It’s time to move away from the long held belief that speech analytics is costly and difficult to implement. A number of entry level audio analytics packages are now available on a competitively priced licence basis, resulting in upfront costs you can effectively budget for.
Implementation is easier in these stripped down versions which centre around key word search functionality as a means to pinpoint specific calls for compliance checks, fact verification, dispute resolution and quality monitoring.
Much of the complexity of the enterprise level solutions has been removed meaning you don’t have to invest in specialist resource to use and derive key insights from the technology. You can now search calls in much the same way you search your emails for that one important communication.
Leading the charge in implementing this technology is the Financial and Trading Floors sector. Assisting with compliance checks, and acting as a deterrent in the fight against market abuse it is also being applied to ensure trades are fairly executed.
It doesn’t stop there. Thanks to ease of implementation and cost, sales focussed organisations can search for competitor’s names being mentioned in a call and identify in what context. In the Public Safety sector, relevant calls can be quickly identified and flagged to assist with police investigations and in mission critical environments such as air traffic control and emergency services, calls can be instantly found to verify facts and support accounts of events which occurred.
With smaller and mid-market organisations from multiple sectors uncovering the benefits and increasing accessibility of entry level analytics, a recent forecast from Ovum suggests that analytics spend across Europe will grow at an average rate of around 11% in the next 5 years, reaching $91.2m by 2018.
Now is probably a good time to start asking yourself, how can analytics benefit my organisation?