speech analytics

3 ways Speech Analytics Brings Value to Your Business

Posted on by iovoxPosted in Featured Articles

The tech industry is great for buzz words and jargon that sometimes mask the benefit or practical application of a particular technology. If you’ve been reading about new innovations in AI, natural language processing (NLP), Speech Analytics or ‘Conversational Intelligence’, this article explains those terms, but more importantly shares how this new breed of technology offers an opportunity to truly transform your future business performance.

To understand the Conversational Intelligence experience, think back to the last time you searched your sent or deleted folders looking for an email. You went to the search bar, typed in a keyword that you thought was included in the email, and voilà, there’s a list of emails that match your search criteria. You find the one you were thinking of and continue with whatever action prompted your search in the first place.

Now imagine being able to do this with phone calls. Often, we have a vague recollection of something specific from a call a few weeks ago, but we’ve forgotten important parts of the conversation and weren’t in a place to take notes. There’s been no parallel to the email example for voice conversations, until now!

With Conversational Intelligence technology from iovox, you can do far more than search phone calls for a phrase of what has been said in a prior conversation. Keep reading, as we break down the components of Speech Analytics and Conversational Intelligence and give you ideas on how this can bring value to your business.

The Ingredients of Speech Analytics and Conversational Intelligence.

There are three main ingredients required for Speech Analytics and Conversational Intelligence:

  1. A recorded phone call
  2. An accurate transcription of the call
  3. A set of customizable keywords and an engine to spot those keywords in the transcription

Recorded Phone Call

At iovox, we have the ability to provide our customers with unique telephone numbers from almost any country in the world. At a customer’s election, any of those numbers can easily be set up to record the conversation that occurs on those lines, with appropriate safeguards for privacy and notifications, of course. In addition, we’ve designed our platform to take call data, including call recordings, from other sources like Cloud or on-premise PBX systems, and run analysis on those calls as well.

As an iovox customer, you can buy iovox Numbers individually or in bulk. Bulk purchasing of numbers is easily handled through our enterprise portal or our voice API that ties into our customers’ existing systems.

As an example, here are the steps of how an individual iovox Number can be purchased through the iovox web app and set up for use with iovox Speech Analytics automation:

iovox purchase numbers

Once you have selected the iovox Number you want, be sure to turn the call recording feature ON in the ‘Call Rule’ that you create for that iovox Number. With that complete, you’re all set for transcriptions and ready to create your keyword sets for speech analytics automation.

iovox advanced options

Accurate Transcription

Once your Call Rule is connected to your iovox Number, and call recordings are on, when a call comes in, it provides a notice to the calling party that the call is being recorded and your conversations will be saved for future replays. Having calls transcribed into searchable text is invaluable and can be done on a call by call basis. You also have the option to turn on the auto transcribe option to take out the manual work of transcribing each call.

iovox transcribe call

Transcribing a call is easy. In the iovox web app, select ‘transcribe’ and we’ll tell you in advance how much the individual transcription will cost.

activate call transcription

Now with iovox Numbers everyone can have access to searchable text versions of both sides of their phone conversations. Remember our earlier example of looking through your sent or deleted items folder for that important email? Well, now you can do the same thing with your phone conversations with Keyword Spotting from iovox.

Keywords that You Define and an Engine to Spot Them

To understand the Conversational Intelligence experience and how a user can benefit from another perspective, imagine someone in the real estate business who wants to set up Keyword Spotting to highlight any conversation that uses the words “new listing”, “buyer”, “seller”, or “relocation”. Using iovox Keyword Spotting, you define which keywords are important to track in your profile by creating Keyword Sets, and then Keyword Spotting automatically scans the calls you choose to have transcribed and spots the keywords in your conversations.

iovox setting up keywords

Once there’s a match, the Keyword Spotting feature can be set to create tags associated with your keywords so that all conversations are easily searched based on the words you define as important.

What’s even more powerful is that once your criteria are met, advanced automation in the iovox system can automatically take actions such as emailing someone on your team for follow up the minute a call ends and the keywords you defined are spotted.

3 Practical Uses for Your Business

So how can this cutting-edge technology help your business save time, earn more leads and predict outcomes?

Glad you asked!

  1. Save Time and Money – If you’re running a call center or even a small business and have staff on the phone with prospects and customers, how do you know if they’re doing a good job or whether you’re missing opportunities because your sales people are not explaining your products properly? Maybe you listen in on a call or two, but what if you could capture 50% or 100% of your calls, and have the iovox Speech Analytics features use advanced automation and artificial intelligence to listen for keywords spoken in every call to your business? You can now let Keyword Spotting listen and analyze your calls for quality, so you don’t have to. Not only would you increase the sample size, you’ll also learn a lot about what’s working and how to improve training programs for your staff.
  2. Spot Trends Early – If you’re in the real estate business or similar, and all of a sudden the Conversation Intelligence tools start picking up conversation data around topics like “cancel my lease” or “renegotiate my lease” you’ll have a head start on equipping your team to handle those types of questions.
  3. Predict Outcomes – In sales situations, if Keyword Spotting starts tracking more inquiries about “pricing” or “contract terms” you may find that your probability of success in closing new business is about to increase. Not everything that is said in conversations makes its way into the sales CRM system, so having the ability to perform Conversational Intelligence functions on phone calls is a great way to stay ahead of the curve.

At iovox, we see more businesses (large and small) looking for tools like these. The wave is beginning, and we’re excited to be on the leading edge of developing tools like Speech Analytics and Conversational Intelligence that help companies transform their business performance by growing revenue and better supporting their current and future customers.

If you’d like to know if this technology is a fit for your company, we’d love to set up a demo and show you how easy it is to implement.

Send us an email at hello@iovox.com or give us a call toll-free from within the US at +1 888 369 9519.

From outside the US please reach us at one of these numbers:

Las Vegas, USA +1 702 425 7505
London, UK +44 (0)20 7099 1070
Sydney, Australia +61 (0)2 8520 3530
Paris, France +33 (0)1 84 88 46 40

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