Speech analytics is a must-have in any company. It helps organizations understand customers’ ails and changing trends. Speech analytics is a process of analyzing the recorded calls of customers to improve communication, products, services, and processes.
Are You Listening ?
NICE Systems Ltd., an Israel-based company, is a pioneer in business intelligence and customer experience analytics. The company acquired a U.S.-based interactive analytics software company, Nexidia, and introduced Nexidia Interaction Analytics.
Nexidia Interaction Analytics is adept in understanding and accessing customer information and providing relevant customer data, such as why is a customer contacting a company, what are the loopholes in a process, etc. This data can help improve operational efficiency and performance. This solution is an amalgamation of the best of the technologies for postcall evaluation as well as real-time speech analytics. It will help an organization analyze and categorize 100% of voice communications.
The technology will convert the conversation into basic speech units and instantly identify a predefined list of words or independent words. This helps assess calls as they are taking place and triggers the next best step to guide the telephone operator.
The Speech-to-Text Transcription (STT) technology converts the audio exchanges into text for better data mining. This will help service providers reach the root of the problem and will also help in phonetics indexing.
Nexidia Interaction Analytics technology will use talk-over analysis to provide better analysis of the conversation during simultaneous conversations. It will provide the end user with information such as who said what during the call. It will also gauge emotional status of a customer and highlight the frequent concerns voiced by them, to identify the trending customer satisfaction.
According to a new report by Grand View Research, Inc., the speech analytics market is predicted to reach USD 1.64 billion by 2025. These analytics are vastly used by governments, healthcare, retail industry, telecommunications, Banking, Finance service, & Insurance (BFSI), and others. Growing usage of smartphones, tablets, and laptops can drive this technology.
Call Miners, Nice Systems, Verint Systems, and Avaya Incorporated are some of the leading competitors of the speech analytics market. They undergo strategic alliances to gain advantage over other competitors.
In-depth report on Speech Analytics Market by Grand View Research: