Maryland, United States, September 21, 2023 – Compare the way we live now with how it was, perhaps a decade ago. You’ll notice a massive difference. A major reason for that is the growth of technology. Businesses are experiencing many changes, too. Many are now hopping on the trend of voice analytics.
The Value of Conversations
Everything we say holds some value. Today, we can record and analyze our conversations with voice recognition tools. Some examples include Alexa and Siri. These tools work such that they convert voice into a textual format. They also study words and patterns in the audio to identify speakers’ emotions. The market has changed and developed at a fast rate, and it doesn’t seem to be slowing down.
How Does Voice Analysis Work?
We can divide this technology based on the approach it takes. In voice analytics, it’s either through phonetics or transcription. Each starts off similarly, by recognizing the sounds in the audio and breaking them down into phenomes. (Phenomes is a technical term signifying the basic units of communication.)
Conversations based on phonetics have their limits. After creating a long list of phenomes, a voice analytics tool scans through for patterns of words and phrases. As you can imagine, the search process is lengthy because of the difficulty of indexing these phenomes efficiently (unlike words). Despite that, this approach is advantageous in the fact that it can identify new terms, as long as the phenome sequence exists.
Transcription goes an extra mile. It uses a language model containing a whole dictionary of words to the phonetic index. Using that, the voice analytics tool puts together an accurate textual depiction of the conversation. It works pretty much the same way the human brain does. In terms of accuracy, this second approach takes the lead, thanks to its use of thousands of words in its language model and statistical analysis.
The Applications of Voice Data in Various Industries
With voice, companies have a valuable resource to help them achieve their business objectives. Thanks to artificial intelligence, voice analytics is impacting the way we work in various ways. Let’s cite a few examples.
Hospitality
The next time you check into a Marriott hotel, look around your room. Do you see an Alexa device? The hospitality giant partnered with Amazon to bring these smart tools into hotel rooms. With simple voice commands, guests can order room service, request help from housekeeping, book spa treatments and a table at a restaurant, play music, and more. Alexa is also capable of adjusting the lighting and temperature, and all it takes is a voice instruction.
Food and Beverage
Voice data is especially valuable in the F&B industry. Today, you can order things off the menu from Dunkin’ Donuts, Pizza Hut, and Starbucks franchises with your Alexa device. Voice ordering is definitely a disrupter, especially when Amazon recognizes your food preferences. If it knows that you don’t like mayo on your sandwiches, it’ll learn how to recommend menu customizations.
So, don’t limit your Alexa interactions to asking about the weather and playing music. Go a step further and get your favorite beverage delivered directly to your front door.
Healthcare
Voice analysis is upending the healthcare industry, too. One example hails from the New England region, where calls for ambulances no longer come with unnecessary paperwork. Hospitals deal with emergencies using voice as a primary tool.
To help Parkinson’s patients stick to their exercise regimens, companies have developed voice solutions. These tools have an added benefit, assisting seniors who suffer from isolation and depression. Nursing homes and senior living facilities are the perfect ground for such solutions.
Automotive
If you own a car made after 2004, chances are it comes with a voice assistant. And considering how much time we spend driving from one place to another, isn’t that a great thing? Your voice assistant can help you navigate through a new area, find the best Spanish restaurant within a short driving distance, and play your favorite tunes. Moreover, one can use voice commands to lock doors, activate windshield wipers, and place and receive calls.
The giants in this field include Alexa, Android Automotive OS, and Apple’s CarPlay. Aside from that, car manufacturers such as Tesla, Mercedes, and BMW have come up with their in-house car voice assistants.
Banking
Did you know that you can access your bank accounts and perform transactions using Alexa and Google Assistant? That’s right. You no longer have to log into your banking app to pay your mortgage, access account histories, and more. Just speak to your device and keep your hands free.
Capitalizing on Spoken Insights: The Hidden Benefits
Why is speech so valuable? Aside from the applications listed above, businesses (notably those providing customer support) are taking advantage of voice recordings to perform the following tasks:
- Analyze emotions and identify speakers: When a customer calls tech support, for example, the company can capture the emotional tone and speaker identity. The information can go a long way in helping the agent adjust their approach. By analyzing word choice, tone, speech speed, and pitch, tech support will understand the caller’s sentiment.
- Manage data and perform real-time analysis: Call recordings are especially beneficial when companies analyze them for information. Today’s tools can summarize conversations, index calls by tagging keywords, and provide actionable insights while the conversations occur.
- Verify identities: Data security is an essential aspect of many fields, such as healthcare and banking. As such, voice biometrics is paving the way to assist companies in confirming a caller’s identity with unique voice prints. Aside from that, tools can ensure that a voice is indeed coming from a live person to prevent scams.
The Rise of Voice Data Is Here and Now
Much has been said about the benefits of speech analysis. However, the accuracy of speech recognition tools is a hurdle many have been unable to cross. Today, many businesses still depend on the hard work of transcribers at companies such as GoTranscript, TranscribeMe, and Rev to retrieve accurate transcripts of their calls and meetings. As you might guess, when precision is of utmost importance, human-based transcription is still the best way to go.
Contact Info:
Name: Bilal
Company: GoTranscript
Email: info@gotranscript.com
Phone: +1 (443) 658-1322
Website: https://gotranscript.com/
Address: Maryland, United States
