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10 Best Speech Analytics Software for 2022

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Often, it is said that data is the new oil.

But data without any analysis is just like crude oil. It has a lot of potential but only if someone refines it through the process called data analytics. 

In the past two decades, the field of data analytics has hugely evolved but one important channel of data was always left aside i.e. Speech.

Speech analytics has just come to the forefront in the past 5 years.

Simply put, it is a process of driving insights from the speech data generated by a business. 

A well-established organization would generate terabytes of data in the form of speech regularly. This data would be generated for:

  1. Demand generation
  2. Sales
  3. Customer support
  4. Recruitment
  5. Internal team calls
  6. Customer success
  7. Market research and so on.

Speech data is super-rich when compared to text data. It not only provides you with customer insights but also helps you understand your internal processes.

Speech analytics is the process of converting your data into meaningful insights by first converting it into text and then driving insights on this content

A. Why is speech analytics important?

Speech is one of the most important pillars of today’s business.

Voice conversations not just convey the content but also give insights about the context of conversations like emotions, sentiments, tonality, etc.  A business can use speech analytics for the following use cases:

1. Training and coaching of agents

Speech analytics can provide you with insights about pitching issues with various agents.

It can help you identify the top agents as well as bottom rung who would need hand-holding to become a top rung agent.

By giving you insights on what an agent is speaking or missing, quality teams can plan the training which can further be customized for each agent

2. Compliances and legal matters

Industries like finance, banking, healthcare, etc are very stringent about personal information and legal compliances.

Speech analytics can help you identify any untoward incidents in this domain thereby saving huge compliance litigations at a later point in time.

3. Customer insights and sentiments

While chats and emails provide you a sneak peek into customers’ conversations, they don’t tell you anything about customer sentiment.

Speech analytics not only tell you about customers’ conversations but also tells you about the sentiments of the customer thereby making your analysis richer

4. Competition analysis

Speech analytics can help you identify information about your competitor that your agent might not report every time they get on a call.

5. Sales training and improvements

By analyzing your sales calls, speech analytics can help you identify what is working and what doesn’t work. This can help you fine-tune your sales pitch thereby increasing your topline.

6. Process improvements

It is very important to keep on improving your processes, knowledge repositories, and other databases. Once a process is set, companies don’t go back to their drawing boards to reset it.

But with speech analytics, you can get the nudges for modification of your existing process thereby helping you improve your company’s efficiency and outcomes.

 

B. 10 best speech analytics software to consider for your business

There are many speech analytics vendors available in the market. We are listing the top 10 players as per our analysis.

1. Enthu.AI

Use cases supported: Quality assurance, agency coaching, process improvement, customer experience.

G2 Rating: 4.9 out of 5

Languages supported: German, English, French, Spanish

Key features: Top accuracy, 100% call coverage, agent-wise analysis, custom call moments, custom evaluation forms.

Pricing: $45 per agent per month

Enthu.AI is one of the top speech analytics tools available in the market.

Enthu.AI captures 100% of your voice calls, transcribes them and brings out meaningful analysis from those transcriptions. 

It is specially designed for contact centers and provides insights on important call moments, agent performance, coaching opportunities, and customer insights.

With a free pilot available and no binding annual agreements, it is one of the most flexible options available in the market.

Enthu.ai speech analytics software


2. Verint

Use cases supported: Compliance, quality control, workflow management

G2 Rating: 4.1 out of 5

Languages supported: English

Key features: Auto transcription, Customer experience enhancement

Pricing: Custom pricing

Verint is an enterprise software providing business intelligence tools to its customers.

It happens to also do speech analytics apart from workforce management, fraud and security compliances, interaction insights, etc.

Verint’s speech analytics helps in call transcription but doesn’t support coaching and training use cases explicitly.

Verint


3. Callminer

Use cases supported: Call transcription, analysis, coaching, sales effectiveness, fraud detection

G2 Rating: 4.5 out of 5

Languages supported: Arabic, German, English, French, Hebrew, Hindi, Italian, Japanese, Korean, Malay, Dutch, Norwegian, Polish, Portuguese, Russian, Spanish, Swedish, Thai, Chinese

Key features: Omnichannel collection, speaker separation, playbooks, redaction

Pricing: Custom pricing

Callminer is one of the earliest players in the market. They have been serving industries like healthcare, insurance, BPO, technology, etc. They provide sentiment analysis and agent-based scorecards to provide meaningful insights from speech data.

Callminer is suitable for enterprise clients and has a great customer support.

