Best Speech Analytics Software in 2024

What is Speech Analytics Software?

Speech analytics software transforms spoken interactions into actionable insights for businesses. Specifically tailored for call centers, this software automatically transcribes and analyzes calls in real-time or from recordings to uncover crucial data like customer sentiment and intent. By employing advanced technologies such as natural language processing and machine learning, it swiftly sifts through vast amounts of audio data to identify trends, issues, and opportunities. Speech analytics software systems also help businesses enhance customer service, improve agent performance, and drive operational efficiency.

How Does Speech Analytics Software Work?

Speech analytics software utilizes advanced technologies like speech recognition, machine learning, and natural language processing (NLP) to analyze spoken words. Here's how it works;

• Converting unstructured audio data: Speech analytics tools transform unstructured audio data into a structured format that organizations can easily search and analyze.
• Identifying words: Voice analytics tools identify individual words and analyze audio patterns to discern emotions and stress levels in the speaker's voice.
• Transcribing data: It transcribes spoken word data, regardless of language or dialect, into text for further analysis.
• Providing actionable insights: By structuring the data, speech analytics software enables organizations to draw actionable insights from it, helping improve customer service and operational efficiency.

Who Uses Speech Analytics Software?

Speech analytics platforms are deployed across various industries to enhance strategic outcomes and elevate customer satisfaction levels. Here's how different sectors use this technology;

• Banking: Banking institutions use speech analytics platforms to manage high call volumes efficiently. By employing Natural Language Processing (NLP), these solutions help human agents better understand customer needs and provide personalized assistance in real-time. Additionally, they offer insights into reducing call volumes, achieving first contact resolution, and improving average handle time, thereby enhancing overall customer experience and loyalty.
• Insurance: In the insurance sector, speech analytics software systems help monitor and analyze customer conversations to anticipate needs, improve compliance, reduce fraud, and lower costs. By providing structured responses based on past interactions, these solutions support contact centers in handling various customer-facing processes while ensuring regulatory compliance and delivering exceptional service.
• Telecom: Telecom companies use speech analytics solutions to address customer queries promptly and effectively. Powered by AI and machine learning, these tools understand context and anticipate customer problems, enabling service providers to enhance customer experiences, drive satisfaction, and reduce churn rates. Additionally, they assist in predicting customer payment behaviors and optimizing billing processes.
• BPO (Business Process Outsourcing): BPO firms deploy speech analytics technology to enhance agent understanding of customer needs and improve service delivery. These call center speech analytics software solutions facilitate AI-based chatbots, escalate complex queries to live agents, and provide real-time insights and feedback to enhance agent performance and adherence to regulatory compliance. They also streamline manual processes, enabling agents to focus on delivering empathetic customer service.

Why Use Speech Analytics Software?

Speech analytics software offers valuable insights and benefits to contact centers beyond just cost reduction. Here's why businesses should consider using this technology;

• Customer experience: Enhancing customer experience is paramount in the customer service industry. Speech analytics tools analyze customer interactions to understand their needs, improve agent performance, and preemptively address issues that could lead to customer churn. By detecting customer sentiments and emotions, these solutions help organizations refine their service delivery and boost customer satisfaction.
• Quality management: Traditional quality management processes in contact centers are labor-intensive. However, modern speech analytics software automates call classification and evaluation, streamlining quality assurance tasks. Supervisors can easily identify calls for evaluation, ensuring agents deliver optimal service and maintaining high-quality standards across interactions.
• Operational efficiency: Improving operational efficiency is a key goal for contact centers. Speech analytics tools provide actionable insights into customer calls, enabling organizations to optimize future interactions and enhance key performance indicators (KPIs). By uncovering patterns and relationships in call data, these solutions facilitate root cause analysis of customer issues, helping organizations revamp operations and reduce overhead costs.
• Revenue generation: Generating consistent revenue growth is essential for businesses. Speech analytics software aids in boosting sales by refining sales techniques, providing real-time alerts to capitalize on sales opportunities, and overcoming customer objections with data-driven insights. By mapping call drivers to outcomes, these tools empower agents to strategically maximize their sales efforts, ultimately driving revenue growth for the organization.

Key Features of Speech Analytics Software

Speech analytics software provides essential features to optimize contact center performance and enhance customer experiences. Here are the key features to look for in speech analytics solutions;

• Accurate speech categorization: Categorization is vital for classifying conversations based on topics discussed, such as call reasons or customer dissatisfaction. Precise categorization, achieved through direct recognition of phrases within audio, enables correlation with contact center KPIs to identify performance issues accurately.
• Automatic tracking of emerging trends and unexpected events: Speech analytics solutions should offer automatic discovery analytics to uncover unknown trends and events within conversations. Unlike phonetic engines that require specific search criteria, speech-to-text engines enable automatic discovery of emerging trends without prior knowledge.
• Accurate speech-to-text translation: Complete transcription of calls into text allows for uncovering emerging trends and efficient analysis through exploration. Solutions that transcribe 100% of calls provide context-rich search results, enhancing analysis and quality management processes.

