“Voice First” and Advances In Transcription
Digital transformation and big data analytics are high on the agenda for many organisations, as they look to leverage business intelligence from customer interactions, including knowledge around context, sentiment, intent, emotion and actions.
Recent advances in transcription, Artificial Intelligence (AI) and Machine Learning (ML) have now made voice data accessible for this purpose when previously, we would have had to rely on listening to individual recordings. This presents organisations with the opportunity to leverage richer data sets from their voice communication to help drive real and measurable business outcomes that offer a compelling competitive advantage.
Despite these potential advances, though, fewer than half (49%*) of organisation-wide conversations are being captured, suggesting limitations with incumbent call recording solutions and set up. Furthermore, more than half (51%*) of the data being captured is currently locked away and inaccessible for AI to actually analyse.
Add to this, the fact that 50% of businesses capture less than 25% of their conversations*, and you can understand that many organisations do not realise the inherent value of their data. In the past, transcribing conversations may have been the issue, with only 52% of companies benefiting from automated transcription*, but, with evolving technologies, there is now a shift towards companies unleashing their data for commercial benefits.
The Benefits of Transcribing
Organisations already understand the benefits of capturing call data to be used for processes such as:
- Staff Training and Employee Engagement
- Improvement of Customer Service Experiences
- Compliance with Legislation
- Security and Fraud
But, given how few organisation-wide voice conversations are being captured, and how much of that data is then made inaccessible, there are significant risks in terms of creating data silos that are not leveraged for any proactive purposes for the business.
This is where fast and effective transcription comes into play, with the ability to utilise the data quickly and easily to offer tangible benefits.
Red Box Transcription
One company leading the way in transcription is RedBox, with solutions that bridge the gap between capturing voice data and making it a useful data set within organisations.
Not only can the solution capture, secure and transcribe conversations from 55+ platforms, it can also improve efficiency, with conversations automatically transcribed. These are converted seamlessly into search-optimised data that can help organisations analyse their data quickly and easily.
This includes:
- Seamless integration with market-leading CRM platforms
- Integrations with compliance archiving and storage solutions
- AI & ML lead applications for automation, fraud detection and more
- Call analytics applications to deliver actionable insights
Summary
The idea of a ‘voice first’ environment is something that is clearly coming to businesses of all sizes, and is now a reality with AI and Machine Learning. Businesses are beginning to leverage their call data, creating a real opportunity for tangible competitive advantage.
Adapting voice data into knowledge can help serve customers in the most personalised way, empowering employees along the way and improving business efficiency and customer loyalty.
VSL work with with a number of customers, integrating Redbox Transcribing solutions into existing and new contact centres.
*Survey conducted by Sapio Research for Red Box, asking 588 IT Directors or C-level executives responsible for IT across UK, US and Singapore. Reference Article.
