Voice First Strategies Set to Elevate the Enterprise
New research reveals companies will choose Voice First within 5 years
Red Box, a leading voice communications specialist, recently shared the results of a significant global study into general C-Suite executives, IT management employees and CIOs. The study noted that the majority of businesses are only capturing a fraction of their voice data, and don’t know how to make the most of this highly valuable information.
76% of the respondents in the study said that they will be implementing a “Voice First” strategy within less than five years. This shows a significant shift in companies understanding the importance of spoken communications. Around 95% of the respondents said that voice was valuable to their organisation.
Despite these results, only 49% of conversations in most organisations are being captured, highlighting the limited recording solutions in many business environments. Additionally, 51% of that data is inaccessible for analytics and AI solutions.
Preparing to Transform the Enterprise
According to the CEO of Red Box, Richard Stevenson, the findings show that voice is a crucial data set for digital transformation in the enterprise and that it holds a great deal of value in terms of context, intent, and sentiment. With voice, it’s possible for companies to unlock more profound insights into their customers and therefore drive better business outcomes. However, work needs to be done to help organisations tap into the information they have.
Evolutions in machine learning and artificial intelligence solutions are making voice data more accessible, but only 8% of respondents in the study said that their data is available to fuel analytics and AI. Additionally, while companies see the value of transcription in creating data sets for AI, only 52% are using an automated transcription service.
Most commonly, companies are turning to transcription for accuracy or staff training. On the other hand, the most common uses for AI involve customer experience, predictive analytics, and security or fraud protection. There’s a clear need to connect the dots between accurately transcribed data and artificial intelligence solutions.
Balancing Secure and Open Data
Principal of J Arnold & Associates Jon Arnold, said that voice data is currently restricted by a complicated mixture of on-premise and cloud-based telecom systems. Since insights are everywhere within a business, it’s crucial for companies to unlock the critical data throughout their organisation and make it accessible to AI.
According to the results of the study, when it comes to looking at security and data accessibility, 85% of businesses believe that complete control and secure access to their voice information is “imperative.” Additionally, 84% of respondents said that it’s crucial to their voice strategies to take an open API approach that allows them more freedom in how they feed their voice data to the applications of their choosing.
Modern solutions need to be able to integrate with things like compliance tools, CRM systems, and business intelligence to thrive.
Sector Specific Outcomes
The results of the Red Box study varied depending on the sector being evaluated. For instance, new legislation has emerged in the financial services industry throughout 2018, including MiFID II and GDPR. These evolutions mean that financial firms have to record all of their interactions with customers. These businesses are already capturing huge amounts of voice data, and they’re looking for ways to take advantage of that information.
The financial industry has a long way to go when it comes to embracing technological change, however. Around 35% of respondents said that they’re not using AI in their customer services at all. According to some industry experts, while it’s unlikely that the FCA or Esma will ignore the transparency objective that’s been set in motion for companies as a result of Brexit, a political agreement needs to be made. If the UK and EU can’t reach an agreement about the financial services landscape, a new version of the MiFID directive may need to be created. However, 47% of respondents say they’re unprepared for new legislation.
On the other hand, retail organisations have begun to advance their use of voice data much faster than some other sectors. Still, only half of the people using technology to analyse voice data are using the analytics for staff engagement, staff training, and customer service solutions.
According to Red Box, the idea of going “Voice First” in the enterprise is one that will soon appeal to a wide variety of CIOs and experts in the future. For now, there are only a few companies taking advantage of voice data’s full potential, but there’s plenty of opportunity out there for companies to access a competitive advantage with their voice information.