Speech Recognition Software & Buyers Guide

Speech Recognition Software allows computers to understand human speech and reproduce that speech to text, and vice versa. As a result, speech recognition software can power personal virtual assistants, supporting voice commands that immediate, specific actions.

In addition, speech recognition software applications incorporate interactive voice response (IVR) systems, which route incoming calls to the correct destination based on customer voice instructions.

Speech recognition software also proffers invaluable supplements to organizations. For example, businesses that provide customer services benefit from the technology to improve self-service, enriching the customer experience and reducing organizational costs. 

With the help of voice recognition technology, callers can input information such as name, account number, the reason for their call, etc., without interacting with a live agent. So, organizations can engage their callers without live customer representatives instead of having callers remain idly on hold while agents are busy. That is why speech recognition technology offers cost savings by reducing or eliminating the requirement for live agents while improving customer experience.

Call centres that are constantly challenged to balance customer comfort with cost containment apply voice recognition technology to profit from the invaluable support of the technology. Speech recognition technology;

  • Delivers a great customer experience while improving the self-service system’s containment rate
  • Encourages natural, human-like conversations that create more satisfying self-service interactions with customers
  • Automates what touchtone cannot by getting dynamic data like titles and addresses
  • Enables organizations to save agents for more critical tasks

Examples of Speech Recognition Software

CallHippo: CallHippo is a state-of-the-art business phone system that supports you correlate with your customers. CallHippo is easy to use while offering robust functionality with advanced features like Power Dailer and Automatic call distribution. In addition, the seamless integrations and extensive reporting empower sales and service teams to hold effective conversations with clients. Implementing World-Class support 24*7 and accessible by desktop and mobile app, CallHippo is patronized by over 5000 companies worldwide.

Dragon Professional Individual: Set your voice to produce forms, reports, emails, and further with Dragon Professional Individual, v15. With a next-generation speech generator leveraging Deep Learning technology, management and transcribe are more durable and accurate than ever before, including less documentation and more time on activities that boost the bottom line.

Wolfram Mathematica: Technical computing system provides tools for image processing, geometry, visualization, machine learning, data mining, and more. A Cloud-based modern technical computing solution should assist SMBs and large enterprises with neural networking and image processing.

Advantages of Speech Recognition Software

  • More Durable Documentation: According to a Stanford study, taking notes thru dictation is three times faster than typing. Speech recognition solutions relieve up users to focus on primary tasks rather than taking notes. As an instance, pharmaceutical practitioners can document patient visits/appointments without manually recording each message. Likewise, customer service agents can report calls without typing, letting agents speed up the entire process of helping customers and improving the overall customer service excellence.
  • Efficient Note-Taking: A common misunderstanding around speech recognition solutions is that such devices are error-prone. However, as speech recognition systems address near-human levels of efficiency, this concern has become practically nonexistent. As a result, users now look at these solutions to improve accuracy in their note-taking and documentation processes.

Speech Recognition technology act as a helpful customer service automation tool for many organizations, notably call centres. Speech Recognition holds an immense recognition accuracy as a consequence of its state-of-the-art acoustic model. The technology;

  • Improves security by eliminating agents from data processing
  • Implements an option for the customers who favour to skip touchtone menus and attach to agents
  • Guarantees better customer service experience increased customer satisfaction and decreased operational costs
  • Transforms complicated IVR menus to easy-to-use systems
  • It is compatible with all major operating systems and speech standards

Features of Speech Recognition Software

  • Multi-language: Recognize and support multiple languages/dialects.
  • Audio Capture: Recording audio or import/upload audio data into the system.
  • Automatic Transcription: Copy voice messages and audio data.
  • Speech-To-Text Analysis: Investigate, correct, and control speech for transcriptions or recordings.
  • Text Editor: Review transcribed text and make the basic correction.

Price of Speech Recognition Software

Speech recognition software vendors offer various pricing models based on factors such as duration of use, number of users, number of words, and audio duration. Here are the most four standard pricing models:

Points to Consider while Buying Speech Recognition Software

  • Mobile App: The generation of smartphones has turned mobile devices into essential business assets. As in other businesses, mobile applications have given their approach into the speech recognition software space with apps that allowed users to take notes while on the go. Users can also compare mobile devices to Bluetooth headsets and headphones with a microphone to promote simple dictation. Companies with mobile workforces should shortlist products that support mobile app functionality.
  • Industry-Specific Needs: You should utilize a system with features that satisfy your industry needs to maximize speech recognition. Some speech recognition products are better suited for particular industries. For instance, medical practices need voice recognition solutions that help medical terminologies. Customers should assess products that fit their industry-specific requirements—including reading user reviews—and shortlist, respectively.
  • Total Cost of Ownership (TCO): Speech recognition solutions are available in various pricing models. Since the myriad choices can make straight pricing identification challenging, buyers should evaluate their business needs by determining their audio duration, number of words, and user number to ascertain the TCO. Buyers should then apply this estimated TCO to shortlist stocks based on their actual budget.

Speech Recognition Software Trends

  • Speech Recognition will Mix with Smart Devices: The internet of things (IoT) is one state where speech recognition software has immense promise. Speech recognition software that blends with IoT mobile applications allows users to control smart devices using voice instructions. As speech recognition solutions become stronger accurate while businesses embrace the IoT, anticipate seeing improved integration among the two.
  • Voice-based Bots is the Subsequent Big Thing: Different area where speech recognition technology continues commitment is chatbots. When mixed with speech recognition technology, chatbots can imitate human customer-facing communications by listening to customer queries, understanding them, and offering recommendations. Although, identically, businesses have begun using chatbots, expect similar adoption of voice-based bots in the coming years.