will briefly outline speech recognition and analytics and discuss their benefits. We will also explain the significance of training with Call Center Studio and how to use the cloud call center software.

What is Speech Recognition?

Speech recognition refers to the capacity of a program to convert spoken language into written language. Speech recognition is typically known as speech-to-text, Automatic Speech Recognition (ASR) or computer voice recognition. Even though speech recognition has a close meaning to voice recognition, the two differ in their objectives. Speech recognition tends to focus on converting speech from a verbal to a written language, whereas voice recognition aims to distinguish the voice of a particular person.  

What is Speech Analytics?

Speech analytics is the ability of a system or a program to process and analyze customer conversations from real-time or recorded audio data. Speech analytics typically requires Natural Language Processing (NLP) and artificial intelligence. A contact center manager can frequently employ speech analytics to identify the often-used phases during customer interactions. 

Speech analytics can provide insights into the customer’s mood, happiness, and general tone. Additionally, speech analytics can be utilized to monitor the quality of voice-related processes since they can reasonably predict the agent’s performance and call quality.

The Benefits of Speech Recognition

Now that we have outlined what Speech Recognition is, here are the key benefits of it:

 

Increased Accuracy

Speech recognition software increases the accuracy of a task. It makes it possible to complete tasks accurately, even without using your hands. When you are working with a client or finishing a given job, speech recognition software creates a simple way to take notes, use other resources, and keep formal eye contact. 

Faster Transcription

Speech recognition has made the transcription and dictation process easier. You can use Speech recognition software to accurately translate real-time or recorded audio into written words for experts such as call center representatives, journalists and customer care representatives. The ability to translate audio fast saves time and effort by eliminating manual transcriptions.

More Reliable Data

Speech recognition tools create reliable data by integrating voice and audio signals’ composition, grammar and structure. Most speech recognition tools use the following methods to produce reliable data:

  • Speaker labeling: audio recognition tools can produce transcription of a multi-participant conversation that references or tags each speaker’s contributions.
  • Language weighting: language weighting offers data reliability and accuracy by giving extra weight to specific phrases commonly used in speech.

The Benefits of Speech Recognition

 

The Benefits of Speech Analytics

Speech analytics solutions should be employed to track the context of each call, the products discussed and the callers’ overall mood. Therefore, speech analytics benefits the customers, the company and the staff members in the following ways:

Improved Customer Satisfaction

Clients will be content with your services since you can deliver what they want through speech analysis tools. Therefore, as long as you have an excellent staff that can respond quickly to enquiries and have a better understanding of checking customers’ behavior, it will improve the customer’s experience, leading to customer satisfaction. Explore more about effects of speech analytics on CX. 

Increased Sales

Speech analytics also helps to increase sales in your company. Typically, modern consumers are very conscious of their expectations and the service they wish to receive. Consequently, you must rely on something other than the standard sales call scripts. You can customize your sales communications depending on the prospect’s interests and conversational style by using speech analytics for sales.

Additionally, since speech analytics software can derive information based on customers’ happiness and mood, it will provide your sales team with detailed information to connect with them. In the end, when customers feel appreciated, they will invest in your company by using its services whenever they wish to, thereby increasing your sales.

Reduced Costs

Using speech analytics tools can help your company reduce costs by implementing different strategies. Some of the strategies include:

  • Reducing irrational callbacks and raising resolution rates.
  • Providing cost-effective avenues for client enquiries, such as online self-service.
  • Ensuring that there is compliance so as to avoid paying fines.
  • Automating some procedures to cut down on agent headcount.

The Future of Speech Recognition and Analytics

 

The Future of Speech Recognition and Analytics

Regarding the future of speech recognition, its technology is still developing and changing how you can interact with computers. Additionally, its applications range from call center automation and voice assistance to transcription and language translation. If speech recognition is developed correctly, it will improve productivity, accessibility and enhance user experiences, among other advantages. Therefore, you can anticipate more cutting-edge applications as technology continues to develop.

When it arrives, speech analytics is a well-embraced technology in the call center that is expected to expand at the quickest rate and be the core driver for enterprises. According to AMA , the market for speech analytics will have grown by a CAGR of more than 22.1% by 2027. This advancement means that businesses will respond more to clients in real-time if they start to recognize the fantastic use of speech analytics and associated technology.

Conclusion

Are you searching for software that will enable you to acquire a better customer experience? A platform that provides omnichannel communication to your customers? At Call Center Studio, we ensure that your business manages and responds to a high volume of client calls thanks to the cloud call center software. The software streamlines the call procedure and shortens wait times to improve the customer experience. Additionally, it provides your business with real-time data to assist in optimizing your operations.

When it comes to customer service, call center studio use omnichannel customer care to enhance the effectiveness of firms’ customer support efforts. Therefore, your clients can use several channels to communicate compared to the traditional way of communication. Call center studio offers a demo account where you can learn the fundamentals, and after you are equipped with the knowledge needed, you can begin using the real account.