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Before discussing speech analytics customer service tools, I’d like to fascinate you with numbers, dear Reader.
Analytics and data are inextricably linked. There is no analytics without data. I suggest taking a look at some stunning data facts for the current year, 2022:
The Big Data market report by Mark Albertson. The market is driven by the growing need for better decision-making, improved efficiency, and reduced costs.
By the end of 2022, the Big data market will be valued at $274 billion
There are 2.5 quintillions of new data produced every day
It is estimated that 97 zettabytes of data will be created and used worldwide by the end of 2022
Everyone generates around 1.7 MB of data every second, which makes 102 MB per minute and 6.12 GB per hour, and a shocking number of 146.88 GB every 24 hours - specified in the 2020 report by Domo
Now imagine why the big data market tends to grow fast within the next 5 years. The more we produce, the more data is there to analyze, and that’s why we need analytics.
Modern customer service teams have also become data factories, churning out information rapidly. They have access to customer feedback data, call recordings and other valuable information that can help them improve their service.
Same tendencies speech analytics market cap. In 2020 speech analytics market was valued at $1298.31 Million and is predicted to reach $6655.85 Million by 2028, growing at a CAGR of 22.67% from 2021 to 2028.
What is speech analytics?
As specified by the CEO of Ender Turing - the fastest-to-value speech analytics, Olena Iosifova, speech analytics can be defined as:
- the process of analyzing conversation recordings between call center agents or customer support representatives and clients
- the software used to automate the analysis of calls, chats, and emails
Olena I., in one of the recent articles, also highlights that modern speech analytics consists of two deep techs:
natural language processing (NLP)
automatic speech recognition (ASR)
Both represent AI (artificial intelligence) tech. Consequently, modern speech analytics can be viewed only as AI speech analytics.
AI helps businesses automate customer service analytics and make them more effective. AI speech analytics singles out customer sentiments and intents; analyzes the voice of a customer and text interactions. Automating customer service processes, such as ticketing, routing, and escalation, SA becomes an irreplaceable tool for middle and big call centers, customer support, and sales teams.
Real-time vs. post-call speech analytics
In the battle of speech analytics, there are two main contenders: real-time and post-call.
Real-time speech analytics is the process of analyzing customer interactions as they happen, allowing companies to identify issues and problems as they occur and take immediate actions to resolve them. The main pro of real-time speech analytics is that it provides businesses with the ability to deal with problems before they escalate. For example, a supervisor or a team lead will get an alert when the caller’s tone and intonation seem too high and demonstrate dissatisfaction.
The downside of real-time speech analytics is that it can be difficult to get accurate data in real-time, as customer interactions vary significantly in length and content. Moreover, such analytics proves its value when the company has enough resources to track the system's real-time analysis and alerts.
In turn, post-call speech analytics is the process of analyzing customer interactions after they occur. Companies are able to avoid the same issues and, in addition to that, repetitive calls and inquiries. The main advantage of post-call speech analytics is that companies can get more precise data, as AI has time to process the calls and provide valuable insights.
Post-call SA also varies; for some tools, it can take hours before providing the results and statistics of the calls, and for other tools, like Ender Turing, it takes a few minutes for the call
processing. For this reason, Ender Turing takes 1st place in our list.
Let’s discover this and other top speech analytics customer service platforms.
1. Ender Turing
Pricing: starts at $39 per user/ month; quarter and annual payments are also available
Speech-to-text: yes
Number of languages: 24
Additional features:
Quality management
Agents and sales coaching
AI scoring for call centers
Agents & sales team performance
G2 Rating: n/a
Capterra rating: n/a
User review: Alexey Tsarenok:
“While building the MADEK FLEX utility systems outsourcing platform, we tested out various solutions for analyzing communications with clients. But none of them were able to cope with 1) the peculiarities of Ukraine, where people can use two languages in one conversation, or 2) our requirements for automating and digitizing our company's processes. Ender Turing Conversation Analytics has shown excellent speech recognition quality and made it possible to optimize workflows.”
Pros: Having an easy-to-use analytics module, team’s and agent’s performance dashboards are
UX friendly and clickable. A user, whether it is a supervisor or a manager, can easily drill down to the root cause of certain behaviors.
Pros: Noteworthy is also Ender Turing’s pace of learning and recognizing new terms and enriching vocabulary without additional cost from the customer. Like when COVID appeared, some customers of speech analytics argued this term wasn’t properly recognized, and a big-named tool took 4 months to detect the new word; in comparison, Ender Turing system enrolled the new word within 3 days.
