Speech analytics is a key innovation that has shaped the new-age customer experience management. As an extension of its potential, speech analytics also finds application in sales, and marketing.
Vendors in speech technology space are betting big on themulti-billion opportunity, growing at a CAGR of 21.89 percent. The competitive landscape has brought several innovations in this segment recently, especially around machine learning and artificial intelligence (AI).
Layered Voice Analysis and customer experience management
Nemesysco, an Israel-based provider of voice analytics technologies, has introduced Layered Voice Analysis (LVA) technology that identifies the underlying emotion of the speaker, regardless of their language and tone of the speech. Precisely, the technology uses ‘bio-markers’ to trace the genuine emotion reflex that reveals the true sensations and feelings of the speaker. To achieve this, LVA leverages 150 uncontrolled bio-markers to establish the emotional state-of-mind of a speaker.
Amir Liberman, CEO at Nemesysco, said, “Our LVA technology uses sub-phonetics cues, which are real indicators of the genuine emotional state-of-mind of a speaker. Alternative approaches generally rely on expressed vocal intonations, which can easily be fabricated by a speaker.”
Since Nemesysco’s LVA technology is based on an analysis of vocal cues that are below an observed level and are universal, it can be delivered as an out-of-the-box solution and in any language without the need for any type of adaption to specific word sets, Liberman explained.
LVA can be best applied in customer experience management as it reveals the true intentions and motivations of a speaker, enabling the agent to draw accurate interpretation. Nemesysco claims its technology has correctly classified calls at a rate of 92 percent.
The business benefits of the technology can be measured on different fronts. Identifying the emotions of a speaker can help optimize processes that benefit not only the organization, but also the speaker. For customer experience management, voice analytics also have obvious applications for sales and fraud prevention.
LVA can be leveraged to add a human touch to increasingly automated customer facing processes, according to Liberman. It can add emotional intelligence to logical AI-driven workflows and optimize processes according the personality characteristics of a customer.
Barriers in speech technology adoption
While businesses are aware of the benefits delivered by advanced speech analytics, there is sometimes the perception that voice analytics technologies are complicated, and in some circles, the accuracy may still be in doubt.
Vendors can help eliminate this barrier by convincing their customers about the efficacy of the technology, Liberman added. “We have developed a highly proficient methodology for implementing our technology and delivering benefits to our customers. From day one and throughout ever phase of a customer engagement, we can demonstrate the accuracy of our technology and gauge its ROI on the business operations of our customers.”
Another factor that is attributed to slow adoption of speech analytics is related to compliance, but according to Liberman, these concerns are not new in customer-centric operations. “Privacy issues and legal concerns are also applicable to live operators in a call or service center that are also judging callers and trying to understand their state-of-mind. The main difference between a human operator and a voice analytics technology is that the human can be influenced, while the technology will always be unbiased.”
LVA use cases
The output of LVA’s analysis is a set of measurement of a speaker’s real-time emotional reactions, which allow the user to assess the emotional style and tendencies of the speaker. Examples include being able to understand if the speaker is conservative or a risk taker, or acts impulsively or in a calculated manner.
The technology and its output have many applications in different vertical markets.
In insurance sector, for example, LVA can help predict the risks associated with new customers as well as reduce exposure to fraudulent claims.
In contact centers, LVA can be used to improve agent performance by monitoring their way of interaction with customers. Critical interactions can be marked and escalated.
In human resources (HR), the technology can be used to improve recruitment practices.
In healthcare, it can be used to monitor the stress levels of mental wellness patients.
Nemesysco explains how its customers benefit from the technology, “For instance, our insurance company customers report to us that they have reduced fraudulent claims by over 30 to 40 percent. In call center environments, many customers are using our technology to improve sales processes, reduce call resolution times and identify burnt-out agents. For human resource purposes, candidates can be screened quickly and better matched with job requirements for open positions and promotion opportunities.”
AI+EI = Infinite possibilities
Nemesysco has brought a new concept “AI+EI” that to signify the blend of human element of emotional intelligence with the logical responses of artificial intelligence. An example of this innovation could be the robots assisting elderly wherein the robots are trained to understand the changes in mood of users and better respond to their current state-of-mind.
Nemesysco plans several innovations around AI+EI. The first in the series is the InTone solution designed exclusively for call center voice analytics. This new version will revolutionize the data science behind a call center while also providing more service level and management controls, according to the company.