Benefits of Using Speech Analytics Software

Speech analytics software offers numerous benefits for businesses aiming to enhance sales and customer experiences. Here are the key advantages of using this technology;

• Unmatched customer experience: Speech analytics software provides insights into customer intents, objections, requirements, and preferences, even if not explicitly expressed. By analyzing recorded calls, businesses gain visibility into customer demands, allowing them to tailor their customer experience strategies accordingly, leading to increased customer satisfaction and loyalty.
• Cost reduction: With speech analytics software, businesses can accumulate and analyze large volumes of unstructured data to gain in-depth insights. This data-driven approach eliminates guesswork, cuts excess costs, and ultimately increases sales while maximizing efficiency.
• New cross-sell and up-sell opportunities: By understanding customer requirements better, businesses can identify and create new cross-selling and up-selling opportunities. With insights into customer expectations and spending intents, businesses can generate new offers, discounts, and product recommendations to capitalize on additional revenue streams.
• Data-backed training and performance improvement: Speech analytics software offers rich data insights on sales rep performance, facilitating targeted training and performance improvement initiatives. By identifying specific areas of improvement, businesses can train sales reps effectively and enhance their overall performance.
• Prompt feedback to speed up sales: Sales representatives receive immediate, data-driven feedback on their performance, allowing them to tweak their sales pitches and improve their approach. Managers can assign calls based on reps' strengths and weaknesses, leading to more efficient sales processes and improved outcomes.
• Reduced customer churn rate: By discerning customers' intents and expectations, businesses can engage them with innovative products and services, minimizing the overall customer churn rate. Satisfied customers are less likely to switch to competitors, leading to increased customer retention and loyalty.
• Voice-based sentiment analysis: Speech analytics solutions perform sentiment analysis on target users, enabling businesses to gauge customer perception towards their products or services. By understanding how customers feel about their offerings, businesses can identify valuable prospects and focus their efforts on converting them into loyal customers.

Top Speech Analytics Software in India  

Here are some of the best speech analytics softwares along with the details of their features and prices; 

Top 10 Speech Analytics Software Comparison
Softwares	Speech Analytics Software Features	Speech Analytics Software Prices
Tethr	Asset Management, Preventive Maintenance, Parts Management, Work Order Management, Inventory Management	Price On Request
Eleveo	Asset Management, Asset Tracking, Preventive Maintenance, Workflow Automation, Work Order Management	Price On Request
Ozonetel	Inventory management, Work order management, Asset tracking, Real-time analytics, Compliance management	Starting at $25/month
Observe.AI	Asset Tracking, Preventive Maintenance, Mobile Access, Inventory Control, Technicians Management	Price On Request
Delacon	Asset Management, Mobile Maintenance Utilities, Preventive Maintenance, Work Orders, Ticketing	Price On Request
MiaRec	Asset Management, Configurable Workflow, Asset Tracking, IT Asset Management, Management dashboard	Free Trial
CallTrackingMetrics	Asset Management, Asset Maintenance, Customization, Preventative Maintenance Software, Work Order Management	Starting at $79/month
Stratifyd	Work order management, Asset tracking, AI for maintenance, Analytics and reporting, Inventory control, Calculate costs for all your assets	Starting at $1000/year
Oreka TR	Fixed Asset Management, Inventory Management, Preventive Maintenance, Reporting & Analytics, Vendor Management	Price On Request
Call Center Studio	Asset Tracking, Preventive Maintenance, Inventory Control, Purchasing, Scheduling	Price On Request

Factors to Consider When Buying Speech Analytics Software

When considering purchasing the best voice analytics software, several factors should be taken into account to ensure the best investment for your needs. Here's what to consider;

1. Automated post-call summarization: Look for a solution that automates the process of summarizing call findings, reducing manual work for agents and enhancing efficiency in call handling and data management.
2. Multi-channel speech and text analysis: Choose a software that can analyze both speech and text across various channels like live calls, audio recordings, chats, emails, and social media. This capability provides a comprehensive understanding of customer interactions and behaviors.
3. Ability to choose between high precision and high recall: Ensure the software allows flexibility in searching through data by offering options for either high precision, focusing on accurate matches, or high recall, capturing all instances of specific keywords.
4. Automated measurement functionality: Seek a solution that automatically scores interactions based on predefined metrics such as silence duration or conversation pauses, enabling efficient evaluation and analysis of data.
5. Accuracy rate of 80%+: Opt for software with an accuracy rate of over 80% in converting unstructured speech to structured text for reliable data analysis and actionable insights.