• Data Science
  • 5 min read

Speech Analytics: What Is It And What It Can Do?

speech analytics, what is it and what it can do?
The most significant issue in the field of voice analysis is that it has never been very accurate. It seems like there's a gap between what you can measure and what you want to measure. 
 
But now, thanks to new advancements in artificial intelligence, speech analytics may be more accurate than ever before. 
 
If done correctly, this technology could have a wide range of applications including detecting emotions in speakers and figuring out who is telling the truth during criminal trials. 
 
Speech analytics is a new and emerging field of study that has the potential to revolutionize many aspects of our lives. Speech analytics is an analysis of speech to extract meaning from it.
 
Speech analytics is a branch of data analytics that deals with identifying, extracting, and analyzing voice recordings. 
 
Speech Analytics uses computer software to interpret audio input from phone calls, online chat conversations, or even speech from a business meeting and give the listener some kind of output about what was said. 
 
Speech Analytics can be used for different purposes such as customer service feedback, advertising research, or compliance purposes.
 
In this article, we will be exploring the basics of speech analytics. We'll learn what it is and how it works as well as the different ways that it can be used. 
 
We'll start by discussing what speech analytics is. And yes, I know, we kind of already did talk about speech analytics a lot, but just bear with me for a moment. 
 
This field focuses on applying data science to understand patterns in human conversations. 
 
It has been shown to help with a variety of tasks such as improving customer service, screening for mental health conditions, or detecting bullying at school.
 
Here is an outline of what you can find in this article:
 
- What exactly is speech analytics
- What is the function of speech analytics
- What are some of the benefits of speech analytics
 
So, let’s get it guys!
 

What Is Speech Analytics:

If you hadn’t been paying attention (just like me during the maths classes) then I will repeat myself (just like my math teacher)
 
Here's an example. We all have had a conversation on our phones, right? We listen to the other person speak and then subconsciously analyze it, and then speak back. 
 
Now imagine, if you can, that there is an artificial tool that does the same thing that we do.
 
And not just that, but it can also analyze patterns of emotions and infer meaningful behavior from them. 
 
That is a pure “Mind-Blown” moment right there if you ask me. Today, for them to take over the customer call centers by using these tools means that we have entered a new field of automation. 

Alright, So What’s The Main Function Of Speech Analytics

Think for a second, that you are the owner of a call center. And you have a team member that is extremely hardworking and can catalogue possibly thousands of hours' worth of calls. But this guy is looking for a promotion so he goes a step further and structures and delves deeply into the lateral knowledge part of the calls. 
 
With so much data, that employee is sure to do wonders for your company. If I, were you, I would give him a raise.
 
But there is no raise to give. Because this employee is what Speech analytics does!
 
This tool of immeasurable prowess will allow you to target and troubleshoot your weaknesses, and find various trends that can improve your organization
And did I mention the best part that as a tool it doesn’t ask for a raise? Just kidding. Take care of your team members. They’re all that you’ve got.
 
Alright, speaking about team effort and team members, the question that would come to all of our minds would be…
 

What Are The Benefits Of Speech Analytics?

Increased Customer Retention

Did you know that in a study conducted by Dimensional Research, the top factor for judging vendor trust was customer service?
 
Using speech analytics can increase your customer retention. 
 
We don't want our B2B & B2C clients leaving us after we show them bad customer service now, do we?
 
Now, how does speech analytics help you in this?
 
When we are talking about customer interactions, many phrases are spoken. Some of them lead to a positive experience for the customer, and some of them lead to a negative experience. Speech analytics can help you by studying the specific keywords that lead to better interaction. And by learning about the negative keywords, we can work around our current strategy by improving upon it. 

Improve Service Quality

With an obvious improvement in customer retention, you have to focus on improving your service quality. But with Speech analytics, this is most likely to happen anyway. 
 
Now, with all the hours that are spent calling, there is a huge quantity of data that can help you optimize your content. You can find out what sticks and what doesn’t, ranging from trends to product complaints. This is what speech analytics can do for you. 
 
With speech analytics, you can monitor everything. This can help you in spotting how to fix the weak spots in your team and improve upon what needs to be fixed. 
 
And, if you remember, the speech analytics software can pinpoint key emotions of the customer. You can find out about your customer's mood and find out the quickest path to provide the highest value.

Bonus Improvement:

Speech analytics gives us a very high ROI.
 

Conclusion:

Thank you for your time. Thank you for reading this article. If anything relates to you then feel free to share it with your loved ones. 
 
We will see you at the next one.

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Harnil Oza is a CEO of HData Systems - Data Science Company & Hyperlink InfoSystem a top mobile app development company based in USA & India having a team of best app developers who deliver best mobile solutions mainly on Android and iOS platform and also listed as one of the top app development companies by leading research platform.

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