Callminer


4.  Voicebase

Use cases supported: Contact center coaching, call transcription, agent insights

G2 Rating: 5 out of 5

Languages supported: Afrikaans, Danish, German, English, French, Italian, Japanese, Dutch, Portuguese, Spanish

Key features: Multichannel voice analytics, predictive analytics, knowledge extraction 

Pricing: $250 per month

Voicebase positions itself as a multichannel voice analytics tool. With the capability of connecting any source of customer data to extract insights, voicebase helps you uncover hidden data.

Voicebase also enables you to connect to various BI tools, data warehousing tools. Priced at $250 per month, this is on the costlier side and is more suitable for enterprise customers.

Voicebase


5. Observe.AI

Use cases supported: Quality assurance, agency coaching

G2 Rating: 4.6 out  of 5

Languages supported: English, Spanish

Key features: AI-driven search, Intuitive moments builder, Built-in intelligence

Pricing: Custom pricing (Starts from $80 per agent per month)

Observe helps contact centres get meaningful insights from their calling data.

The software captures 100% of the calls and drives insights on customer response, coaching opportunities, and compliance needs.

You can coach teams with targeted coaching and know what training programs drive change and replicate what top supervisors and trainers do best.

Observe


6. Tethr

Use cases supported: Customer experience, quality assurance, effort reduction

G2 Rating: 4.5 out of 5

Languages supported: English

Key features: Track sentiments, address churn, Tethr effort Index, agent impact score, Coachable insights

Pricing: Custom Pricing

Tethr uses machine learning to convert voice into text and then run deep analysis on it based on the use case.

The software provides you analysis on sales and customer support calls providing your insights about the health of your leads, customer sentiments, and customer pain points. 

It has helped businesses decrease their churn rates, increase efficiency and build better customer experiences.

Tethr


7. Gong

Use cases supported: Revenue optimization, sales training

G2 Rating: 4.7 out of 5

Languages supported: English

Key features: Capture communications, supports integrations with various apps. Real time nudges. Deal qualification

Pricing: $1000 per agent per month

Gong is the pioneer in the speech analytics space when it comes to revenue intelligence and sales training. 

Gong has helped large and small teams drive real time insights on customer sentiments, lead health and possible pitching opportunities to increase the conversion. 

Gong is priced higher than other tools and is beneficial for enterprise customers.

Gong


8. Chorus

Use cases supported: Revenue intelligence, sales training

G2 Rating: 4.5 out of 5

Languages supported: German, English, French, Dutch, Portuguese, Spanish

Key features: Meetings, calls and emails at one place, pinpoint actionable insights, built in integrations

Pricing: Custom pricing

Chorus is another enterprise player in the segment of speech analytics. It is owned by Zoominfo and focuses on sales intelligence use cases.

It has powerful AI algos which convert voice to text and then analyse them for better sales outcomes. It provides analysis on deal opportunities, performance of sales agents and possible coaching opportunities. 

It integrated with VOIPs and VC tools to capture your calls and input them into various CRM solutions.

Chorus

9. Salesken

Use cases supported: Revenue intelligence, sales training

G2 Rating: 5 out of 5

Languages supported: English, Hindi Spanish

Key features: Real time sales cues, 100% call coverage, team optimization

Pricing: Custom pricing

Salesken converts your sales calls into real time text, provides you sales cues and helps you navigate through the entire sales pitch to make every pitch a winning one.

salesken

10.Wingman

Use cases supported: Revenue intelligence, sales training

G2 Rating: 4.6 out of 5

Languages supported: English

Key features: Real time call recording, Battle cards, Deal Central, Mobile app

Pricing: $60 per user per month

Wingman has just come up with a mobile app which makes it different from other tools mentioned above. With the use case of revenue intelligence, wingman provides real time battle cards, cues and nudges to better the sales calls.

Wingman prides itself in providing in depth speech transcription with deeper insights on sales status of your business.

wingman

C. How to find the right speech analytics software for your needs

We have previously written about how to evaluate speech analytics software.

Once you are clear about the use case and focus area, you should keep the following points in mind while choosing the right tool for you:

  • Speech to text accuracy
  • Integrations with existing software
  • Onboarding and ongoing support
  • Availability of feature set
  • Options for free/discounted pilots
  • One time and recurring pricing
  • Contractual commitments

D. Conclusion 

With technology in the space of speech analytics evolving each passing day, the industry is growing at a whopping 20.5% CAGR. It is estimated to grow to a $4.5B market by 2026.

Speech analytics will become table stakes for businesses engaged in customer engagement, sales, and the contact center industry.

As the technology evolves, we would see a huge surge in speech-to-text transcription, expansion to various languages, and insights in qualitative aspects of the calls like the tone of the customer, emotions, etc.

Companies would further build predictive analytics stacks on top of available data, thus bringing insights and predictability to the businesses.

We are looking for exciting times for the industry and strive to be a pioneer player in shaping up this space.

 

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