Speech recognition technology has come a long way since the early 1950s. Having gone from being able to identify the speech of inventors only to identifying an increasing number of dialects and languages with nearer to human accuracy is a simple proof of progress in speech recognition technology. However, this technology is helping businesses to thrive all around the world.
Speech Recognition technology
During the past few years, the industry of speech recognition market analytics has experienced rapid growth. The advancements in deep learning and big data coupled with computing capacity increase, has enhanced the capabilities of speech recognition significantly. This has resulted in the emergence of new areas for application as well as a higher speech recognition technology demand.
Importance of Speech Recognition for improved revenue
It is not surprising that the advantages of speech recognition technology are based on how it can drive revenue efficiency and growth while reducing the costs across various other business processes. However, here we have enlisted the importance of speech recognition technology in terms of revenue growth:
An improved customer experience that can increase revenue
Research studies have proved that improvement in customer experience is capable of bringing 10 to 15 percent increase in business revenue. Any business can get benefit from speech recognition technology to ensure a more fluid service.
The speech analytics tools are capable of businesses to go above and beyond traditional question and answer sessions with customers. This can let them know their clients better. It can allow businesses to identify the interests, expectations, and preferences with greater precision to discover their thoughts on competitors, products, and rising trends. By this, businesses can build a comprehensive profile of their customers. A business that understands what its clients want can organize its work better to meet their expectations.
Speech recognition technology can help companies in improving their bottom line by getting higher performance as well as decreasing expenses. Based on accumulated data a business can find effective ways to decrease front office operational cost. This can open new cost-saving opportunities for businesses.
New up-sell and cross-sell opportunities
New upsell and cross-sell opportunities are other benefits of speech recognition software. The data analysis can give some useful insights on how different demographic groups are being affected by certain cross-sell or up-sell. This info can help businesses to maximize marketing efficiency and boost sales conversion rates.
Enhanced productivity while reducing costs
Speech recognition can increase productivity primarily via its capacity to do simple and time-consuming tasks, for example, transcribing audio files and meeting minute taking. Removing these duties from the to-do lists of your employees will free up a significant amount of time and resources automatically that can be allocated to the other important works that can’t be done by machines.
Even at present, speech recognition is helping businesses to grow and get more chances to increase revenue, but it has not stopped there. It is because speech recognition is expected to keep raising the bar over the years.