Ender Turing is one of the first speech analytics that could detect the usage of 2 languages in one call and transcribe and deliver analytics accordingly. Such tech applies to countries with more than 1 language in use: Ukraine, Canada, Switzerland, UK (Wales & Scotland).
Being the fastest-to-value AI speech analytics on the market, Ender Turing transcribes speech to text in all 24 EU languages. The system is not limited to 24 EU languages; with the help of the flexible algorithm and ML, the system can be trained to recognize the new language in 2 months.
The software takes 5 minutes to analyze 30 conversations. First, it transcribes the conversation into text, erases all the sensitive data (names, passwords, date of birth, etc.), and delivers the performance and analytics on every call out of the mentioned 30.
Unlike many speech analytics tools, Ender Turing can be integrated without extra IT specialists. The continuous use of the system does not require a tech person in charge; it can be regularly adjusted to changing business needs by a call center supervisor or a manager.
ET speech analytics achieves outstanding results in speed and quality of automatic speech recognition thanks to automatic iterative pseudo labeling of data to train ASR models.
2. Talkdesk
Pricing: starts at $75 per agent/ month with a 3-year contract
Speech-to-text: yes
Number of languages: 14 languages
Additional features: AI bot (virtual agent), CX analytics, agent performance analytics, WFM, quality management, knowledge management
G2 Rating: 4.4
Capterra rating: 4.5
User review: Kallen B. on Capterra
“Overall: It has been an awesome experience using Talkdesk. This software has allowed us to grow and has supported us at every step. Additionally, their CX team is outstanding and very supportive.
Pros: This software is incredibly easy to use. Agents learn to use this tool in a matter of moments. Additionally, the Studio for IVR allows incredible flexibility in our IVR. This has made it easier for client to get to the correct team and helped to improve their overall satisfaction.
Cons: The Reports. Talkdesk recently launched Explore which houses all the reports in one location but it is still really hard to know which report to run. Once you find your desired report, you need to pull it out to excel or google sheets to manipulate the data and build any kind of visual. However, most of the data you want can be found in these reports.”
Talkdesk is an all-in-one platform for contact centers that can help improve the wide variety of metrics and keep track of your team’s performance. It offers a variety of solutions for different industries and contact center aims.
Like other alternative products, the core driver of Talkdesk processes is speech analytics, which uses artificial intelligence (AI) to transcribe, analyze and provide insights from customer calls in real-time. It offers many features that can be used to boost customer service, including call recording, call transcription, call analysis, and reporting.
Apart from the described features, Talkdesk offers a 24/7 virtual assistant that uses voice recognition (VR) technology, natural language processing (NLP), and artificial intelligence to answer clients' inquiries.
Companies that do not have any contact center solution may find it helpful that Talkdesk has a set of solutions to create a remote contact center from scratch:
agent workspace to receive calls from anywhere)
mobile app for agents to have mobility when working from home or any other place
call recording to be able to access any call that happened
call control to manage, transfer or pause calls
international numbers to acquire new or integrate already existing phone numbers
It sounds like a great pack of functions and appealing for smaller companies that need all those tools to start, but the price and a three-year contract can be a real challenge.
3. NICE CXone
Pricing: n/a, but according to GetVoIP it’s $90-100 per user/ month
Speech-to-text: yes
Number of languages: 7 (+ English, French, German, Italian regional dialects and varieties)
Additional features: call routing, IVR, queue management, auto-dialer, call recording
G2 Rating: 4.3
Capterra rating: 4.2
User review: Zuri B. on G2:
“What do you like best about NICE CXone?
In addition to actively monitoring staff, queues, and contacts through the Dashboard in real-time, the Prebuilt Reports are valuable tools to review past activities for quality assurance and training purposes. The reporting capabilities have improved with the latest updates. Looking forward to eventually being able to audit text messages and outbound calls in the future as well. It's also great to have control over the ACD for various business needs.
What do you dislike about NICE CXone?
Depending on the flow of inbound contacts, the Dashboard has some delays that occasionally lead to miscommunications and refusals. Not being able to monitor or audit text messages is a concern for quality assurance. It would also be great to have auditing capabilities for outbound calls rather than only listening live via the Supervisor function.”
NICE CXone is a cloud-based customer experience management (CEM) platform that enables companies to manage all aspects of the customer journey from a single, centralized system. The platform includes a suite of tools for omnichannel customer engagement, contact center management, workforce management, analytics, and more.
