The Ultimate Guide to Speech Analytics

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Speech analytics is the process of analyzing voice recordings or calls with speech recognition software to find valuable data and provide quality assurance.

With this technology, you unlock a gold mine of insights about customer satisfaction metrics, customer churn, agent performance, customer journey, customer support issues, and more!

But how does speech analytics work?

What are its benefits?

In this article, we’ll break down speech analytics and show you its importance. We’ll also reveal the best speech analytics software for your business and answer some related FAQs.

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What is Speech Analytics?

Speech analytics (also called interaction analytics) is technology that leverages Artificial Intelligence (AI) to draw meaning from audio call recordings. It analyzes the collected data from spoken words for meaningful business intelligence.

Several contact centers, call centers, and other businesses dealing with customer calls use speech analytics to discover valuable insight and provide quality assurance.

Speech analytics software takes spoken words (in multiple languages and dialects) and transcribes them into text (speech-to-text) for analysis.

Why is Speech Analytics Important?

Speech analytics is greatly enhancing quality assurance and customer satisfaction in 2022 - transforming customer interaction in industries where call volumes are high.

Here are some of the advantages of a speech analytics tool:

  1. Take Action on Customer Calls

    Speech analytics can automatically unfurl key customer insights and spot trends across all customer calls. This allows your business to discover actions you can take to improve employee and customer experiences.

    For example, iovox Insights offers speech analytics that provides you actionable insights, and the ability to spot trends and forecast outcomes.

    All you need to do is define the keywords and trends to track, and the conversational AI will highlight conversations or customer calls that match your criteria. Iovox will also send out alerts based on what’s important for you and your business.

  2. Improve Employee Performance

    It’s hard to review all recorded calls for quality management manually.

    But with speech analytics tools like iovox Insights, you can increase your sample rates easily to review performance.

    You can also use the AI to spot larger trends and KPIs across your team that impact or optimize agent performance, marketing initiatives, and customer experience.

    Here are more ways you can use iovox Insights to improve your call center and contact center performance:

    • iovox uses Automated Speech Recognition (ASR) to record and transcribe the spoken words of contact center agents and customers. Use the speech transcription to review if every agent is sticking to their script or to train new hires.
    • Access the iovox Insights dashboard to view real-time insights on call duration, answered calls, missed calls, etc., to spot areas of improvement. The analytics will help you deliver tailored feedback to agents.
  3. Increase Customer Satisfaction

    Evaluating your calls is crucial to improving customer satisfaction (meeting customer needs).

    With speech analytics technology, you can recognize issues trending across customer calls — that you may not have considered a serious problem or missed altogether.

    Moreover, you can assess whether your strategies make an impact by monitoring customer sentiment in your calls post-implementation.

    This is made easy with iovox Insight’s keyword spotting feature.

    It lets you feed the AI keywords or phrases like “good service,” “sale,” “cash buyer,” “cancel,” and “sign up,” etc., to track positive customer sentiment.

    This will eventually help you reduce customer churn, increase customer retention, and improve the customer journey.

The Best Speech Analytics Solution: iovox Insights

The fastest and most efficient method to benefit from speech analytics is to opt for a conversational AI solution like iovox Insights.

iovox Insights uses conversational AI to transcribe recorded conversations and draw key customer interaction analytics. The AI also lets you pull insights from recorded customer calls to analyze them further for quality management and growth.

Here are some impressive things iovox Insights’ can do for you using speech analytics:

  1. Track Customer Calls with Keywords

    iovox’s keyword spotting feature lets you add specific phrases and keywords to the AI to detect them from recorded calls automatically. The AI monitors them to uncover keywords that help:

    • Boost customer satisfaction and customer experience
    • Improve customer retention
    • Build trust and better customer relationships
    • Influence a sale
    • Establish mutual success (for both customer and agent)
    • Influence customer decisions
    • Know what’s happening on inbound leads
    • Know the quality of leads being delivered
    • Know how agent teams are handling incoming inquiries
    • Spot trends and outcomes
    • Find revenue through complimentary services
    • Gain business understanding that was unreachable before

    iovox Insights also highlights each customer conversation matching your business criteria and triggers alerts to let you know ASAP. This will help you achieve extraordinary results for your customer service or customer support team.

  2. Make Every Customer Conversation Searchable

    Easily read through and search old customer conversations with recorded and transcribed calls. These abilities let you promote transparency within the company and make it easy to refer to important call logs.

    Old transcripts also work as study material or case studies for analysis purposes. Or use them to help any new agent understand what a typical customer service call looks like.

  3. Evaluate KPIs to Improve Customer Experience

    iovox Insights can track and spot trends as well as forecast outcomes based on call interaction standards important to you.

    To get a deep insight into all the details defying your call standards, view the iovox dashboard. Here you’ll see valuable data to improve your operational efficiency, including:

    • Total conversation time
    • Average calls per day
    • Preferred keywords detected in customer conversations
    • Call outcomes
    • And more

    Moreover, with time, as the conversational AI is exposed to more and more customer interactions, you’ll find more ways to train the Artificial Intelligence. This way, iovox Insights continues to evolve into a powerful tool to serve you best.

Not sure if conversational AI is for you?

Check out these 8 popular conversational AI use cases!

Now that you know everything about speech analytics technology, let’s answer a few FAQs.

3 FAQs About Speech Analytics

Here are some speech technologies and analytics-related FAQs and their answers:

  1. Which Businesses Can Benefit From Speech Analytics?

    Almost any business dealing with customer interaction over calls can benefit from speech analytics — be it automotive, real estate, or retail.

    Healthcare and financial services can benefit immensely since they have regulatory compliance needs regarding storing and retrieving customer data.

    Moreover, they also need the earliest indication of customer data or compliance violations — a job that speech analytics solutions do best.

  2. How Does Speech Analytics Work?

    Here’s how speech analytics typically works:

    Step 1: Data Processing

    Speech analytics uses sophisticated Artificial Intelligence (AI) and speech technologies to analyze spoken words and call metadata, including:

    • Automatic speech recognition
    • Natural language processing
    • Machine learning
    • Tonality-based customer sentiment analysis
    • Speech transcription
    • Algorithms

    Step 2: Analysis

    After the call recordings are analyzed, speech analytics categorizes, spots keywords, redacts (for compliance intents), and reports its call analysis.

    Step 3: Delivering Valuable Insight

    Next, the speech analytics software or platform delivers detailed reporting on the analysis, including:

    • Call quality
    • Customer sentiment
    • Agent performance
    • Compliance monitoring
  3. What’s the Difference Between Speech Analytics and Voice Analytics?

    Voice analytics and speech analytics tools may often be confused, but these systems perform different functions.

    Speech analytics solutions use speech recognition and natural language processing to record phone calls, analyze phonetics, pick up on a specific keyword or phrase, and transcribe what was said.

    Voice analytics, on the other hand, analyzes recorded conversations. But instead of picking a phrase or key word, it evaluates vocal patterns such as tone and pitch to understand the emotions in the voice of the customer or speaker.

Final Thoughts

Speech analytics has had a massive impact on improving customer experience and compliance for several industries.

It’s time that you, too, get on board with speech analytics to keep up with your competitors. And lucky for you, we’ve just the speech analytic tool: iovox Insights.

Start using iovox Insights today to find unending development and call quality enriching opportunities with every customer interaction!

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