Consumer data is both a blessing and a curse for a business. On the one hand, this data is full of insights that tell you who is interacting with your brand and help you architect predictive models to understand future business successes. And on the other, consumer data is a huge liability for any company, and the burden is on the business utilizing that data to safeguard it from intruding individuals.
In the past, the only way to gather spoken information was to have a human manually listen to every recording, write descriptions, and monotonously tag calls or fill out scorecards.
Converting spoken information into text, data or actionable insights is not an easy task. Speech technology is a game of 'what is most likely to have been said here' and the winner is the speech engine that returns the most accurate results. Other features and value can be layered on top of the pure transcript, such as keyword spotting, redaction, or predictive analytics, but here we will focus on the accuracy of the transcript, as that is the basis for everything else.