12 best speech analytics software for 2024
List of speech analytics software
- PolyAI
- Replicant Voice
- Enthu.AI
- ELSA Speak
- CallMiner Eureka
- Convin.ai
- Voicebase
- Signal AI
- CloudTalk
- Observe.AI
- Talkdesk
- Nice CXone
Today, businesses process a lot of data. Some of it is a collection of audio recordings, phone calls, and customer interactions that contain important information mandatory for their successful operations.
When it comes to enhancing communication and customer experience, investing in a reliable speech analytics tool is paramount.
A reliable speech analytics tool can provide valuable insights to enhance customer satisfaction, helping businesses streamline operations and improve service quality.
This is why speech analytics is necessary. Speech analytics software helps organizations understand important information from their spoken conversations.
This article lists the top 12 speech analytics software businesses can use in 2024.
What is speech analytics software?
Speech analytics software is designed for data interpretation, extraction, and transformation from conversations recorded in customer interaction for analysis.
The software can transcribe, analyze, and categorize audio recordings.
Using speech analytics tools provides an immediate analysis of voice recordings, establishing a rapid feedback cycle for contact center agents and fostering ongoing enhancement.
Speech analytics solutions offer call transcription, key phrase detection, and trend identification to improve customer service, operational efficiency, and decision-making.
This empowers agents to comprehend customer requirements better and adapt their interactions accordingly.
Ultimately, speech analytics software enhances their effectiveness and boosts customer contentment.
How does speech analytics software work?
The software analyzes spoken words to extract essential information from conversations to extract customer insights.
This innovative technology leverages speech analytics solution uses natural language processing (NLP) tools, AI algorithms, and machine learning models.
Here is a step-by-step overview of speech analytics software:
- Speech data collection: The software collects spoken conversations from various sources, such as recorded phone calls, customer interactions, or audio files.
- Conversion to text: After collecting conversation, the software converts words into written text using automatic speech recognition (ASR) technology.
- Data processing and analysis: The software uses advanced AI technologies such as NLP once the conversation is converted into text. It processes and analyzes the text by searching for keywords, patterns, sentiments, and other crucial information.
- Identifying insights and trends: The software discovers important information in the analyzed text, like customer preferences, sentiment analysis, agent performance, customer satisfaction levels, and other trends and patterns.
- Generating reports and visualizations: Speech analytics software presents the analyzed data as reports, dashboards, or visualizations. This helps businesses gain useful insights and make informed decisions based on the collected information.
- Continuous improvement: It frequently utilizes machine learning algorithms and improves with time by learning from new data and enhancing its analysis capabilities.
Benefits of speech analytics software
Speech analytics software has many advantages for businesses. Some benefits include:
Enhancing customer insights
Speech analytics software gathers customer information. The data gathered from the software can be used to help firms enhance their customer service strategies.
It provides numerous benefits to businesses by enhancing customer insights and allowing them to analyze customer conversations in a detailed manner.
Improving operational efficiency
Speech analytics software can identify problems and future bottlenecks in business operations.
Therefore, companies can mitigate imminent risks by tweaking their processes and customer service.
It improves customer experiences by identifying trends, sentiments, and pain points in real-time convos.
Better compliance management
Speech analytics software can spot phrases or actions that indicate violations, such as fraud or privacy problems.
This software helps businesses take corrective measures more easily.
Time and cost savings
Businesses can automatically turn and arrange voice-based interactions, getting insights faster and more efficiently.
By using a strong speech analytics platform, companies can streamline operations, analyze large amounts of customer interactions, and identify key trends and insights effectively.
Automation lets companies save time and cut down on labor costs.
Applications of speech analytics software
Speech analytics software plays a pivotal role in enhancing contact center performance by providing valuable insights derived from customer interactions.
It can be utilized in numerous industries:
Healthcare
The software is used in data gathering of medical information, patient feedback, and measuring patient satisfaction.
This technology helps healthcare organizations improve patient care, enhance operational efficiency, and ensure compliance with regulations.
Finance and banking
Speech analytics software plays a vital role in finance and banking by analyzing and interpreting spoken interactions between customers and service representatives.
It is convenient for detecting fraud, managing risks, monitoring compliance, and supporting customers.
Retail
Speech analytics software can identify trends and preferences in people’s buying behavior, understand how customers interact, and provide better information to increase sales.
By analyzing customer conversations, retailers can determine specific products or services that customers frequently inquire about, complain about, or praise.
This information can guide decisions about inventory management, product enhancements, or new service offerings.
Telecommunication
The software helps track how well the call center is doing by observing customer retention and involvement and improving customer support.
Speech analytics software assist in monitoring and evaluating agent-customer conversations to ensure they adhere to regulatory compliance standards and company policies.
