Speech Analytics is accepted as one of the most important components of a successful voice of the customer solution strategy by many organizations. That is why Speech Analytics is still an efficient investment due to cost reduction, enhanced customer experience, and new revenue opportunities it provides. According to Markets&Markets, the Speech Analytics market is expected to grow from $456 million in 2014 to $1.33 billion by 2019, at a CAGR of 23.9% from 2014 to 2019.
Organizations that plan to invest in Speech Analytics need to consider their organizational needs and choose the most convenient solution accordingly. This requires knowing the types of speech analytics solutions and the benefits they provide.
Which technology: LVCSR vs. Phonetics?
There are two approaches to speech recognition technology which is used in analytics solutions. Both LVCSR and phonetics own pros and cons.
LVCSR is the abbreviation of Large Vocabulary Continuous Speech Recognition, which is also known as transcription. This technology converts the entire conversation into text by applying a dictionary or language model. Some of the advantages and disadvantages of this voice recognition technology can be listed as:
- Recognition accuracy is higher but is limited to the scope of the dictionary.
- The processing of the audio takes a bit longer time.
- Enables faster database full-text search
- Previous recordings cannot be searched for new words.
- Requires more CPU power
Phonetic indexing converts conversation into a string of phonemes and looks for only a predefined list of words instead of transcribing the entire conversation.
- Words that are not in a predefined vocabulary can still be found, but accuracy is lower.
- The processing of the audio is faster.
- The database full-text search is slower.
- Previous recordings can be searched for new words.
- Requires less CPU power
Real-time or Post-Call Speech Analytics?
One of the most important decisions about Speech Analytics is whether to implement a real-time or post-call solution.
Post-call speech analytics solutions analyze recorded calls on a next-day basis. These solutions;
- Can give answers to the question of why customers call by applying comprehensive analysis.
- Identifies new trends effectively.
- Unveils insights regarding call center performance; for example, agent performance-related opportunities can be identified easily.
Real-time Speech Analytics solutions analyze conversations as they occur and let the call center manager take immediate action. These solutions;
- Provides real-time agent feedback and online coaching
- Identifies problematic situations in which agents are not in compliance with their script or standard operating procedures or customers are angry
- Contributes to higher customer retention rates
Speech Analytics technology is ever-growing by offering useful alternatives for enterprises. To choose the right alternative, it is important to define the business problem first. By evaluating various pros and cons of the technologies, organizations can choose the best solution to answer their business needs accurately.
Author: Hilal Bakanay, Senior Marketing Specialist, Sestek