Voice technology has become a potential goldmine for organisations of all sizes. Whether it’s increasing revenues, productivity or coming up with exciting innovations, Automatic Speech Recognition (ASR) is taking businesses by storm.
A recent report by Deepgram and Opus Research reveals that 62% of companies are using voice technology to improve revenues, while 77% are identifying new business opportunities with it.
And it’s clear why it works so well.
Voice recognition technology offers companies a wide range of capabilities. Customer experience analysis being one of the most popular. In fact, 73% of respondents in the report agree that it is the most impactful use of speech technology.
It gives businesses the ability to monitor, track, and identify different data streams in real-time. With that data, you’re ultimately able to improve customer experiences, productivity and overall returns.
What Is Speech/Voice Recognition Technology?
Voice recognition technology basically converts spoken sounds into written words.
It is a means of converting the patterns and frequencies of human speech into machine-readable data.
It essentially gives computers the ability to both understand and respond to our voices according to most given contexts.
For example, if a person asks for directions from one place to another, the speech recognition system understands what was said, accesses its database for location information, and responds with the directions and possible routes.
It has a broad range of uses, too. From transcribing phone conversations, to doing sentiment analysis or it can be of great benefit across many industries. It provides accurate outputs, requires minimal training, and offers 24/7 accessibility.
And this technology has a great effect on business.
It can save time on having to manually input data. It can improve accuracy by avoiding human error. And it can enable highly engaging customer experiences.
Fortunately, voice recognition technology has come a long way in recent years. A decade ago, only certain businesses with large client bases could afford the hardware necessary to process human voices into data that computers can read.
Now, however, advances in software and skillsets have made speech recognition capabilities available to businesses of all sizes. Many of which can now incorporate this technology into their workflows.
How Speech Recognition Works
The technology works by recording an individual’s speech and then creating a phonetic map of the words that are being said. Quite similar to how people create maps for roads.
The more data that’s collected, the more accurate the map becomes.
Then, the information it collects follows a set of patterns. Which results in general language processing and
As speech recognition evolves, the software becomes more accurate and is capable of handling complex tasks such as translating languages and even operating ATMs.
It has become so advanced that it can detect a person’s age, sex and even their emotions. For instance, if you sound happy or sad the software will recognize your tone and display text based on that emotion to give the impression that the computer is talking to you.
As the technology continues to improve, voice recognition will become more useful in business.
Revenue Improvements and Untapped Innovation
Voice technology has a wide array of applications for businesses across industries.
A growing trend is around voice-driven predictive analytics. Where it’s being used to provide high-potential data that can help with better decision-making in business.
Take call centres, for example.
According to CallMiner, most contact centres analyse less than 3% of recorded-call interactions. And because of factors like poor evaluation due to audio format, it leaves 97% of valuable call data sitting untouched.
That includes valuable data like gender, geography, emotion, health and age all being underutilised and with the potential to go a long way in improving customer experiences.
And by improving the user experience through voice technology, companies are able to keep their customers satisfied and enhance both revenue and overall company satisfaction.
Companies like Delta Airlines have recently started using voice recognition for their flight booking services in order to speed up the process of booking flights. Because of its simplicity, this innovation makes customers more likely to use this technology. Which in turn increases revenue for the airline.
And then you’ve got chatbots. They allow customers to interact with a business without the need for face-to-face contact, making it safer and more cost-effective than traditional methods.
Voice technology ultimately saves on costs, increases businesses’ accessibility and helps them meet their customer’s needs in real time.
How To Get Started With Voice Technology
So, what does this all mean for businesses?
Simply put, if you’re not using voice technology yet, it’s time to get on board.
With the majority of companies seeing positive results from integrating speech technology into their operations, there’s no reason to wait any longer.
Our teams here at Teraflow.ai can help make the transition easy and seamless for your business. Get in touch and find out more about how we can make speech technology work for you.