It can automatically flag conversations with compliance issues, reducing the risk of legal and regulatory violations.
Top 12 speech analytics software for 2024
Below are the leading speech analytics software businesses can invest on:
1. PolyAI
PolyAI develops enterprise voice assistants engaging in natural customer conversations to resolve issues. These voice assistants can comprehend customers’ queries, regardless of their phrasing or tone.
PolyAI primarily serves businesses that heavily rely on customer interactions.
Their clientele comprises renowned banking, hospitality, insurance, retail, and telecommunications companies.
2. Replicant Voice
The Thinking Machine created by Replicant communicates human-like, enabling your customers to do the same. It doesn’t need keywords or lengthy menus.
Replicant ensures a consistent customer experience across all support channels, regardless of the language used, by utilizing a single shared intent library.
3. Enthu.AI
Enthu is enthusiastic about how conversation intelligence can aid in creating a successful calling team.
It aims to make conversation analytics practical and budget-friendly for businesses of all sizes to ensure scalability for everyone.
Whether it’s a small business or a large enterprise, they now have the ability to harness the potential of extracting valuable insights from their everyday customer conversations.
4. ELSA Speak
The English Language Speech Assistant (ELSA) is a delightful and interactive app created to aid individuals in enhancing their English pronunciation.
It uses advanced artificial intelligence technology developed from voice recordings of English speakers with different accents.
This unique feature enables ELSA to accurately identify and understand the speech patterns of non-native English speakers, making it stand out from other voice recognition technologies.
5. CallMiner Eureka
CallMiner Eureka helps brands understand customer interactions using live and recorded audio, email, chat, and other sources.
By analyzing language patterns, sentiments, and emotions in these conversations, it can find ways to improve customer service, marketing, and advertising.
This technology allows businesses to gain valuable insights and enhance their customer experience.
6. Convin.ai
Convin is a tool that records, transcribes, and analyzes all your sales calls. It provides valuable insights into what works well during calls and what needs improvement.
Convin recognizes the significance of customer and call data security. To guarantee safety, they ensure that all data is securely stored within their in-house transcription and NLP engine.
Your information is treated with the highest level of care and protection.
7. VoiceBase
VoiceBase empowers organizations by providing valuable insights from conversational interactions. Their award-winning voice analytics products are designed to support data-driven enterprises.
By leveraging AI, NLP, and machine learning, their solutions unlock actionable intelligence that propels organizations toward success.
8. Signal AI
Signal AI offers automated call listening that categorizes calls in real-time. It provides the essential data to:
- Increase prospect conversions
- Improve customer satisfaction
- Elevate campaign performance
With Signal AI, businesses can quickly use pre-built or train their own custom algorithms.
These features identify conversion events, call outcomes, and other significant conversational topics as they occur.
9. CloudTalk
CloudTalk is a VoIP business calling solution that customer service and sales teams use. It simplifies workflows through automation and equips managers with built-in analytics to enhance performance and boost calling efficiency.
With over 70 features and seamless integrations with CRMs and helpdesk tools, CloudTalk gathers, consolidates, and processes all calling data.
10. Observe.AI
Observe.AI is based on a powerful 30 billion-parameter large language model (LLM) and a generative AI engine designed for contact centers.
It aims to optimize frontline team performance and achieve positive outcomes throughout.
11. Talkdesk
Talkdesk uses advanced AI-powered tools for speech and text analytics. It records, converts, and evaluates every customer interaction through different communication channels.
This tool enables businesses to make informed decisions and take the most suitable actions to enhance customer experience, making it faster and more seamless.
12. Nice CXone
NICE elevates speech analytics with its flagship product, NICE CXone. This cloud-native, unified suite is widely endorsed by thousands of customers worldwide and holds a leading position in the contact center software market.
By combining cutting-edge technology and comprehensive features, NICE transforms your contact center from a mere support hub into a strategic asset.
Choose the best speech analytics software for your business
Selecting the best speech analytics software for your business is crucial and can significantly enhance customer service performance.
Here are some steps to help you make the best decision:
- Identify the goals: First, determine what you want to achieve with speech analytics so that you can identify the necessary features.
- Set your budget: After you determined your goal, consider how much you can invest in the software and ensure it aligns with the value it provides.
- Research various options: Explore different speech analytics software, and read user reviews and testimonials on platforms.
- Evaluate features: Look for features that match your objectives, such as real-time analytics, sentiment analysis, voice recognition, and integration capabilities.
- Check scalability and customization: Ensure the software can grow with your business and be customized to your industry’s needs.
- Request demos or trials: Get hands-on experience with the software through demos or trials to see if it meets your expectations.
- Seek expert advice: Consult industry experts or consultants specializing in speech analytics for valuable insights.
Following these steps, you can find the best speech analytics software that suits your business objectives and requirements.
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