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The Value of Voice Through the Customer Journey
Voice technology has become a critical ingredient to elevate today’s customer experience thanks to its ability to create a more personalized, engaging, and efficient interaction with customers. And the number of companies that deploy such technology (i.e., voice recognition, chatbots, virtual customer assistants) are multiplying. According to MarketWatch, the global voice recognition market is expected to top $31 billion by 2025.
Companies of all sizes can create powerful, highly accurate, voice-driven customer journeys with voice communications. Once such voice technology enhancing the customer journey is Automatic Speech Recognition (ASR).
For background, ASR is a programmatic way to turn voice into text. ASR’s everyday applications are vast and are transforming how companies do business. Some examples include; media and entertainment companies that can produce content faster by converting hours of audio or video files into searchable transcripts; educational institutions that can deliver accessible remote learning through real-time captioning in video conferencing software; insurance companies that can use ASR to stay compliant with government and industry regulations by recording calls and providing meeting summaries; and sales teams that can use ASR to track trends that emerge during calls with customers and, in turn, close more deals.
ASR helps companies save time, ramp up efficiency and scale services in contact centers. Contact centers have had a long-standing practice of recording calls between agents and customers. However, research shows that contact centers analyze less than 3% of those interactions, leaving 97% of call data untouched. For many companies, vast amounts of insight remain trapped in voice data because they don’t have the time or resources to extract it. Speech and voice recognition technology holds the key to unlocking valuable data and insight from customer interactions at scale.
ASR uses Artificial Intelligence (AI) to help businesses liberate trapped data, organize it, and gather insights from it. For example, let’s say a contact center wants to correct poor customer satisfaction survey results. Using AI-powered ASR technology to analyze transcribed calls, identify keywords, and apply sentiment analysis to better understand why their customers are unhappy. Based on this ASR driven analysis, this company can implement corrective action plans to improve their customer experiences. A modern ASR engine can combine insights obtained by analyzing voice data with other omnichannel sources so that businesses can get a more holistic view of the customer journey across all communications touchpoints. Decision-makers can use voice data to streamline communications, solve customer pain points and elevate customer satisfaction.
ASR engines can also enhance the customer journey by making interactions more inclusive. Speech-enabled applications are experiencing astounding growth in large part because of the need to serve a broader base of users who speak with a large variation of languages and a diverse set of dialects. There are also technical challenges: New and existing speech applications are also now accessed through an array of network connections where impediments such as background noise can be a challenge. A state-of-the-art ASR engine can cut through the noise and convert the spoken word into readable, understandable text regardless of language or accent. Businesses can then use the transcribed text to strengthen decision-making and enhance customer experiences.
Gone are the days when voice technology wasn’t accurate enough, had a limited selection of languages or wasn’t able to understand dialects within a language. Having accurate, context AI-based speech recognition at the core of customer interactions will enhance how businesses deliver exceptional customer experiences.
With state-of-the-art transcription capabilities built on the foundations of AI and Deep Neural Networks (DNN), LumenVox’s ASR engine offers several benefits to help companies deliver seamless, accurate and scalable voice-enabled solutions. LumenVox’s features work together to help companies automate customer experience in a more cost-efficient, reliable, and rewarding way.
By using ASR technology such as LumenVox’s, business leaders can modernize customer communications and exceed customer satisfaction goals. Download the latest whitepaper to discover why Frost & Sullivan awarded LumenVox for its ability to help organizations deliver amazing voice experiences.