Speech recognition has come a long way since its first public demonstration back in the early 1950s. Having gone from only being able to identifying the inventor’s speech to recognizing an increasing number of languages and dialects with near human accuracy is simple proof of the technology’s progress. While this functionality has helped businesses around the world thrive, it hasn’t stopped there and is expected to keep raising the bar.
Here are three ways speech recognition technology can actively help boost business growth:
1. It improves customer experience which increases revenue
Research has shown that an improvement in customer experience is linked to a 10-15% increase in revenue. Any profession can benefit from using speech recognition software to offer a more fluid service. For example, in the case of call centers, TranscribeMe’s speech analytics are designed to aid them better understand their customers so they can cater to their needs more efficiently. With speech recognition comes access to data that can reveal valuable insights about your business. This includes a deeper analysis of the demographic profile of your customers and helping identify how to cater to a wider, more inclusive audience. It can even pick up on emotional cues and opportunities for protocol advancements or further sales potential. All of this information is key to figuring out how best to boost your operations based on relevant business intelligence.
2. It increases productivity while reducing costs
Speech recognition primarily increases productivity through its capacity to do simple, yet time-consuming tasks, such as meeting minute taking or transcribing audio files. Removing these menial duties from an employee’s list of things-to-do automatically frees up a significant amount of time and resources that can be allocated to other work that would not be possible by a machine.
As these routine assignments tend to be considered to be boring and even stressful at times, employees often welcome their automation through technology. Aside from the obvious benefit of a cheaper and faster task execution rate using speech recognition, the removal of an uninteresting burden as such can also boost employee morale which also can positively impact productivity.
Our speech recognition software has the ability to track customer engagements and help analyze the performance of current procedures employed by a business. This is the most accurate way to gather evidence of which parts of a service are working efficiently and which others need to be optimized; both of which can give rise to significant savings in time and money.
3. It keeps your business moving forward and in synch with customer behavior trends
Current predictions for the future of speech and voice recognition point to a 50% rate of all searches being conducted via voice command by 2020. This is based on recent trends related to the use of smart home devices like Amazon’s Echo series. These devices are fast-becoming a staple in the modern household and getting the public more familiar and comfortable with voice-command functionality.
With an increasing number of users of technology, the speech data available from which to learn and improve its current overall performance is also growing. In fact, our own speech recognition technology is helping train AI models and voice assistants such as Voicea’s EVA, to improve efficiency in the workplace.
Speech recognition is already a mature technology that will continue to grow and evolve in combination with data analytics. Its future lies in helping businesses move into the highly valuable international market with real-time solutions to language barriers that previously prevented partnerships from being established.
To discover how TranscribeMe can help your business tap into the potential of speech recognition software and boost your growth, get in touch with our sales team or request a demo to try it for yourself!