Humans can only type at the rate of forty words per minute but can speak at the rate of 150 words per minute, and for years it’s long been the Holy Grail of technology to capture, codify and store speech as a data source with the aim of providing a hyper-personalised marketing through data analysis for business intelligence.
Whilst there are many voice recognition tools on the market, it is widely accepted that using them has often been a frustrating experience, but that might be about to change. In 2016 speech recognition rose quality to its highest levels yet – around 90%. That’s up 20% from 2010. Coupled with the rise in search queries for ‘voice search’ by a factor of 35 since 2008, it strongly suggests that we are heading into the early stages of a widespread adoption phase.
How long will it be before ‘voice as a data source’ becomes an everyday occurrence? We are already seeing the regular use of sentiment engines to shape opinion and improve customer service. Many Enterprise sized companies already use real-time decision engines to handle responses to text-based comments. How much more effective could we be if everyday business conversations could be utilised to understand our customer’s feelings and anticipate their needs?
Technology possibilities are accelerating faster with every year, and where technology leads, the business world will inevitably follow.
Of course… as ever, the trick will be to bet on the right technology.
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