The software is designed to help businesses improve customer satisfaction, reduce operating costs, and increase revenue. The platform includes a number of features that are intended to make it easier for businesses to manage their customer interactions, including:
An omnichannel customer engagement platform that supports multiple channels, including voice, chat, email, social media, and more
A contact center management system that enables businesses to manage their contact center operations from a single platform
A workforce management system that helps businesses optimize their workforce and improve employee productivity
An analytics platform that provides insights into customer behavior and helps businesses make data-driven decisions
One of the downsides of NICE speech analytics is that ASR (automatic speech recognition) is available only in English, so if there are other languages in your contact center, you should look at other alternatives that deliver the required language.
4. Verint
Pricing: n/a, contact sales
Speech-to-text: yes
Number of languages: 45
Additional features: quality management, virtual assistant (AI bots), knowledge management, CX management, compliance/ risks monitoring, analysis of customer feedback
G2 Rating: 4.3
Capterra rating: n/a
User review: Raymond P D. on G2:
“What do you like best about Verint Speech Analytics?
It's been helpful to our WFO team to analyze the terms as they are trending. It allows us as an organization to pivot and assign agents to a particular area if there is a bigger need there.
What do you dislike about Verint Speech Analytics?
Verint Speech doesn't "catch" medical terms so in the past we'd see words coming across as "bomb scare" instead of "Obama Care." Also, if the user is speaking softly or has a thick accent the system doesn't correctly translate this. This is partly due to the caller, but I understand that it may not be 100%.”
Verint is probably one of the first speech analytics on the market, founded in 1994. Verint offers customer experience management, engagement management, workforce optimization, and security and intelligence services. The platform also allows organizations to measure customer satisfaction levels, calculate customer churn rates, analyze agents’ performance, and run marketing campaigns.
The software is used by organizations in various industries, including government, healthcare, retail, financial services, and telecommunications.
Although being on the market for nearly 30 years, many users on G2 noted that they are unsatisfied with the quality of transcriptions.
5. CallMiner (Eureka)
Pricing: n/a, but according to 360quadrants, the price for 1500 Hours/Month is $1,275 and for 500 hours/Month is $425
Speech-to-text: yes
Number of languages: 6 (+ 24 dialects)
Additional features: agent coaching and engagement, performance management & analytics, call recording, quality management
G2 Rating: 4.5
Capterra rating: 4.5
User review: Industry Analyst in Financial Services on G2:
“What do you like best?
I like the many different functions that come with call miner. There are a variety of different ways the software can be used and it also allows you to combine your categories to create a scorecard.
What do you dislike?
Call miner does have things it could improve upon. sometime the words get mis transcribed which causes certain categories to not populate. An agent could have done everything right but they can get hit due to something out of their control.”
CallMiner Eureka is a speech analytics software that helps businesses automatically analyze and extract actionable data from customer interactions. It lets businesses improve customer service, sales, and marketing efforts by delivering in-deep insights out of voice interactions with customers. CallMiner Eureka pinpoints trends and issues, tracks customer sentiments, and measures customer satisfaction.
The Eureka speech-to-text works like Ender Turing’s engine, using deep neural networks and machine learning to win extraordinary levels of transcription accuracy and sentiment analysis.
6. Genesys Cloud CX
Pricing: starts at $75 per user/ month or $0.68 per user/ hourly
Speech-to-text: yes (available for subscriptions that start at $150 per user/ month or $1.35 per user/ hourly
Number of languages: 50+
Additional features: call routing, workforce management, customer journey management, virtual assistance (bots), support of various digital channels (website, Emails, social media, chats)
G2 Rating: 4.3
Capterra rating: 4.3
User review: George R. on Capterra:
“Overall: We manage a call center that does 99% chat and needs to be able to customize for specific clients, Genesys is flexible enough that all of our needs are met without a full time admin.
Pros: I like that the API allows for a lot of customization of how you use the software, and is also easy to use for researching how features work.
Cons: Reporting is somewhat restrictive and not easy to use and customize, I think this could be far more flexible to custom needs.”
Genesys is an all-one-one solution for contact centers that can help you handle all customer interactions like calls, Emails, chats, and social media. The platform features a drag-and-drop interface that makes creating and managing customer journeys easy and provides real-time insights into customer and agent behavior.
Additionally, AI call center analytics by Genesys also brings transparency into agents' performance and coaching possibilities. The tool can be extremely advantageous for companies that plan to expand their team fast and manage all agents’ communications in one place.
Conclusion
All 6 enumerated speech analytics customer service tools deliver AI speech analytics and provide valuable insights into agents and customer interactions.
The noticeable difference is the number of recognized languages; ensure that the language you need is provided by the tool you choose.
Ideally, choose a couple of tools and book a demo to look at the software: the speed and UI can be captured within the first two minutes. And these two aspects are already essential when selecting speech analytics for your customer service team.
Book a demo to learn more about the best contact center tools.