Speech recognition technology is marching the planet with voice assistants like Siri, Alexa, Google Assistant, Cortana, and other AI-enabled voice services becoming part of our everyday life.
According to MarketsandMarkets, the overall speech market is expected to reach nearly $22 billion by 2026, quite a noticeable stride from $8.3 billion in 2021.
72% of people who use voice search devices claim they have become part of their daily routines.
Source: Review 42
As consumers are getting more and more comfortable relying on voice services, enterprises are seeking out new ways to integrate speech recognition into their lines of business to drive growth and lower operational costs.
Gaining Control of Customer Engagements
What are the main areas for innovating business processes with voice and speech recognition technologies?
Speech Recognition Drives Sales
Smart call centers are obviously playing a huge role in revenue generation for every company. It’s no wonder businesses are willing to invest heavily into upgrading call centers with speech recognition features to empower their salesforce.
Velvetech’s experience in speech recognition development includes quite a few cases when we customized call centers with speech-to-text solutions integrated with Artificial Intelligence and Machine Learning modules.
The resulting solutions increased the conversion from prospects into buyers for our client on average by 16 percent.
How speech recognition helps businesses drive sales:
- Call transcripts preserve the full history of communications with clients.
- The same call transcripts, created in real time and augmented by AI and ML modules, can help agents by suggesting the best response, based on the stage of the conversation, tone of voice, and keywords used by the client.
- Companies can also use transcripts of the calls by their best-performing agents to train new staff and monitor overall agents performance.
Take a look at the demo of a speech-to-text prototype developed by Velvetech:
Speech Recognition in Customer Support
Customer support is another area where customers tend to rely a lot on phone calls for communicating with businesses, despite the recent uptake of chatbots and instant messengers.
Speech recognition may prove indispensable when it comes to routing a client with a specific issue to the corresponding support specialist.
Our customers use speech-to-text technology to quickly identify critical calls and route them to managers who excel in crisis-solving.
Another way speech recognition can help businesses run a successful support line is IVR systems that can automatically handle calls with the most frequent issues.
How voice recognition helps businesses optimize customer support:
- Automatic responses focused on resolving well-known issues.
- Call routing to connect customers with the most fitting support engineers.
- Call transcripts can be used to identify the most frequent issues to automatically update IVR with the required responses.
- Monitoring of agents’ performance by managers.
Speech Recognition in Marketing
Enterprise marketing has come to rely on big data to define a positioning strategy and create effective channels for communicating the company’s values and priorities to the target audience.
For enterprise marketing departments, speech recognition solutions can become the deus ex machina generating big data non-stop through the company’s interactions with clients, be it sales or support of the front line.
How speech recognition helps businesses optimize marketing procedures:
- Gather and analyze customer demographics data with AI-enabled speech-to-text technologies.
- Identify priorities for next-generation products or features for existing solutions.
- Analyze customer feedback on the company’s products and services.
Speech Recognition for Smart Office
Optimizing workflows has always been the highest priority for businesses. As companies like Google and Amazon start offering APIs for enabling voice commands in CRM and ERP systems, the enterprise world is entering a new level of business optimization.
Besides speech recognition software development, Velvetech’s area of expertise also includes integration of voice recognition powered technologies with CRM and ERP solutions. Imagine placing a call or pulling a client’s details from a CRM with a single voice command.
Behind-the-Scene Mechanics of Speech Recognition Solutions
While automation of transcripts recording may seem like a trivial task, there is a lot of background processing in the speech recognition and analytics software to provide this functionality.
Real-time construction of dialogues
Speech recognition solutions developed by Velvetech can automatically differentiate between separate speakers to form a dialogue as opposed to monolithic blocks of text. This approach removes the need for manual separation of text into isolated speakers’ utterances.
Metadata mining on the fly
On top of that, a speech recognition program integrated with a company’s CRM or ERP system can collect metadata about each conversation, e.g., call duration, time to response, pauses, the tone of voice, etc. Businesses can rely on this data to further optimize their workflows to achieve a better outcome.
How Speech Recognition and Analytics Can Help Your Company?
We’ll be happy to discuss how speech recognition and analytics technology can help your business power up sales and marketing and optimize all processes across the company.
Our experience ranges from the development and implementation of intelligent call centers, equipped with speech-to-text features, to the integration of speech recognition frameworks of your choice with existing infrastructure.
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