Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems. It is an area of ... Read More

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the speech analytics market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC). Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence.

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the speech analytics market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC). Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence.

Rising number of contact centers and necessity for compliance and risk management across several verticals have led the companies to invent solutions in speech analytics which will aid companies to comprehend the changing necessities of customers. Several organizations functioning in diverse industrial domains have been evolving interests for the transcription and analyzing of customers and structural media and uptake rational decisions for the management of business and consumers with the help of speech and text intelligence. This is the main factor that is responsible for the growth of the speech analytics market and a protuberant driving factor in the growing demands for speech analytics in several industrial applications. This rising demand can also be accredited to the burdens on businesses for safeguarding their rational assets for improving agility and competence in business operations via the all-embracing insights quarried in the Voice of Customer (VoC). Speech analytics is used in sectors such as customer experience management, agent performance, business processes, compliance and risk management, and market intelligence.

Not too long ago, in fact at the beginning of present decade, Communication Service Providers (CSPs) were still talking about setting up new Network Operation Centers (NOCs) to monitor customer experience! In the subsequent years, the network centric approach turned into service centric approach and NOCs were replaced by Service Operation Centers (SOC). These centers provide insights into services used by the customer, for example video quality, web access etc. Aided by big data processing, these terabytes of network data proved to be a goldmine for CSPs. Over recent years, they have provided great analytics insights into customer behavior and their experience in real time. Today, as 5G deployments gain traction and customers' appetite for ever increasing speeds grow, it has become both a challenge and opportunity for CSPs to measure and continuously improve the customer experience.

Artificial intelligence and machine learning became popular buzzwords in 2018, thanks in large part to companies adopting the emerging technologies to expand their businesses and acquire new customers. AI-based technologies helped companies add new revenue streams and optimise current ones. According to an analysis by professional services firm PwC, technological disruption has also impacted the mergers and acquisitions (M&A) or investment strategies of large corporations. "With larger corporations looking to adapt to technological advancements and revamp their business models, 2018 has seen a number of acquisitions in the new technology space," said Sanjeev Krishan, partner and leader, private equity and deals, PwC India. "Relevance has become a key element for the survival of any business, and this has made technology expertise a requirement to achieve a competitive advantage in the current market," he added.

Facing the highest competitiveness and being under the constant risk of losing clients and money, businesses are strongly focusing on the creation of a client-centric strategy. If earlier it was enough to offer some kinds of goods at a lower price, now getting success is much more difficult. To stay competitive and boost sales, companies have to add value to customers, provide them with the personalized experience, and solve their challenges. Customer data is taking the center stage: when understanding the audience needs, a company can deliver the best service possible and thus receive loyal customers and increase income. Big Data is about large data amounts that can be found in various sources, including social media channels, user comments, website testimonials, the results of polls and surveys, and many others.

The fourth industrial evolution--the melding of the cyber with the physical--is well underway. Industry 4.0 is impacting not only Operational Technology, but Information Technology as well. This can most readily be seen, perhaps, when one considers how machine learning and artificial intelligence is driving efficiencies in business processes that begin with physical documents, digitize them, and then classify, enrich and dispatch them to workflows before they are, finally, archived in document management systems. "Digital" is now firmly embedded in every business. But even with technology as an integral part of the organization and its strategy, it is people who will ensure success in a world that continues to reinvent itself at an unprecedented rate.

Heino Gevers, Customer Experience Director at Mimecast MEA, explains customer experience is the way a company tracks and organises every interaction between a customer, and the organisation throughout the customer lifecycle. Customer experience is becoming a competitive advantage as the business-consumer relationship shifts, Nicholas O'Connor, Strategic Business Development Consultant at hi.guru, adds. CX, as it is often termed, makes use of data to drive strategic imperatives and build loyalty, he says. Certified Customer Experience Professional and consultant Julia Ahlfeldt adds it costs six to seven times more to acquire a new customer than it costs to keep an existing one. "If companies choose not to embrace CX, they run the risk of delivering negative experiences, which erode loyalty. Over time, these companies will gradually lose favor with customers, and their market share will diminish as consumers vote with their feet."

BANGALORE: Advancement in robotics, autonomous transport, AI and machine learning could impact more than 5 million people's jobs by 2020, according to World Economic Forum's recent study. 'The Future of Jobs' study states that over 5 million people's jobs are estimated to get impacted by technology advancement across verticals and some 2 million new highly-skilled jobs will be created by 2020. This study is one more indicator of how the wave of automation is expected to sweep across industries. And the global BPO (business process outsourcing) sector is too under its impact with the rise of AI, machine learning and RPA (robotic process automation) technology led automated services. Though, the automation wave is at its early stage, some of the Indian BPO firms led by their CIOs (Chief Information Officers) are already embracing it openly as a way to move forward by adopting new technology and enhancing employees' skills.