It's 2022. We're no longer under COVID-19's thumb. We're back on the events circuit, touring the world and spreading the Speechmatics word. So far this year, we've attended two events in March. Our Strategic Sales Executive, Tom Rimmer, gave a talk at the Ai4 Finance Summit. More recently, our team flew to Barcelona for MWC.
Last week, we took our technology to Enterprise Connect in Orlando, Florida. It’s the hub for corporate IT decision-makers, as it brings together 'industry vendors, channel partners, analysts, and consultants alike.' Critically, it helps us understand the future of contact centers – a huge part of our industry.
According to estimates from Market Research Future, the global contact center analytics market will reach $1.52 billion by 2023. So, naturally, we're paying a lot of attention to the market's needs, as speech-to-text can prove vital for innovation – a necessity as the value grows. With technology like our ASR, companies can minimize human error as much as possible.Market Research Future Report
Customer experience is more vital than ever to contact centers. Research from Magnetic North found that 71% of customers would consider a competitor if they had to repeat their inquiry multiple times. Speechmatics' Autonomous Speech Recognition (ASR) is vital in customer service. Speech-to-text technology allows companies to record customer calls, leading to a more thorough understanding of their service.
Speech-to-text increases a contact center's capacity for growth, specifically through customer retention. A PwC study concluded that 32% of customers would immediately ditch a brand they love after a singular negative experience.PwC Study
Poor customer experience costs UK brands £234 billion a year in lost sales, so a contact center's capabilities need to grow consistently. That's where Speechmatics comes in.
Voice technology is to contact centers what coffee is to your morning routine – the rocket fuel needed to make everything run smoothly. It has several advantages such as call routing – connecting customers to a manager, for example), and leveraged sentiment analysis – where contact centers pick up on positive and negative moods in a customer's voice to promote a relevant product.
Most importantly, however, it provides much-needed analytics of customer calls. It's estimated that contact centers capture billions of hours of voice data every year, as we reported in our 'How to Improve Your Customer Experience' guide.Download Our Smart Guide
If the quality of speech-to-text is poor, the analytics will follow suit. Then the technological dominoes fall, and you're behind from the offset. Effective speech-to-text tools help collate calls from other channels and compare. From there, these organizations can analyze performance and pinpoint areas for improvement. All of this leads to more satisfied customers. Simple.
Enterprise Connect was an opportunity to tap into a market with enormous potential. As contact centers grow, our technology needs to be there to help. Displaying our ASR at the event is just one step to ensuring our product assists this (and many other) industry.
Moving through to April, we'll be at NAB in Las Vegas and Project Voice in Tennessee. If you're attending, don't forget to stop by our booths and try the world's most powerful, inclusive, and accurate speech-to-text technology on the market.NAB Show 2022Project Voice 2022
Max Phillips, Junior Content Writer, Speechmatics